National Student Housing Report – March 2026
Preleasing for the 2026–2027 academic year continued to gain momentum, according to the latest Yardi Matrix report.
Preleasing for the 2026–2027 academic year continued to gain momentum, reaching 58.6 percent in February, up from 54.2 percent a year earlier, according to the latest Yardi Matrix student housing national report. While the pace remains healthy, early estimates are often revised downward as more data is collected.
Leasing performance varies across markets, though most universities are tracking ahead of last year. Several large schools are already well advanced in the leasing cycle, including Virginia Tech (94.6 percent preleased), James Madison (89.1 percent) and the University of Missouri (87.3 percent). Other strong performers include Auburn (82.9 percent), Kentucky (81.5 percent) and Penn State (80.4 percent), highlighting continued demand at established Power 5 campuses.
At the same time, some markets remain slower to lease, particularly those with smaller datasets or historically later leasing cycles. Among schools with more robust reporting, Temple (18.8 percent preleased), UT–Arlington (23.5 percent) and UNC–Greensboro (32.5 percent) trailed behind as of February.
Year-over-year gains remain strong in several markets. Georgia Tech (69.2 percent preleased, up 27 percent) and the University of Wisconsin (83.6 percent, up 19.4 percent) led the country, followed by Virginia Tech (up 19.2 percent) and Iowa (up 15.7 percent). Meanwhile, a handful of large universities—including Tennessee, Purdue and Indiana—continue to trail last year’s pace, reflecting ongoing supply pressure.
Rent growth flattens as supply pressures build
Rent growth continued to decelerate in February, with average rents reaching $925 per bed, up just 0.4 percent year-over-year—a modest increase compared to 3.5 percent growth in February 2025. On a leasing-season basis, rent growth from October through February averaged 1.2 percent, down from 1.9 percent last year and well below historical levels.
A limited number of markets are still outperforming, including Ole Miss (10.6 percent rent growth), Oklahoma State (9.8 percent) and Auburn (8.3 percent), where strong fundamentals continue to support new development. However, rent declines have become more widespread, impacting 89 of the Yardi 200 universities, with many markets experiencing further month-over-month deceleration.
Supply remains a key driver of performance. Yardi Matrix forecasts 28,167 beds to deliver for the 2026–2027 academic year, a 12 percent increase over the prior year, though still below long-term averages. Elevated construction in previously high-growth markets—including Purdue, Arizona, Arkansas and Clemson—contributed to rent declines and softer leasing conditions in those areas.
Despite moderating rent growth, the sector continues to demonstrate resilience. With enrollment up 1.8 percent in fall 2025 and preleasing trending ahead of last year, student housing fundamentals remain stable, even as the market transitions from record-setting performance to a more normalized environment.
