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April: Outlook remains cautious as renters show savvy
Early data on indicates that U.S. student housing preleasing as of March 2026 was ahead of last year’s pace, reaching 65.5%. Although this estimate may be revised downward as more data becomes available, it is 340 basis points ahead of the final estimate for 2025.
Rent growth for student housing totaled 0.8% in March, up from 0.4% in February and 0.7% in January, but down from the 2.6% and 6.3% levels reached in March 2025 and March 2024, respectively.
Evolving customer behavior
These trends indicate that preleasing and rent growth “have become more challenging, reflecting a return to long-term average fundamentals.” This challenge reflects “rapidly evolving customer behavior in the AI era, affordability concerns following years of strong rent growth and increased competition from new supply and competitive multifamily,” according to a new national report from Yardi Matrix.
Rent rates follow enrollment, supply
Many markets with strong rent growth this year, such as Auburn University and the University of Nevada-Reno, have benefited from enrollment gains that outpace new supply. Other markets where new development has followed prior year rent gains, including Purdue University and the University of Arizona, saw sharp rent growth in March.
Meanwhile, rates at Baylor University, where rents declined 6.5% in March, have fallen to June 2022 levels, while rents per bed at North Texas University are at the lowest level since August 2023.
Overall, the pricing environment has become more challenging as “residents have become more savvy to strategies that push rate growth early in the season and adjust rates downward later to fill remaining beds.”
Learn more about student housing fundamentals in the Yardi Matrix Student Housing National Report for April 2026.
March: Preleasing rises, rent growth decelerates
Preleasing for the Yardi 200 schools reached an estimated 58.6% in February 2026, exceeding the totals for the previous two Februarys. However, rent growth continued to decelerate over the month, with the $925-per-bed figure representing a year-over-year increase but trailing the January growth rate.
Normalization in progress
A new report from Yardi Matrix notes that despite solid enrollment growth in fall 2025 and relatively modest supply additions, “early indicators for the 2026-2027 academic year point to a normalization in performance following years of record growth.”
Factors driving this normalization include competition from a soft multifamily sector in some metros and a concentration of new deliveries in previously high-growth markets.
Supply drives rent growth & decline
Although rent growth has slowed across most markets, a few posted strong gains in February. The University of Mississippi recorded 10.6% growth, for example, and Oklahoma State University posted 9.8% growth. Other standouts include Auburn University and the University of Kansas.
On the other end of the scale, Purdue University, with more than 2,000 beds under construction and 1,400 completed over the past three years, saw rents decline by 8% in February. The University of Arizona, with consistent development over several years, saw a 6% drop. Other markets whose under-construction projects pushed rents downward include the University of Arkansas and Clemson University.
Learn more about the latest U.S. student housing supply and rent growth trends in the Yardi Matrix Student Housing National Report for March 2026.
