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October had fastest start ever for student housing preleasing

Student Housing

October had fastest start ever for student housing preleasing

Preleasing this year is indicative of solid renewal activity early on and robust demand for student housing at many major universities, according to a Yardi Matrix report.

By Quinn Purcell, Managing Editor | December 5, 2023
student housing resident building perspective landscape background
Photo courtesy Adobe Stock

The student housing market for the upcoming 2024-2025 leasing season has started sooner and faster than ever. The November 2023 Matrix Student Housing National Report provides insights into key metrics shaping the market, revealing both challenges and opportunities for property owners and investors.

Yardi Matrix Student Housing Preleasing Trends

Preleasing for the 2024-2025 school year has seen an unprecedented start, reaching 25.2% in October 2023, significantly outpacing the previous year's record-setting pace of 10.4% preleased in October 2022.

Matrix National Student Housing Report preleasing curves

Rent and Investments

In October 2023, the average asking rent per bed among the Yardi 200 markets for the upcoming school year was $854, showcasing a 6.6% increase from October 2022. Notably, some universities experiencing the fastest preleasing are witnessing rents soaring by 15-25% year-over-year, reflecting the robust demand for student housing.

Despite the impressive preleasing figures, investment activity has seen a significant decline due to higher interest rates, with only 66 dedicated student housing properties sold so far in the current year, compared to over 200 at the same point last year.

While challenges such as lower occupancy and cautious investment behavior persist, the surge in preleasing activity, coupled with rebounding enrollments, points to a resilient and potentially lucrative market for student housing in the coming year.

Yardi 200 Annual Rent Growth student housing chart

To read the full report, visit yardimatrix.com

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