{"id":7520,"date":"2024-05-13T08:46:00","date_gmt":"2024-05-13T08:46:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7520"},"modified":"2024-07-02T12:23:28","modified_gmt":"2024-07-02T12:23:28","slug":"student-housing-market-report-may-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/student-housing-market-report-may-2024\/","title":{"rendered":"Student Housing Market Report \u2013 May 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/student-housing-market-report\/\">Student Housing Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<p><em>Preleasing and rent growth slowed down in April.\u00a0<\/em><\/p>\n<h2>Report highlights<\/h2>\n<ul>\n<li>As of April, preleasing at Yardi 200 schools hit 73.5%\u2014marking a 50-basis-point increase year-over-year<\/li>\n<li>The average rent per bedroom clocked in at $895, up 5.5% since April 2023<\/li>\n<li>Investment continues to trend similar to last year, with 18 properties sold in the first four months of 2024<\/li>\n<\/ul>\n<h2>Preleasing in line with last year\u2019s record pace<\/h2>\n<p>Student housing preleasing for the 2024-2025 school year at Yardi 200 universities averaged at 73.5% in April, 0.5 percent more than in April 2023. A short list of markets were already fully preleased at this point, while 19 schools exceeded the 90% preleased mark, including Ole Miss (100%), Kentucky (93.3%), Purdue (93%) and James Madison (92.5%).<\/p>\n<p><iframe id=\"datawrapper-chart-gAdTp\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Student Housing Preleasing and Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/gAdTp\/1\/\" height=\"510\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Some universities, such as private schools and urban\/suburban markets, were struggling with preleasing this season. A total of 22 schools were less than 50% preleased in April, including UT\u2013Arlington (44.7%) and Georgia State (47%). The top 5 universities with the largest annual growth in percentage preleased were Central Michigan (23.5%), Bowling Green State (19.7%), Ohio University (19.3%), UC-Riverside (18.7%) and University of Kansas (17.7%).<\/p>\n<p>In the first four months of 2024, a total of 18 student housing properties changed hands\u2014the same number as at this point last year. The average sale price per bed stood at $100,857, outperforming previous years. Investors hope for more activity in the second part of 2024, as interest rates gain more clarity.<\/p>\n<h2>Rent growth decelerates, but remains strong<\/h2>\n<p>As of April, student housing rents averaged $895 per bedroom, marking a 5.5% increase since the same period last year. The growth pace in April decelerated since early in the leasing season\u2014when it reached 6.8%\u2014and was slightly lower than the season\u2019s average so far at 6%.<\/p>\n<p>Across Yardi 200, 35 schools posted double-digit rent growth, while 23 saw declines. The biggest rent increases were registered at large primary state schools and secondary and tertiary state schools across the Sun Belt experiencing significant enrollment growth.<\/p>\n<p>Tennessee continues to post the largest increase in rents across all large student housing markets, marking a 17.6% jump year-over-year as of April. School such as Clemson (16.7%), Ohio State (15.4%), North Texas (15.3%), Cornell (14.4%) and Appalachian State (13.6%) also registered large annual rent increases. Many markets that didn\u2019t reach 90% occupancy in fall 2023, suffered a decrease in rents, including Washington State (- 8.1% rent growth), Southern California (-5.7%) and Nevada\u2013Reno (-3.4%).<\/p>\n<p>Read the full Yardi Matrix National Student Housing Market Report:\u00a0<a href=\"\/publications\/download\/file\/5620-MatrixStudentHousingNationalReport-May2024\" rel=\"\"><strong>May 2024<\/strong><\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Preleasing and rent growth slowed down in April.\u00a0 Report highlights As of April, preleasing at Yardi 200 schools hit 73.5%\u2014marking a 50-basis-point increase year-over-year The average rent per bedroom clocked in at $895, up 5.5% since April 2023 Investment continues to trend similar to last year, with 18 properties sold in the first four months [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,22],"tags":[422],"class_list":["post-7520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-student-housing-market","tag-student-housing-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Student Housing Market Report \u2013 May 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"At 73.5% in April, preleasing was similar to last year\u2019s record pace, while rent growth moderated to 5.5%, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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