Final surveyed preleasing for the Yardi 200 schools was only 10 basis points behind September 2023 occupancy
(SANTA BARBARA, Calif., October 24, 2024) – Surveyed preleasing at Yardi 200 schools settled at 94.5 percent in September, down only 10 basis points year-over-year, while rent growth cooled to 4.2 percent, according to the latest Yardi® Matrix National Student Housing Report.
The preleasing pace has decelerated throughout the 2023-2024 leasing season, but settled close to last year’s final figures. Preleasing for the Fall 2025 school year recorded a quick head-start, reaching 10.2 percent in September, based on limited data.
By September, 50 schools hit at least 99 percent occupancy across Yardi 200 universities, with the largest markets in this category including Illinois State, Ole Miss, Oklahoma State, Oklahoma, James Madison, Purdue and Virginia Tech. On the other hand, 21 schools were less than 85 percent preleased, the list comprising East Carolina (85 percent), UC-Berkeley (84.9 percent), Temple (84.8 percent) and Washington State (81.3 percent).
The average advertised rent per bedroom fell from $901 in May to $896 in September, taking the annual rent growth to 4.2 percent as of September and averaging 5.8 percent for the entire season. A total of 32 schools averaged at least 10 percent annual rent growth for the season, including Clemson (14.5 percent), Ohio State (14.1 percent), Purdue (13.5 percent) and Kentucky (13 percent).
“Some of the schools with double-digit rent growth have a meaningful amount of supply under construction, which could make a dent in the supply-demand imbalance that led to outsized rent growth, although not all of this supply will deliver next year. This includes Tennessee (3,371 beds under construction), San Jose State (1,610 beds), Ohio State (1,220 beds), Purdue (1,371 beds), North Texas (1,338 beds), Connecticut (1,137 beds) and NC State (1,926 beds), “state Matrix analysts.
In line with properties stabilizing their occupancies for the Fall 2024 season, student housing investment picked up pace during the past few months. Roughly 39,000 beds changed hands year-to-date through September, marking a 10 percent decrease year-over-year.
Gain more insight in the new Yardi Matrix National Student Housing Report.
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