Student Housing Preleasing, Rent Growth Decelerated in July, Reports Yardi Matrix

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Aug 14, 2024, 08:00 ET

Colleges and universities tracked by Yardi reached an average of over 89 percent preleased beds percent in July, falling slightly behind last year

SANTA BARBARA, Calif., Aug. 14, 2024 /PRNewswire/ -- Surveyed preleasing at Yardi 200 schools hit 89.2 percent in July, down slightly from 2023's performance, while rent growth reached 4.7 percent, according to the latest Yardi^® Matrix National Student Housing Report.

In July, the student housing sector was still five percent behind Fall 2023 occupancy levels. While surveyed preleasing has seen a slowdown this summer, 41 universities have already exceeded Fall 2023 occupancy levels.

As of July, the average advertised asking rent per bed reached $897 at Yardi 200 schools, marking a 4.7 percent increase year-over-year. Across Yardi 200, 36 universities recorded at least 10 percent rent growth in July, while 34 schools were below last year's levels. Markets boasting high rent growth tended to also demonstrate strong enrollment growth.

"Rents have remained flat for the last five months and rent growth has dropped from close to seven percent early in the leasing season as preleasing pace has slowed," 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.

About Yardi

Celebrating its 40-year anniversary in 2024, Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

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SOURCE Yardi