Preleasing for the 2025-2026 school year is trending above last year, rising 1.5% from May 2024 up to 79.9% in May 2025, according to Yardi Matrix’s latest Student Housing Report. While national figures may be revised later as more data becomes available, the May 2025 preleasing rate is even with the May 2024 rate as initially reported.
Out of the 200 universities in Yardi’s data set, student properties at 30 of them were over 90% preleased as of May, and 17 were over 95% preleased. Seventeen schools were less than 60% preleased, most of them are located in smaller student housing markets. The University of Cincinnati in Cincinnati had the strongest year-over-year growth in preleasing, up 22.5% from last year.
The average advertised rate per bed for the schools in Yardi’s data set was $918 in May — unchanged from the previous month, and just below the $919 record high set in March, according to the report. Annual rent growth has declined in recent months, down to 2.1% in May, the lowest rate recorded since July 2021.
Top Student Housing Markets
| University | Off-campus student housing beds | Beds preleased (as of May) | Rent per bed (as of May) |
|---|---|---|---|
| 1. University of Missouri | 14,583 | 98.6% | $772 |
| 2. University of Alabama | 12,900 | 96.8% | $965 |
| 3. Virginia Tech | 9,398 | 96.3% | $1,006 |
| 4. University of Kentucky | 7,132 | 94.0% | $893 |
| 5. University of Wisconsin | 9,076 | 93.7% | $1,347 |
| 6. Penn State | 16,522 | 90.1% | $991 |
| 7. Auburn University | 13,044 | 89.2% | $946 |
| 8. University of Texas | 23,999 | 88.0% | $1,272 |
| 9. University of Tennessee | 10,343 | 87.8% | $1,059 |
| 9. University of Central Florida | 17,150 | 87.8% | $1,049 |
SOURCE: Yardi Matrix
Average rent growth for fall 2025 stands at 3.4%, down from 5.8% for the fall 2024 leasing season and 7.0% for fall 2023. Sixty-two universities reported higher rent growth than last year, while 133 reported a slowdown over the same period. Fifty-nine markets reported negative rent growth over the past year, according to the report.
While average enrollment growth rose to 1.8% at U.S. colleges and universities in fall 2024, several headwinds may threaten future student housing growth, according to Yardi. High school graduate numbers are expected to have peaked this year, policy changes have affected higher education funding and increased visa scrutiny may affect international student enrollment at U.S. universities.
“A decline in international students could hinder enrollment growth and reduce demand for off-campus housing, where these students often represent a significant share,” the report reads. “While many affected schools are smaller private institutions, large public universities … enroll thousands of international students and may also feel the impact.”
Thirty-six dedicated student housing properties have sold so far this year, keeping on pace with 2024’s investment rate, according to the report. The average sales price per bed was $88,467, down from $105,252 last year at this time. The report’s authors noted that there have been no major portfolio trades, which often push pricing higher.
