RealPage: Student Housing Pre-Lease Season Ends Below 2023

(Image courtesy of RealPage; Breakout image courtesy of Andrea Piacquadio via pexels.com)

RealPage, Richardson, Texas, reported student housing leasing results from August–which wrapped up the Fall 2024 pre-lease season. As of August, 92.8% of beds at the core 175 universities tracked were leased.

There was stronger-than-expected leasing activity in August, RealPage noted, with 4.4% of student housing beds leased between July and August. That compares with usual August numbers of below 4%.

However, the overall pre-lease season is below August rates from Fall 2023 (94.4%) and 2022 (95.6%). But, the rate also remains ahead of pre-pandemic norms.

Distance to campus played a role in pre-lease activity–properties within a half-mile to mile from campus were 92.9% leased. Properties within a half-mile were lower, at 92.7%, and those outside a one-mile radius stood at 92.8%.

Across the 175 universities’ pre-lease results, annual effective rent growth softened to 3.6%. Properties more than one mile away from campus saw an average 5.6% rent growth, the half-mile to one mile group saw an increase of 4.2%, and those less half a mile away saw 3.1% rent growth on average.

Some schools saw better performance than others. RealPage reported 22 schools with “essential full occupancy”–or above 98% leased.

Southern universities stuck out on strength–of the six universities that led for both occupancy and rent growth, all but one were in the region.

The standouts included the University of Mississippi, University of Tennessee, University of Kentucky, College of Charleston and Coastal Carolina University. The one non-Southern university on the list was Purdue University.