Fall occupancy at Yardi 200 schools is likely to finish below last year as increased supply and slower enrollment growth in several markets weigh on leasing. That is, according to the Matrix Student Housing National Report for October 2026.

Student Housing Occupancy for Fall 2026

Preliminary September data shows student housing occupancy across Yardi’s 200 university markets at 94.5% for the 2026–27 academic year, matching September 2025 and the historical average since 2019. However, increased new supply and slower enrollment growth are creating leasing challenges.

More than 31,000 dedicated off-campus bedrooms were delivered in 2026, a 20% increase from 2025, with new properties averaging 84.1% occupancy in September compared with 95.3% for the prior year's deliveries. The 10 university markets with the most new supply added more than 17,000 bedrooms combined and recorded average occupancy of 92.8%, down 300 basis points year-over-year.

Enrollment declines at several universities, including NC State, Arizona State, Wisconsin, Arkansas, and Tennessee, have added to the pressure.

Rent Growth for September Student Housing

Rent growth is also slowing as supply outpaces demand. Average advertised student housing rents reached $928 per bedroom in September, up 1.6% year-over-year but largely flat over the past eight months.

Same-store rent growth averaged just 0.5% during the 2026 leasing season, while the 10 markets with the most new deliveries experienced a 1.2% decline. North Carolina State, Central Florida, Arkansas, and Arizona State recorded some of the steepest rent declines, ranging from 3.3% to 6.0%.

With another 18,500 bedrooms under construction across those 10 markets for 2027, continued competition and downward pressure on occupancy and rents are likely.

To read the full findings of the report, visit Yardi Matrix here.