Top Schools for Student Housing Transactions in 2024
Find out which markets had the largest volumes last year, according to Yardi Matrix data.
Following the closing of a stellar leasing season for the fall 2024 academic year, the student housing market is off to another above-average start. With ongoing economic hurdles affecting investment activity across all real estate sectors, student housing transactions recorded an uptick in 2024, according to Yardi Matrix.
As of December 2024, preleasing at Yardi 200 universities reached 47.1 percent—ahead of 39.7 percent in December 2023—according to a recent student housing report. Rents are reaching all-time highs, climbing to $909 at the end of 2024. Still, rent growth has been on a downward trend and decreased to 3.8 percent as of December.
Last year, a total of 129 student housing properties changes hands across Yardi 200 universities, at an average price per bed of roughly $82,000. This volume marked an increase in deals, compared to 2023, when 50 less properties traded, but was smaller than in 2021 and 2022.
1. University of South Carolina-Columbia
Topping our list for student housing transactions in 2024, the University of South Carolina-Columbia had a total deal volume of nearly $134 million last year. The average price per bed was significantly higher than the national average, reaching $191,350.
Preleasing at the SEC, R1 institution stood at 57.5 percent in December, outperforming the national average that month. The final preleasing rate for the fall 2024 school year at the University of South Carolina settled at 94.6 percent.
In late 2024, Inland Real Estate Acquisitions picked up Sawyer on Lincoln, a 673-bed student housing community in Columbia, S.C. Completed in 2023, the five-story property was fully leased at the time of the transaction.
2. University of Arizona
The University of Arizona was one of the Yardi 200 schools with the strongest enrollment growth between the fall 2023 and 2024 seasons. The R1, Big Ten institution added 3,357 new students between the two academic years—representing a 6.3 percent growth.
The market’s total sales volume for 2024 added up to $132.5 million, at an average sales price of $274,900 per bedroom—the highest on our list. Preleasing for the upcoming fall 2025 school year stood at 56.7 percent in December.
In the first quarter of 2024, a partnership between Harrison Street and The Dinerstein Cos. sold The Parker, a 484-bed student housing community in Tucson, Ariz. Serving the University of Arizona, the LEED-Silver certified asset changed hands for $132.5 million.
3. Pennsylvania State University
The annual student housing transaction volume for 2024 at Penn State amounted to $118.9 million, Yardi Matrix data shows. Assets traded at lower prices than most of the other markets on our list, averaging $84,900 per bedroom—still higher than the Yardi 200 average of $82,200 for the year. The R1, Big Ten school’s preleasing rate for the 2025-2026 season reached 64.9 percent in December.
In December 2024, a joint venture between Blue Vista Capital Management and Clarion Partners has acquired a four-property, 2,787-bed student housing portfolio from Columbus Pacific Group. The ensemble included The Valley Apartments & Townhomes, a 206-unit, 540-bed student community located 1 mile from Penn State University.
4. University of Missouri-Columbia
Student housing properties changed hands for a total transaction volume of $115.5 million as of December at the University of Missouri. Prices were the lowest among our top five markets featured in this piece, at $60,500 per bedroom.
As of December 2024, the University of Missouri-Columbia campus was 74.4 percent preleased, marking a 16.3 percent increase year-over-year. The R1, SEC university boasted a 99 percent final preleasing rate for the fall 2025 school year.
In October, The Preiss Co. acquired Elevate 231, a 50-acre student housing community in Columbia, Mo. The new owner rebranded the 972-bed cottage-style property as The Collective at Columbia and will embark on an extensive interior renovation program in approximately half the property’s units.
5. Appalachian State University
Ranking fifth on our list, University’s total transaction volume for 2024 reached $91 million. Student housing communities traded at an average price of $101,800 per bedroom—outperforming the Yardi 200 average.
Preleasing for the fall 2024 academic year settled at 99.1 percent at Appalachian State, the highest on our list and significantly above the 94.5 percent average across Yardi 200. Preleasing for the ongoing season already reached 79 percent in December.
Boasting steady enrollment growth throughout the years and high occupation rates, Yardi Matrix data indicates that Appalachian State is in need of new supply and would have no trouble absorbing it.
