In January, rent growth for the off-campus housing at the 200 schools Yardi Matrix tracks slowed to 3.4 percent year over year from 3.8 percent in December, according to a new report released by the research firm.
In January 2024, year-over-year rent growth was 6.5 percent, a further sign that rent growth in the student housing sector is dwindling.
Overall, this leasing season has seen an average of 4 percent rent growth, compared to 5.8 percent the year before. For the 2022-2023 season, growth was 6.9 percent.
This slowed rent growth comes amid growing enrollment at the schools Yardi tracks. However, new supply of beds has been falling. Last year, about 35,000 beds were completed, compared to around 44,700 the year before. Yardi expects this trend to continue in 2025 and 2026.
Pre-leasing of student beds also has been heating up. In January, pre-leasing came in at 54.6 percent, up from 48.2 percent the year before.
Rent per bed in January was on average $911. The University of Michigan had the highest rent last month, of $1,676 per bed. Rent had grown 10.3 percent year over year on that campus. But rents at Auburn University grew the most – 13.6 percent year over year – to $926 last month.
Here is the breakdown of rents for Yardi’s top schools with an enrollment of over 25,000 students and the most dedicated off-campus housing.
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