Student housing performance during the pre-leasing stage for next fall's semester has largely exceeded year-ago figures, as the Yardi 200 list of markets is 25.2% leased, well ahead of last year's record-setting pace of 10.4%.
Solid renewal activity early has also led to 6.6% rent growth in October 2023 compared to 4.7% in October 2022.
Fourteen universities in the Yardi 200 are over 40% preleased, compared to only two schools at this time last year. Rent growth in these markets averaged 10.8%. The University of Tennessee, the University of Wisconsin, and Clemson are 60% to 70% preleased as "properties there are taking advantage of their fast start by pushing rates," according to the report.
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