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A new Yardi Matrix report illustrates a U.S. student housing market that is maintaining steady preleasing volume even as rent growth has stalled.
Preleasing in the Yardi 200 markets reached 85.3% in June, a 160-basis-point increase from June 2024, with 50 markets already over 90% preleased. The University of Mississippi is 100% preleased, for example, while the University of Missouri, Western Carolina University, Virginia Tech, Illinois State and James Madison University are at least 97.2% preleased.
As operators focus on filling beds for the impending academic year, rent growth has slowed. Average advertised rates declined for the third consecutive month in June, reaching $909.
Rents have risen in some university markets, such as Mississippi and Kansas, that have seen enrollment increases with little or no significant new housing supply. Meanwhile, sharp rent declines have been common in markets, such as Arizona State University and the University of Tennessee, that have new supply and/or competition from a weak conventional apartment sector.
Although a peak in the number of high school graduates figures to drive higher college enrollment this fall, the market will face challenges including reduced federal funding for higher education and student loans and an expected decline in international student enrollment. “These factors will impact schools differently, with private institutions and certain states likely to be more affected,” the report notes.
Yardi Matrix will continue to monitor the dynamic student housing preleasing market and track more than 1 million student housing beds across 1,500 universities. Here’s the Yardi Matrix National Student Housing Report for July 2025.
