National Student Housing Report – February 2026
Preleasing for the 2026–2027 academic year reached 52.3 percent in January, the latest Yardi Matrix student housing report shows.
Surveyed student housing preleasing for the 2026–2027 academic year reached 52.3 percent in January, ahead of the final January 2025 estimate of 45.6 percent, according to the latest Yardi Matrix student housing national report. Early reads can be revised as more properties report; last year’s January pace was initially estimated at 54.6 percent before later adjustments.
Most markets are pacing ahead, but performance varies widely. In January, 64 schools were 10 percent or more ahead of last year, including Georgia Tech, the University of Illinois, Virginia Tech and Auburn. Conversely, 28 schools were more than 10 percent behind, including Purdue University and the University of Tennessee, where recent and incoming supply has weighed on leasing.
Several universities are already well into the cycle. Virginia Tech led surveyed markets at 88.2 percent preleased, followed by the University of Missouri (84.1 percent) and James Madison (82.7 percent). On the other end, 39 schools were under 30 percent preleased in January—often in markets where student halls are under construction—such as Memphis (27.9 percent preleased; 705 beds underway) and the University of Virginia (25.5 percent; 2,359 beds underway).
Rent growth continues to decelerate
Rent growth continued the long-term slowdown that began in fall 2023. Average rent per bed across the Yardi 200 was $915 in January, down 0.2 percent year-over-year and 80 basis points from the February 2025 peak of $922. Since October 2025, rent growth for the 2026–2027 academic year has averaged just 0.2 percent, compared to 3.6 percent over the same period last year and 6.6 percent two years ago.
Nearly half of Yardi 200 markets posted year-over-year rent declines in January, averaging -4.6 percent, while the markets with increases averaged 3.7 percent. A few larger schools have improved leasing-season rent performance, including Washington State (1.2 percent average growth) and the University of Florida (6.3 percent). Still, rent deceleration has been pronounced in major markets, such as the University of Arkansas, where leasing-season average rent growth shifted from 10.3 percent in January 2025 to -9.2 percent in January 2026 and North Texas, which moved from 7.0 percent to -9.9 percent.
On the demand side, fall 2025 enrollment at 184 of the Yardi 200 universities reached 4.9 million students, up 1.8 percent year-over-year. Yardi Matrix also refreshed its coverage to better align with the largest off-campus concentrations, adding nine universities with 12,816 completed beds and lifting the total Yardi 200 count to just over 1 million beds.
