Top 5 Midwestern Universities for Student Housing Construction

Student housing has closed another stellar leasing year. The sector’s preleasing pace and rent growth were very close to last year’s historic highs, according to the latest student housing report from Yardi Matrix. As of September, student housing occupancy for the 2024-2025 school year reached 94.5 percent, while advertised asking rent growth averaged 5.8 percent through the season. While most student housing markets with a large under-construction pipeline are situated across the Sun Belt, led by The University of Tennessee-Knoxville (3,371 beds under construction), Florida State University (2,887 beds) and North Carolina State (1,926 beds), a number of Midwestern schools are also following student housing development trends and have made it in the top 30.

Additionally, more than half of Yardi 200 schools had surveyed preleasing rates of at least 95 percent. Yardi Matrix’s supply forecast predicts that a total of 41,432 beds will come online across Yardi 200 schools this year. This number marks a 5 percent decrease from last year’s deliveries. After 2024, the annual supply is expected to drop below the long-term average of 40,000 beds.

Here is the list of Midwestern markets with the largest student housing under-construction pipeline, based on the freshest Yardi Matrix information.

1. University of Minnesota-Twin Cities

Situated among the top five schools for student housing construction on a national level, University of Minnesota-Twin Cities had 2,738 beds under construction as of September, representing 21.4 percent of stock. The Big Ten, R1 research caliber institution closed the fall 2024 leasing season with a 92.4 preleasing rate, under the national average.

Minnesota was one of the few markets that failed to grow rents for the fall 2024 school year, rent growth averaging -1.8 percent throughout the leasing season. Enrollment change between the 2022-2023 and 2023-2024 school years was also negative, at -1.1 percent.

Last year, Landmark Properties announced that the company will be entering the Minnesota market with The Standard at Dinkytown, a 1,021-bed student housing community. Currently under construction at 514 14th S Ave. and within walking distance of the Midwestern school, the community is planned for completion by the fall of 2025.

2. University of Wisconsin-Madison

As of September, the University of Wisconsin-Madison had 1,564 beds under construction, representing 18.6 percent of stock. The Big Ten, R1 institution closed the fall 2024 leasing year with an above-average rate of 97.3 percent—still 2.6 percent lower than in the previous year. The university had a total enrollment of 48,480 for the 2023-2024 school year, up 1.3 percent year-over-year.

In September, a joint venture between Subtext and Harrison Street has completed a 142-unit, 536-bed student housing community in Madison, Wis. Dubbed VERVE Madison, the 12-story Class A building’s construction began in 2022, with the property fully leased for the 2024-2025 academic year at the time of its debut.

Additionally, Core Spaces announced back in July that it will add nearly 4,000 new beds to its Madison portfolio, across three separate communities serving the Midwestern school. The trio is slated for completion between 2026 and 2028.

3. Purdue University

Purdue University’s total enrollment at the main campus for the fall 2023 academic year clocked in at 51,306 students, significantly exceeding the 43,011 figure registered in 2022, Yardi Matrix data shows.

As of September, 1,139 beds were underway around the Midwestern school's campus, accounting for 11.8 percent of stock. The Big Ten, R1 school had the highest occupancy rate for the current academic year on our list, at 99.6 percent. Purdue was also one of the markets with the highest rent growth rates through the fall 2024 leasing season, averaging 13.5 percent—significantly higher than the 5.8 average at Yardi 200 schools.

Last year, Purdue University revealed plans to develop Hillenbrand Residence Hall South, a 896-bed residence hall in West Lafayette, Ind. The $149 million project is funded through non-fee replaced debt. With construction currently underway, plans call for a June 2026 completion of the eight-story building.

In August, Landmark Properties also revealed plans for the development of a 253-unit, 678-bed student housing community serving Purdue University in West Lafayette, Ind. The 13-story project is slated for completion for the fall of 2027.

4. Ohio State University

Ohio State University had 857 beds under construction as of September, representing 11.9 percent of total stock. Between the fall 2022 and fall 2023 school years, the university registered a 0.9 percent decrease in enrollment. Nevertheless, the Big Ten, R1 school’s total enrollment for the 2023-2024 academic year ranked third across Yardi 200, comprising 60,046 students.

Among Yardi 200 universities, a total of 32 schools recorded at least 10 percent annual rent growth for the 2024-2025 season, including Ohio State, which had an impressive 14.1 percent jump.

LV Collective is currently constructing Rambler Columbus, a 379-unit, 889-bed student housing community across the street from The Ohio State University campus. Rising at 222 W. Lane Ave., the project has an estimated cost of $138 million and is planned for completion in fall 2025.

5. University of Iowa

As of September, 844 beds were underway at the University of Iowa—representing 25.7 percent of total stock. Enrollment for the 2023-2024 school year at the Big Ten, R1 school stood at roughly 30,000 students, marking a slight decrease from the previous year.

Preleasing for the ongoing academic year at the Midwestern school closed at 92.4 percent, on par with Ohio State and 2.1 percent under the average across Yardi 200 schools. Still, the school was in the top 30 for universities with the largest annual preleasing growth in September, reaching 3.7 percent.

In September, Scannell Properties launched preleasing at its Replay Iowa City development on the campus of the University of Iowa. The property will offer 291 fully furnished units, 648 beds and 507 parking spaces. Opening is scheduled for August 2025.