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Yardi Matrix analysis shows growth in U.S. student housing occupancy

Strong preleasing holds up through move-in stage; rents rise slightly year-over-year

SANTA BARBARA, Calif., Oct. 20, 2025 – Final academic year occupancy for the Yardi 200 schools exceeded the rate recorded the previous two years, according to new research by Yardi® Matrix.

Student housing building

The 95.1% occupancy rate recorded in September 2025 topped the 93.6% and 94.5% levels recorded in 2024 and 2023, respectively, as the strong preleasing reported earlier in the year carried through to fall move-ins.

Rents, at $905 per bed, were 0.8% higher year-over-year in September, the lowest annual increase in at least eight years.

Some historically high-performing rent growth markets, including Arizona State University, Ohio State University and the University of Tennessee – the national leader during the 2023-24 leasing season – experienced sharp deceleration from 2024. Meanwhile, some markets, such as the University of Missouri, Oklahoma State University and the University of Nebraska, bucked the rent slowdown trend with gains that exceeded last year’s levels.

On the transaction front, 76 student housing properties have traded for an estimated $3.7 billion so far in 2025, below last year’s figures. But even with per-bed pricing 8.4% lower than last year’s, “pricing remains well above pre-2024 averages, underscoring the sector’s continued strength and investor confidence,” the report says.

Get more in-depth information about key student housing market fundamentals in the October 2025 edition of the 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, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

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