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Student Housing Preleasing Up 450 BPs Y-O-Y
The average student housing preleasing rate for Yardi 200 schools reached 61.5% in February, a 450-basis-point increase year-over-year, according to the latest Yardi Matrix National Student Housing Report. Fueled by enrollment growth, demand is healthy enough to absorb 46,000 new beds coming online.
A total of 16 universities were more than 80% preleased, including larger student markets like Ole Miss (98.7%), Purdue (88.7%), Tennessee-Knoxville (87.5%), Virginia Tech (87.2%) and Arkansas (86.8%). Only 35 schools were less than 40% preleased, compared to 94 in February 2023.
The average rent per bed reached $883 in February, up 5.2% increase from the year-ago period. Y-O-Y rent growth was down from the 6.7% recorded in October 2023.
“Rent growth slowed each month of the leasing season but is well-above the average of 3.5% going back to the beginning of 2018, and well ahead of the general multifamily market, as student housing has proven to have much different demand drivers,” the report states.
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