National Student Housing Report – September 2025
Preleasing in August topped last September’s final occupancy rate, according to the latest Yardi Matrix report.
Surveyed student housing preleasing at Yardi 200 universities reached 93.7 percent in August, 200 basis points higher year-over-year, according to the latest Yardi Matrix national student housing report. This figure was higher than the ones registered in the past two years and 10 basis points above the final occupancy rate recorded last September, reflecting the sector’s resilience.
With many schools yet to begin classes as of the last survey, final occupancy for the fall 2025 academic year remains in progress. In terms of enrollment, recent cuts on university funding, coupled with restrictions on international students, are expected to reduce international enrollment by 30 to 40 percent over the next several years.
A total of 91 universities reached a preleasing level above their September 2024 occupancy level, including Washington State University (87 percent preleased) and Arizona State University (94.8 percent). Twenty schools were more than 10 percent ahead of their last year’s occupancy rates, with University of Cincinnati (94.7 percent preleased, 24.8 percent above fall) leading nationally.
Additionally, 36 markets were more than 99 percent preleased, considerably above the 25 schools registered in August 2024. Florida Atlantic University, UCLA and California State University at Fullerton are some of the universities that were already fully occupied.
On the other hand, 17 school markets—mostly tertiary state or private schools—were 10 percent or more behind last year’s occupancy level as of August. The University of Texas at Arlington (70 percent, 18 percent behind) and the College of Charleston (83.2 percent, 13.9 percent behind) lagged behind the most.
Rent growth sees slight uptick
Rent growth steadily decelerated over the course of the leasing season, reaching 1.1 percent in August, 10 basis points above the previous month. However, growth showed a month-over-month increase for the first time this leasing season. Since October 2024, rent growth has averaged 2.7 percent, less than half the 5.7 percent growth rate registered during the 2023-2024 leasing season.
The average advertised asking rent as of August was $903 per bed, declining over the last five months. This figure was 1.7 percent below the $919 per bead peak in March and $2 below the previous month.
However, some markets were not affected by rent growth deceleration but rather thrived. A total of 65 schools recorded stronger rent growth in August than in the early leasing season, including University of Washington, which posted an increase from -3.5 percent to 2.6 percent during this time frame.
Year-to-date as of August, the country’s total student housing investment volume comprised 71 deals. This figure is below the 86 properties that traded during the same period of last year, although less portfolio transactions penciled through in 2025—only one deal consisted of three or more assets.
