National Student Housing Report – January 2025
The latest trends in leasing, rents and more, according to Yardi Matrix’s latest report.

Surveyed preleasing at Yardi 200 universities averaged 47.1 percent in December 2024, significantly above the 39.7 percent registered in December 2023, according to the latest Yardi Matrix national student housing report. As the leasing season progresses and more data is collected, the preleasing pace is expected to slow.
A total of 55 universities were more than 50 percent preleased as of December, including 14 that exceeded the 75 percent mark. At the other end of the spectrum, 42 schools failed to reach the 25 percent preleasing rate that month.
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The universities which had the largest year-over-year growth in preleasing were Illinois State (31.1 percent), University of Alabama (26.4 percent), University of Wisconsin (26.1 percent), Slippery Rock (26.0 percent) and University of Kansas (21.0 percent).
As for transaction activity last year, a total of 129 dedicated student housing properties changed hands—50 more than the previous year, but less than in 2021 and 2022. Prices also peaked in 2024, averaging $101,000 per bedroom.
Rents reach record highs

While preleasing has been solid, rent growth is well behind the last two years, at 3.8 percent in December 2024—compared to 6.8 percent in December 2023 and 6.2 percent in December 2022. Across student housing markets with four or more properties, rent growth ranged between -17.7 percent at Cal-Berkeley, and 14.4 percent at Auburn. The latter recorded a steady enrollment growth over the past three years, but lacks new supply.
The average rent per bed hit $909 in December 2024, marking the highest average on record for the sector. Rents have increased 7 percent during the fall 2023 season, 4.6 percent the next year and 1.5 percent in the first three month of the current leasing season.