Top 10 Universities for Student Housing Construction

Student housing construction is ramping up nationwide as universities grapple with enrollment growth, aging on-campus dorms, and tight off-campus supply. Development activity continues to concentrate around large public institutions, where strong demand and fundamentals attract investor interest.

In 2024, 35,703 off-campus, dedicated student housing beds debuted, a considerable decrease compared to the previous year when 44,746 beds came online, according to a Yardi Matrix student housing report. That number is expected to further decline in the following years, with only 32,100 beds projected to be delivered in 2025.

In March, preleasing for the next school year at Yardi 200 universities averaged 67.1 percent, slightly below last year’s figures. Major student housing markets where new supply is under construction saw the most significant slowdown in preleasing and rent growth.

Here are the top 10 universities with most beds under development as of March, based on Yardi Matrix data. These schools’ pipelines totaled 21,862 bedrooms.

1. Florida State University

Florida State University ranked first nationally in terms of student housing development as of March. The school had a total of 5,785 bedrooms underway, accounting for 13.6 percent of its total enrollment—the largest across the country. Last year, the university ranked fourth in terms of development.

Preleasing for the 2025-2026 school year at Florida State hit 65.4 percent during the same month. The R1 school’s enrollment for the the current academic year reached 42,507 students, posting a 1.1 percent year-over-year growth.

In March, Up Campus Student Living received construction financing for the development of Leo Tallahassee, a 277-unit, 782-bed student housing project in Tallahassee, Fla. The luxury community is scheduled to come online before the 2027 school year.

2. University of Tennessee-Knoxville

The University of Tennessee had 3,261 beds underway as of March, accounting for 8.4 percent of its 38,728 students. Enrollment also grew 6.7 percent year-over-year. With 83.5 percent of units already preleased, Knoxville, Tenn., is one of the tightest leasing markets among the top schools due to rising student housing demand and limited bedroom inventory.

Last year, RISE Development started construction on Residence Halls, a more than 3,000-bed student housing development. The first phase of the project is set to come online this August and will comprise 1,954 beds across two communities. Additionally, Core Spaces and Schenk Realty are working on an approximately 600-unit, 2,000-bed student community. The development will include two 10-story buildings and a seven-story building.

3. Arizona State University-Tempe

Arizona State University’s Tempe campus had 2,076 beds underway at the end of the first quarter. The construction pipeline represents 3.7 percent of its 56,643 total enrollment. Preleasing rate during the same month clocked in at 65.4 percent, while enrollment decreased 90 basis points year-over-year. Additionally, the school posted the largest decrease in rent growth compared to March last year, dropping 11.5 percent.

One of the projects currently under development in the market is VERVE Tempe, a 240-unit, 769-bed community. Subtext is constructing the 15-story building adjacent to the campus and expects to complete it next fall.

4. University of Minnesota-Twin Cities

Boasting the ninth-largest single-campus enrollment in the country, The University of Minnesota had 2,022 bedrooms under construction—about 3.6 percent of its 56,666 total students. Enrollment grew by 3.2 percent year-over-year and preleasing stood at 54.9 percent—the lowest among this ranking. Last year, the school had the largest development pipeline across Midwestern universities.

One of the properties scheduled for delivery this fall is Landmark Properties’ first development in the Minnesota market. The company is working on a 1,021-bed community dubbed The Standard at Dinkytown.

5. North Carolina State University

Rounding out the top five is North Carolina State University, where 1,926 bedrooms were under construction as of March, representing 5 percent of its 38,464 total students. Enrollment rose 3.1 percent year-over-year, while preleasing reached 74.9 percent as of March. The school will maintain its stability due to high student interest and moderate growth in supply.

The Preiss Co. is developing Signature on Varsity, a 679-bed student housing community that is scheduled for completion in 2027. The project is rising adjacent to the university and will comprise studio to five-bedroom units.

6. University of Wisconsin–Madison

The University of Wisconsin, the first public university in the state, had 1,627 bedrooms under construction, accounting for 3.1 percent of its 52,099 students. With enrollment up 2.9 percent year-over-year and preleasing at 69.3 percent, the school’s figures remain steady.

Core Spaces is working on three student housing developments in the market, which will add roughly 4,000 beds to the school’s inventory upon full build-out. The projects are set to come online in the next three years.

7. Texas A&M University-College Station

The Texas A&M University at College Station had 1,451 bedrooms under construction as of March, just 2 percent of its impressive 72,560-student population—the largest among the top 10. Year-over-year enrollment growth was also relatively modest, clocking in at 2 percent. Preleasing hit 68.1 percent during the same month.

In March, Subtext and Larson Capital Management announced two new student housing developments in College Station. Dubbed EVER and VERVE College Station, the projects will encompass 1,648 beds.

8. University of Michigan-Ann Arbor

A total of 1,262 bedrooms were under construction at the University of Michigan at Ann Arbor as of March, making up for 2.4 percent of the 52,851 students on campus. Enrollment grew 1.6 percent year-over-year, and preleasing reached 71.6 percent. Though construction levels are modest compared to others, Ann Arbor’s limited space and competitive rental market keep new projects in high demand.

At the beginning of the year, Core Spaces obtained financing for Hub Packard, a more than 1,000-bed student housing project. With completion expected in June 2027, the 15-story building will be within walking distance of the university.

9. Auburn University

Auburn University had 1,227 bedrooms under construction, amounting to 3.6 percent of its 34,145 students. With a 3.4 percent enrollment increase year-over-year and high preleasing activity—82.8 percent— the university’s figures remain strong. Additionally, the school had the highest rent growth year-over-year compared to the top universities across the country, clocking in at 10.8 percent.

10. University of Texas-Austin

University of Texas at Austin rounds out the top 10 with 1,225 bedrooms under construction, or 2.3 percent of its 53,861 students. The campus added 1.5 percent more students in 2024, and preleasing hit 79.8 percent as of March—a strong indicator of demand in a fast-growing city.