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Preleasing at Yardi 200 schools reached 73.5 percent in April, exceeding last year’s rate by 50 basis points, while rent growth stood at 5.5 percent, according to the latest Yardi Matrix National Student Housing Report.
As of April, the average rent reached $895 per bedroom, unchanged from the previous month and 5.5 percent higher year-over-year. Similar to the preleasing rate’s evolution, rent growth has slowed from the beginning of the leasing season, but is still above the average growth rate of 3.5 percent.
Rent growth slowed from 6.8 percent early on in the leasing season and has averaged six percent throughout the leasing season to date.
A total of 35 U.S. markets saw double digit rent growth, while 23 posted rent declines. State schools across the Sun Belt with growing enrollments have seen the biggest jumps in rents.
Preleasing has lately been trending in line with last year. A total of 19 schools were at least 90 percent preleased as of April, including Ole Miss (100 percent), Kentucky (93.3 percent), Purdue (93 percent) and James Madison (92.5 percent). But 22 universities didn’t reach a 50 percent preleasing rate, such as UT–Arlington and Georgia State.
“Strong rent growth is indicative of solid demand for product and consolidation of higher education into the largest student housing markets, as primary state schools have been able to outgrow their peers,” state Matrix analysts.
Student housing investment has been on par with last year, with 18 properties changing hands year-to-date through April. The average price per bed stood at $100,857—well ahead of previous years.
Gain more insight on leasing, rents and investment in the new Yardi Matrix National Student Housing Report.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.
