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By Joel Nelson on September 30, 2025 in Matrix
As U.S. colleges and universities launch a new academic year, preleasing for the Yardi 200 schools exceeded last year’s level even as rent growth has decelerated in recent months.
Preleasing reached 93.7% in August 2025, 200 basis points higher than in August 2024. This figure, which is slightly above the final occupancy number recorded in September 2024, indicates that “industry occupancy for the ‘25-’26 academic year should be higher than last year,” according to Yardi Matrix.
The average rent of $903 per bed, while 1.1% higher year-over-year in August, was 1.7% lower than its peak in March. Thirty-six markets were over 99% preleased, 11 more than in August 2024, including Florida Atlantic, Cal State Fullerton, UCLA, San Jose State, the University of North Carolina-Chapel Hill, Rutgers and Oregon State.
While “the trajectory aligned with the national pattern” of “strong initial growth that steadily faded by August,” there were some exceptions. The University of Florida, for example, saw rent rise 8.4% compared to a 0.5% decline at the start of leasing. Other markets showing strong improvement were the University of Minnesota and the University of Washington.
Meanwhile, “Yardi Matrix is continuing to assess how limitations on university funding and restrictions on international students could impact enrollment in 2025,” and while funding’s impact on enrollment may remain unknown for several years, “experts have been projecting a 30-40% decline in international students over the next several years.”
Stay up to date on student housing fundamentals and capital market activity in the Yardi Matrix National Student Housing Report for September 2025.
