Surveyed preleasing for the Yardi 200 schools reached 92.9 percent in August, ahead of 2023 levels
(SANTA BARBARA, Calif., Sept. 23, 2024) – Surveyed preleasing at Yardi 200 schools reached 92.9 percent in August, up 20 basis points year-over-year, while rent growth moderated to four percent, according to the latest Yardi® Matrix National Student Housing Report.
August surveyed preleasing jumped ahead last year’s levels. At that point, 78 markets reached at least September 2023 final occupancy levels, while 29 universities were 10 percent or more behind.
Highly publicized federal student aid processing issues impacted 2024 enrollment growth, particularly at many state schools. Yardi Matrix expects that in 2024 some 41,432 beds will be delivered nationally, which would mark a five percent decrease compared to 2023.
Across Yardi 200, 35 schools were at least 99 percent preleased as of August. The list grew by 14 entries since July. Another 35 markets were less than 85 percent preleased.
In August, the average advertised asking rent per bedroom was $892, marking a $5 decrease from July. Annual rent growth decelerated to four percent, falling from the seven percent high recorded at the beginning of the 2024 leasing season.
“All of the top 10 markets for rent growth had flat or increasing enrollment last year, averaging 3.3 percent growth versus 0.4 percent for the entire Yardi 200. On the other hand, the bottom 10 markets for rent growth posted an average enrollment decline of 0.9 percent,” state Matrix analysts.
Gain more insight in the new Yardi Matrix National Student Housing Report.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, affordable housing, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.
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