Preleasing reached 54.6% in January 2024 at 200 surveyed schools, ahead of January 2023 figure
SANTA BARBARA, Calif., Feb. 25, 2025 – As of January 2025, estimated preleasing at the Yardi® 200 universities reached 54.6%, ahead of the January 2024 rate of 48.2%. Rent growth continued to decelerate, reaching 3.4%, according to the latest Yardi® Matrix National Student Housing Report.
As preleasing this early in the season is partially estimated, the actual rate is expected to decrease as more data is collected. Forty-six schools had reached a preleasing rate of at least 60% in January, while 17 universities already hit the 80% preleased mark. The University of Missouri (90.8% preleased), the University of Wisconsin (83.7%), the University of Alabama (81.3%), James Madison University (79.4%), Auburn University (79%) and Purdue University (76.7%) posted some of the strongest rates across large student housing markets.
The average advertised rent per bedroom climbed to $911 in January, up 3.2% year-over-year. Rent growth has decelerated every month since the start of the leasing season, in line with the slowdown in preleasing growth. The average preleasing growth for the current season was around 4%, significantly under the last two years’ performance.
“For many schools, the difference in rent growth performance is correlated with preleasing pace and can be partly attributed to recent enrollment growth or declines and recently delivered supply. Out of schools with four or more off-campus student housing properties, the top ten markets for rent growth average 60.1% preleased in January. Enrollment growth in the most recent year for the top ten averaged 1,768 students, or an average of 5.4% year-over-year growth,” state Matrix analysts.
Across the Yardi 200 schools, deliveries have been on a downward trend. Last year, a total of 35,703 off-campus dedicated student housing new beds came online, down from the 44,746 beds completed in 2023. Yardi Matrix predicts this trend to continue over the next several years, with annual new supply estimated to fall to 32,100 beds in 2025 and 33,995 beds in 2026.
Gain more insight in the new Yardi Matrix National Student Housing Report.
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