The student housing market jumped into the 2024-2025 leasing season on a high note, with December preleasing well ahead of the previous year's figure, according to the latest Yardi Matrix National Student Housing Report. Asking rates also continued to climb, hitting $858 per bed in December and marking a 4.9 percent increase on a year-over-year basis.
The sector was off to a record start, as preleasing for the 2024-2025 school year reached 47.3 percent in December, a 9 percentage point increase over December 2022. The exceptional preleasing indicates a high renewal rate, with 51 markets boasting a 50 percent rate in December and 10 schools already at least 75 percent preleased.
Rent growth slowed a bit, falling from 6.4 percent recorded earlier in the leasing cycle to 4.9 percent in December 2023.
According to the report, many of the markets with the fastest preleasing are seeing the strongest rent growth as operators take advantage of the surge in demand. The 2
