National Student Housing Report – October 2024
The sector wrapped up a stellar leasing season, according to Yardi Matrix’s latest report.
Surveyed preleasing across Yardi 200 universities reached 94.5 percent at the end of the fall 2024 leasing season, down 10 basis points year-over-year, according to the latest Yardi Matrix national student housing report.
By September, more than half of Yardi 200 schools were at least 95 percent preleased. Occupancy for the fall 2025 season started off at 10.2 percent in September, with four schools already at least 25 percent preleased.
A total of 50 universities hit at least 99 percent occupancy in September, including large markets, such as Illinois State, Ole Miss, Oklahoma State, Oklahoma, James Madison, Purdue and Virginia Tech. On the other hand, 21 universities closed the season with less than 85 percent occupancy, this list features East Carolina (85 percent), UC-Berkeley (84.9 percent), Temple (84.8 percent), Washington State (81.3 percent), Drexel/Penn (77.8 percent) and Cincinnati (72.5 percent).
Yardi Matrix expects that 41,432 beds will be delivered at Yardi 200 schools in 2024, marking a 5 percent decrease from 2023. Investment activity has picked up pace in the past months, with around 39,000 beds sold year-to-date as of September, a 10 percent decrease since the same period in 2023.
Rent growth falls to 4.2 percent
The average advertised rent per bed decreased in the last months of the fall leasing season, falling from $901 per bed in May to $896. The annual rent growth settled at 4.2 percent, averaging 5.8 percent for the entire season.
A total of 32 schools recorded at least 10 percent annual rent growth for the season, including Tennessee (21.2 percent trailing 12-month average rent growth), Clemson (14.5 percent), Ohio State (14.1 percent), Purdue (13.5 percent) and Kentucky (13 percent). Numerous markets with the strongest rent growth saw increases in enrollment in recent years, coupled with a strong lease-up pace for the 2023-2024 season.
