Top 5 Southern Universities for Student Housing Development

After several years of rapid growth and market volatility, the student housing sector is settling into a period of normalization, at least in terms of investment and development. Roughly 27,000 new beds were delivered this year, down from nearly 35,000 in 2024, as construction activity moderates and developers recalibrate to more typical, enrollment-driven growth, the latest Yardi Matrix student housing report shows.

Preleasing for the 2025–2026 academic year closely tracked historical averages, with final occupancy surpassing 95 percent across the Yardi 200. However, rent performance reflected the broader cooling trend, with national rents growing just 0.8 percent year-over-year as of September.

Several southern universities placed among the top 30 nationwide for student housing beds under construction. The schools below have the region’s largest active pipelines, collectively making up more than a third of all beds underway among the top 30 universities tracked by Yardi Matrix.

1. Texas A&M University-College Station

Texas A&M University at College Station ranked first among southern markets by student housing pipelines as of September, according to Yardi Matrix information. The university had 3,668 beds under construction, accounting for more than 11 percent of its total off-campus inventory. This figure also represents 5.1 percent of the school’s 72,560 2024-2025 total enrollment.

Preleasing as of September for the 2025-2026 school year at Texas A&M reached 94.2 percent, the lowest among this ranking. However, the university registered a 2 percent total enrollment increase compared to last year’s same month and a 3.5 percent year-over-year rent per bed growth.

In August, a joint venture between Subtext and Larson Capital Management started construction on EVER, a 545-bed student project in College Station, Texas. Set to come online in 2027, the seven-story building is the first phase of a 1,738-bed development.

2. North Carolina State University-Raleigh

With a total enrollment of 38,446 students for the 2024-2025 academic year, North Carolina State University at Raleigh had an under-construction pipeline of 2,596 beds as of September. This represented 6.8 percent of its enrollment.

Preleasing as of the same month reached 98.3 percent—the highest among these southern universities. The school’s year-over-year total enrollment grew 3 percent, while beds saw a 2.2 percent year-over-year rent growth.

In March, The Preiss Co. acquired and capitalized two student housing development sites. The Raleigh, N.C., project is dubbed Signature on Varsity and is set to come online in 2027.

3. Florida State University

Florida State University had 2,353 beds underway, accounting for 5.5 percent of its enrollment. In March, the school ranked first nationally in terms of development. The institution’s pipeline also represented 7.6 percent of its total 31,071 beds inventory.

The school’s total enrollment for the 2024-2025 academic year was 42,507, registering a 1.1 percent year-over-year growth. Preleasing for the 2025-2026 academic year as of September reached 95.2 percent.

In the first quarter of this year, Up Campus Student Living obtained a $87.4 million construction loan for Leo Tallahassee, a 782-bed student project. Set to come online before the 2027 academic year, the community will be adjacent to the Florida State University campus.

4. University of Arkansas

The University of Arkansas had 2,075 bedrooms under construction as of September, representing 6.2 percent of its total 33,610-student enrollment for the 2024–2025 academic year. The university currently has 9,765 completed beds.

The institution’s total enrollment grew 4.6 percent year-over-year, the highest increase among southern universities in this ranking. As of September, preleasing for the 2025–2026 academic year stood at 97.2 percent. However, rent per bed saw a 4.4 percent year-over-year decline.

In June, Subtext and Kayne Anderson Real Estate announced plans for VERVE Fayetteville, an 845-bed student housing development. This marks Subtext’s first project in the state and is slated to come online in August 2027.

5. University of Central Florida

The University of Central Florida had 1,979 bedrooms under construction as of September, accounting for 2.8 percent of its total 69,818-student enrollment for the 2024–2025 academic year. Total enrollment rose 1.4 percent year-over-year, one of the more modest increases among southern universities.

As of September, preleasing for the 2025–2026 academic year reached 98.0 percent, while rent per bed decreased 4.5 percent year-over-year. The university had a completed inventory of 17,830 beds during the same month.

Last month, Toll Brothers Campus Living and The Davis Cos. officially opened Aperture, a 680-bed student housing community serving the institution. The property comprises two five-story buildings and is less than 2 miles from the University of Central Florida campus.