Top university markets for student housing development in 2025

Preleasing for university student housing reaches new records in September 2025. According to the latest Yardi Matrix report, preleasing at the Yardi 200 schools hit 93.7% in August 2025—200 basis points above August 2024 levels and 10 basis points higher than the final fall 2024 occupancy recorded in September.

Overall, preleasing at Yardi 200 schools outpaced last year. Rent growth slowed to 1.1% YOY (vs. 5–7% in past years).

Top 32 Student Housing Market Fundamentals

Here are the top 32 Power 5 universities (schools with enrollment over 25,000 with the most dedicated off-campus student housing beds), ranked by percentage of off-campus student housing beds preleased.

1. University of Missouri

At 99.7% preleased (1.1% YoY growth), the Unviersity of Missouri leads the list with the greatest preleasing percentage. 

The university has 14,583 beds complete, with 0 beds under construction. Rent per bed is $785 (11.7% YoY growth).

2. University of Kentucky

At 99.5% preleased (2.4% YoY growth), the University of Kentucky ranks second among all Power 5 universities.

The university has 7,132 beds complete, with 0 under construction. Rent per bed is $879 (1.5% YoY growth).

3. Virginia Tech

At 99.4% preleased (0.8% YoY growth), Virginia Tech holds the third position in the rankings.

The university has 9,398 beds complete, with 0 under construction. Rent per bed is $1,016 (6.4% YoY growth).

4. Louisiana State University

At 99.1% preleased (2.5% YoY growth), Louisiana State University continues to demonstrate strong demand.

The university has 11,199 beds complete, with 0 under construction. Rent per bed is $803 (7.4% YoY growth).

5. University of Wisconsin

At 98.7% preleased (5.7% YoY growth), the University of Wisconsin lands in the top five despite significant new supply in the pipeline.

The university has 8,659 beds complete, with 4,410 under construction. Rent per bed is $1,410 (5.6% YoY growth).

6. University of Alabama

At 98.7% preleased (2.5% YoY growth), the University of Alabama shows strong leasing fundamentals.

The university has 12,900 beds complete, with 0 under construction. Rent per bed is $946 (4.0% YoY growth).

7. University of Illinois

At 98.5% preleased (5.8% YoY growth), the University of Illinois posts some of the strongest rent gains in the Midwest.

The university has 14,738 beds complete, with 241 under construction. Rent per bed is $959 (9.0% YoY growth).

8. University of Central Florida

At 98.2% preleased (2.1% YoY growth), the University of Central Florida remains one of the largest student housing markets in the nation.

The university has 17,830 beds complete, with 1,353 under construction. Rent per bed is $1,024 (-3.7% YoY).

9. Auburn University

At 97.8% preleased (-0.6% YoY), Auburn University remains near the top despite a slight dip in year-over-year performance.

The university has 13,778 beds complete, with 0 under construction. Rent per bed is $956 (11.4% YoY growth).

10. University of Arkansas

At 97.6% preleased (3.4% YoY growth), the University of Arkansas continues to show strong absorption.

The university has 9,765 beds complete, with 1,230 under construction. Rent per bed is $811 (-7.3% YoY).

11. Penn State University

At 97.3% preleased (4.4% YoY growth), Penn State shows resilient leasing momentum.

The university has 16,522 beds complete, with 0 under construction. Rent per bed is $954 (-2.5% YoY).

12. Michigan State University

At 97.2% preleased (0.4% YoY growth), Michigan State demonstrates steady demand.

The university has 13,595 beds complete, with 0 under construction. Rent per bed is $883 (3.5% YoY growth).

13. North Carolina State University

At 97.1% preleased (-1.0% YoY), NC State maintains strong leasing fundamentals despite a modest decline.

The university has 9,792 beds complete, with 2,596 under construction. Rent per bed is $1,019 (3.5% YoY growth).

14. University of Texas

At 96.9% preleased (4.5% YoY growth), the University of Texas remains one of the largest markets with strong absorption.

The university has 25,276 beds complete, with 0 under construction. Rent per bed is $1,235 (-1.6% YoY).

15. University of Florida

At 96.5% preleased (5.7% YoY growth), the University of Florida shows significant rent gains.

The university has 30,963 beds complete, with 0 under construction. Rent per bed is $839 (8.4% YoY growth).

16. University of Maryland

At 96.0% preleased (2.2% YoY growth), the University of Maryland continues to see solid demand.

The university has 10,315 beds complete, with 0 under construction. Rent per bed is $1,250 (3.2% YoY growth).

17. University of South Florida

At 95.7% preleased (4.3% YoY growth), the University of South Florida shows strong year-over-year leasing.

The university has 16,665 beds complete, with 0 under construction. Rent per bed is $927 (0.5% YoY growth).

18. University of Tennessee

At 95.5% preleased (-2.6% YoY), the University of Tennessee’s leasing levels remain high despite rent pressures.

The university has 12,083 beds complete, with 2,160 under construction. Rent per bed is $1,002 (-8.3% YoY).

19. Florida State University

At 95.2% preleased (-0.2% YoY), Florida State maintains steady absorption amid a large construction pipeline.

The university has 30,211 beds complete, with 2,994 under construction. Rent per bed is $830 (-1.7% YoY).

20. University of South Carolina

At 95.2% preleased (2.6% YoY growth), the University of South Carolina remains a strong leasing market.

The university has 12,198 beds complete, with 2,442 under construction. Rent per bed is $889 (1.6% YoY growth).

21. Arizona State University

At 94.8% preleased (8.8% YoY growth), Arizona State shows one of the largest year-over-year leasing gains.

The university has 11,730 beds complete, with 2,145 under construction. Rent per bed is $1,101 (-6.5% YoY).

22. Iowa State University

At 94.7% preleased (-1.0% YoY), Iowa State remains a healthy market with relatively affordable rents.

The university has 8,046 beds complete, with 0 under construction. Rent per bed is $654 (5.0% YoY growth).

23. University of Georgia

At 93.7% preleased (1.6% YoY growth), the University of Georgia continues to attract steady demand.

The university has 15,521 beds complete, with 0 under construction. Rent per bed is $875 (3.3% YoY growth).

24. Clemson University

At 93.4% preleased (5.7% YoY growth), Clemson University posts one of the strongest leasing gains.

The university has 11,353 beds complete, with 488 under construction. Rent per bed is $955 (-3.9% YoY).

25. Ohio State University

At 93.2% preleased (3.4% YoY growth), Ohio State shows solid absorption levels.

The university has 7,797 beds complete, with 0 under construction. Rent per bed is $1,018 (0.2% YoY growth).

26. University of Oklahoma

At 92.8% preleased (-2.8% YoY), the University of Oklahoma continues to show demand despite recent softening.

The university has 7,072 beds complete, with 0 under construction. Rent per bed is $755 (2.3% YoY growth).

27. Texas A&M University

At 92.8% preleased (-3.5% YoY), Texas A&M shows absorption challenges amid significant new supply.

The university has 32,812 beds complete, with 3,872 under construction. Rent per bed is $819 (1.5% YoY growth).

28. University of Washington

At 92.5% preleased (3.7% YoY growth), the University of Washington maintains steady leasing with high rent levels.

The university has 6,813 beds complete, with 496 under construction. Rent per bed is $1,519 (2.6% YoY growth).

29. Purdue University

At 90.6% preleased (-8.7% YoY), Purdue University shows one of the steepest declines in leasing performance.

The university has 10,823 beds complete, with 1,307 under construction. Rent per bed is $933 (2.1% YoY growth).

30. Texas Tech University

At 90.0% preleased (2.7% YoY growth), Texas Tech shows steady demand but remains below national leaders.

The university has 16,922 beds complete, with 0 under construction. Rent per bed is $583 (-3.5% YoY).

31. University of Michigan

At 89.6% preleased (-4.0% YoY), the University of Michigan faces leasing headwinds despite high rent levels.

The university has 8,341 beds complete, with 1,530 under construction. Rent per bed is $1,541 (-2.4% YoY).

32. Indiana University

At 89.4% preleased (1.7% YoY growth), Indiana University rounds out the list with solid demand despite challenges.

The university has 12,317 beds complete, with 345 under construction. Rent per bed is $925 (-4.3% YoY).

This article was assisted with the use of AI