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Preleasing, Rent Growth Slow at Leading Universities
Preleasing at Yardi 200 schools hit 89.2% in July, down slightly from 2023’s performance, while rent growth slowed, according to the latest Yardi Matrix National Student Housing Report. The student housing sector was still 5% behind fall 2023 occupancy levels as July ended, although 41 universities in the Yardi 200 have already exceeded occupancy levels of a year ago, led by the University of Nebraska.
As of July, the average advertised asking rent per bed reached $897 at Yardi 200 schools, a 4.7% increase year-over-year. Across the Yardi 200, 36 universities recorded at least 10% Y-O-Y rent growth in July, while 34 schools were below last year’s levels. Markets with high rent growth tended to also demonstrate strong enrollment growth.
“Rents have remained flat for the past five months and rent growth has dropped from close to 7% early in the leasing season as the preleasing pace has slowed,” wrote Matrix analysts.
- ◦Lease
