The colleges and universities tracked by Yardi achieved an average of over 89 percent of pre-leased beds in July, slightly below the previous year.
SANTA BARBARA, California., 14 August 2024 /PRNewswire/ — Surveyed pre-leases at Yardi 200 schools reached 89.2 percent in July, slightly below 2023 levels, while rent growth reached 4.7 percent, according to the latest Yardi® National Matrix Report on Student Housing.
In July, the student housing sector was still five percent below occupancy levels for fall 2023. While pre-leases surveyed saw a slowdown this summer, 41 universities have already exceeded occupancy levels for fall 2023.
In July, the average rent per bed reached $897 at Yardi 200 schools, up 4.7 percent from a year ago. Across the Yardi 200, 36 universities saw rent increases of at least 10 percent in July, while 34 schools were below year-ago levels. Markets with high rent increases also tended to have strong enrollment growth.
“Rents have remained flat over the past five months and rental growth has slowed from nearly seven percent at the start of the rental season as the pace of pre-leasing has slowed,” explain analysts at Matrix.
Gain further insights in the new Yardi Matrix National Student Housing Report.
Yardi Matrix provides the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage commercial real estate investments. Yardi Matrix covers the property types of multifamily, affordable housing, student housing, vacant land, industrial, office, retail and self-storage. Email (email protected)Call 480-663-1149 or visit yardimatrix.com to learn more.
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