How strong is demand for student housing across the United States? That varies widely by university as many student housing operators face challenges stemming largely from a decrease in international students. At the same time, rent growth in the student housing sector remains sluggish as 2026 enters its final months, according to the latest research from Yardi Matrix.
According to Yardi Matrix’s September 2026 Student Housing National Report, student housing properties were 93% preleased in August for the 2026-27 academic year. That was 80 basis points above Yardi Matrix’s final August 2025 estimate and 120 basis points higher than in August of 2024. Nearly 320 student housing properties reported that they were fully preleased, slightly more than at the same point last year.
Yardi Matrix surveyed 200 U.S. universities for its national report. That August leasing figure is preliminary, with Yardi Matrix saying that it will revise it as final occupancy information comes in. Based on previous revisions, Yardi Matrix is predicting the final occupancy figure for the student housing properties it studies to reach approximately 94% to 94.5%, roughly in line with last year’s number.
The strength of preleasing, though, has not translated into equally strong rent growth. Yardi Matrix reported that advertised rents across the Yardi 200 averaged $927 per bed a month in August, down from $929 in July and $930 in June. On a year-over-year basis, average monthly rents were still up 2%.
The longer-term rent trend, though, highlights that while student housing rents are increasing, they are rising at a slower rate. Average rent growth for the 2026-27 leasing season, which Yardi Matrix measures from October through August, came in at 1.1%. That compares with an average rent growth of 2.8% during the 2025-26 leasing season and 5.9% during 2024-25.
Yardi Matrix says that the combination of strong preleasing and modest rent growth suggests that student housing operators are finding demand, but have less pricing power than they enjoyed during the stronger leasing cycles of recent years.
Location is also playing an important role in both student housing demand and rent growth. Class-A properties were 93.8% preleased in August, compared with 92.1% for Class-B properties and 91.7% for Class-C housing, Yardi Matrix reported.
Properties located closest to campus also continued to outperform those located a greater distance away. Student housing properties within a quarter-mile of campus were 93.4% preleased, while those between a quarter-mile and a half-mile were 93.2%. Both figures were about 100 basis points above August 2025’s numbers, Yardi Matrix said. Properties more than two miles from campus,, were only 88.7% preleased, 110 basis points below their year-ago level.
The same pattern showed up in rents. Properties within a quarter-mile of campus posted average rent growth of 1.6% during the 2026-27 leasing season. Properties more than two miles from campus saw rents decline an average of 1.2%. That represents a reversal from recent years, when properties farther from campus often produced stronger rent growth.
The supply pipeline is another factor investors and developers are watching. Twenty-eight Yardi 200 markets were 100% preleased in August, with another 11 schools above 99%. Several major student housing markets, including Auburn, Maryland, Missouri, Virginia and Virginia Tech, were fully or nearly fully leased. This strong performance has resulted in an increase in new student housing construction in these markets. Except for Missouri, those markets had an average of 1,600 beds under construction per school, according to Yardi Matrix.
Not every market is experiencing the same conditions. A total of 52 Yardi 200 schools were below 90% preleased in August, including 21 below 80%. Utah Valley was at 71.1%, Syracuse at 77.9%, Delaware at 78.7% and North Carolina State at 78.8%.
North Carolina State, in particular, is absorbing a major wave of new supply. A 2,195-bed student housing project delivered in August, with another 970 beds under construction for delivery in 2027.
Enrollment trends are adding another layer of uncertainty. Among 38 Yardi 200 schools reporting enrollment information, total enrollment increased by 6,840 students, or 0.6%, to 1.08 million. That was considerably slower than the 1.8% growth recorded in fall 2025, according to Yardi Matrix’s research.
A big reason for this? Yardi Matrix pointed to declining international enrollment. Arizona State University-Tempe reported a 7.4% enrollment decline, while the University of North Texas fell 3.6%. Both universities have relatively high shares of international undergraduate students.
Other schools, though, did see an increase in enrollment. Yardi Matrix reported that Texas Tech notched 9.2% enrollment growth, Georgia Southern grew 7.6% and Texas State increased 7%.
Among large student housing markets, the University of Minnesota stood out for its leasing momentum. Its properties were 93% preleased in August, up 9.3 percentage points from a year earlier. The University of Illinois was 95.5% preleased, while the University of Wisconsin was at 91.6%.
