flexiblefullpage -
billboard - default
interstitial1 - interstitial
catfish1 - bottom
Currently Reading

March student housing preleasing in line with last year

Student Housing

March student housing preleasing in line with last year

Today’s numbers show that preleasing trends are more than 10% ahead of the average from 2019–2022, according to a Yardi Matrix report.

By Quinn Purcell, Managing Editor | March 27, 2024
Student Housing Building "Johanna" at Utrecht University, Utrecht, the Netherlands
Photo by Jan van der Wolf from Pexels

The 2024–2025 leasing season is starting to look more like last year, according to the March 2024 Matrix Student Housing National Report. However, preleasing is still increasing at a historically fast pace, surpassing 61% in February 2024. This marks a 4.5% increase year-over-year (YOY) and is well ahead of the five-year average of 48% in February.

The Yardi Matrix report provides insights from 178 schools with preleasing data. Today’s numbers show that preleasing trends are more than 10% ahead of the average from 2019–2022.

Student Housing Market Preleasing Trends

Yardi 200 preleasing curves for student housing market February 2024

In February, 42 schools were more than 70% preleased, compared to only 29 at the same time last year. Just 35 schools were less than 40% preleased last month, compared to 47 in February 2023. 

A few markets that failed to reach 90% occupancy last year—including the University of Southern California, Illinois State, Johns Hopkins, and Mississippi State—are now more than 10% ahead on preleasing this year.

Increasing from last month is the number of markets that are more than 10% behind last year’s pace. These twenty markets include Tennessee-Knoxville, ASU, and CU-Boulder.


A dozen universities have surpassed a 15% YOY growth in prelease percentage. Topping the list is the University of Mississippi (32.8% growth in percentage preleased), followed by the University of Missouri (22.4%), Central Michigan (20.7%), and Bowling Green State (20.2%).

Rent Growth and Bed Construction

Yardi 200 annual rent growth for student housing market February 2024

As rent growth and demand has stayed solid, “student housing is outperforming nearly every asset class,” according to the report. Up 5.2% YOY is the average rent per bed, sitting at $883 in February 2024. This is the 33rd month in a row that rent has increased month-over-month.

Thirty-two schools posted double-digit rent growth in February while 26 markets have a rent decline. The Matrix report finds that many of the markets reporting double-digit rent growth are the same ones with a majority of beds preleased for the 2024–2025 school year.

Schools with less beds preleased such as UC-Berkeley, Washington State, and Nevada-Reno have also faced enrollment and/or supply issues. These markets averaged 43% preleased in February—20 points below the national average.

Bed Construction

Yardi Matrix’s supply forecast projects 46,285 new beds will be delivered this year. This is a sharp increase from the 35,610 delivered in 2023. Universities with the most beds under construction include:

  • University of Tennessee: 3,961 beds under construction; 8,220 completed. Preleased at 88% with rent per bed at $1,136
  • University of Texas: 3,460 beds under construction; 21,038 completed. Preleased at 71% with rent per bed at $1,161
  • Florida State University: 3,167 beds under construction; 26,859 completed. Preleased at 69% with rent per bed at $840
  • University of Minnesota: 2,709 beds under construction; 12,722 completed. Preleased at 53% with rent per bed at $1,024
  • University of Georgia: 2,445 beds under construction; 12,903 completed. Preleased at 71% with rent per bed at $877

Click here to read the full report.

Related Stories

Student Housing | Apr 17, 2024

Student housing partnership gives residents free mental health support

Text-based mental health support app Counslr has partnered with Aptitude Development to provide free mental health support to residents of student housing locations.

MFPRO+ News | Apr 12, 2024

Greystar becomes top apartment owner, manager, and developer in 2024

One firm set records for this year’s National Multifamily Housing Council Top 50 roundup of multifamily firms. Greystar now sits at number one in the NMHC’s lists for top apartment owner, manager, and developer in 2024.

Student Housing | Apr 12, 2024

Construction begins on Auburn University’s new first-year residence hall

The new first-year residence hall along Auburn University's Haley Concourse.

MFPRO+ News | Apr 10, 2024

5 key design trends shaping tomorrow’s rental apartments

The multifamily landscape is ever-evolving as changing demographics, health concerns, and work patterns shape what tenants are looking for in their next home.

Architects | Apr 2, 2024

AE Works announces strategic acquisition of WTW Architects

AE Works, an award-winning building design and consulting firm is excited to announce that WTW Architects, a national leader in higher education design, has joined the firm.

Standards | Apr 1, 2024

New technical bulletin covers window opening control devices

A new technical bulletin clarifies the definition of a window opening control device (WOCD) to promote greater understanding of the role of WOCDs and provide an understanding of a WOCD’s function.

MFPRO+ Research | Feb 28, 2024

New download: BD+C's 2023 Multifamily Amenities report

New research from Building Design+Construction and Multifamily Pro+ highlights the 127 top amenities that developers, property owners, architects, contractors, and builders are providing in today’s apartment, condominium, student housing, and senior living communities.

Student Housing | Feb 28, 2024

Mary Cook Associates completes interiors for luxury student housing community

Chicago-based interior design firm Mary Cook Associates announced it has completed the interiors of Lapis, a new 1,086-bed off-campus luxury student housing community near Florida International University. 

Student Housing | Feb 21, 2024

Student housing preleasing continues to grow at record pace

Student housing preleasing continues to be robust even as rent growth has decelerated, according to the latest Yardi Matrix National Student Housing Report.

boombox1 - default
boombox2 -
native1 -

More In Category

halfpage1 -

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021