Yardi Matrix: Student Housing Down From 2022, but Still Strong

(Image courtesy of Yardi Matrix)

Yardi Matrix, Santa Barbara, Calif., reported 95.1% of beds at its “Yardi 200” universities were preleased as of the end of September.

That’s down from 96.2% in September 2022, but still ahead of the same month in 2019, 2020 and 2021. Month-over-month preleasing slowed from a busy beginning of the season, when it trended 5-10% above its typical pace.

Thirty-one universities were 100% preleased for fall 2023, and 25 were more than 99% preleased.

The top five universities with the most year-over-year growth in percentage preleased were the University of Southern Mississippi (up 19.1%), University of South Alabama (up 13.2%), Ohio University-Main Campus (up 12.8%), University of Mississippi (9%) and Texas A&M University-Corpus Christi (up 7.2%).

Rent growth fell by 0.9% from its peak in March. But, rents remain near an all-time high at $846 per bed.

Rent growth was 6.1% in September, down from 6.5% in August and the 7% in March. However, from 2019-2022, the average growth was just 2.9%.

The student housing data set includes over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Referred to as the “Yardi 200,” it includes all Power 5 conferences as well as Carnegie R1 and R2 universities. The Yardi 200 now covers 892,511 beds.