# Student Housing Pre-Leasing: Fall 2027 Opens at 3.8%, Strongest September in Three Years > RealPage shows Fall 2027 pre-leasing at 3.8% in September; Yardi Matrix put Fall 2026 pre-leasing at 93% in August as leasing-season rent growth slowed to 1.1%. - Section: News › Markets & Data - Tags: Student Housing - Author: Uassist.ME Editorial Team - Publisher: Published by Uassist.ME (https://uassistme.com) - Published: 2026-10-17 - Last updated: 2026-10-18 - Canonical: https://leasingsignal.com/student-housing-news/student-housing-pre-leasing-fall-2027-pace/ ## Key takeaways - 3.8% of privately owned U.S. student housing beds were pre-leased for Fall 2027 as of September 2026, vs. 3.5% a year earlier and 2.1% two years earlier (RealPage). - Early demand is concentrated near campus: 4.2–4.3% pre-leased within a mile vs. 1.4% beyond one mile (RealPage). - Yardi Matrix: Fall 2026 pre-leasing at Yardi 200 schools reached 93% in August, 80 bps above the prior year, with final occupancy projected near 94–94.5%. - Leasing-season rent growth slowed to 1.1%, vs. 2.8% in 2025–26 and 5.9% in 2024–25 (Yardi Matrix). ## How is Fall 2027 pre-leasing pacing? RealPage reports that as of September 2026, 3.8% of privately owned U.S. student housing beds were leased for Fall 2027, the strongest September reading in three years. That compares with 3.5% at the same point of the Fall 2026 season and 2.1% for Fall 2025, though it remains below the 4%-plus September peaks of the Fall 2022–2024 seasons. RealPage's core 175 universities were also at 3.8%. ## Does distance to campus matter? Yes. Per RealPage, properties a half mile to one mile from campus were 4.3% pre-leased and those within a half mile were 4.2%, while communities more than one mile away were 1.4%, roughly a third of the pace. ## How did the Fall 2026 season finish? Yardi Matrix estimated pre-leasing at 93% across Yardi 200 schools in August 2026, 80 basis points above its final August 2025 estimate and 120 bps above August 2024, with 28 markets fully pre-leased and final occupancy projected around 94% to 94.5%. RealPage's monthly posts described Fall 2026 pre-leasing hitting a record 91% in August. ## What is happening to student housing rents? Yardi Matrix reports average advertised rent of $927 per bed in August 2026, with annual growth at 2% but leasing-season rent growth slowing to 1.1%, versus 2.8% in 2025–26 and 5.9% in 2024–25. Same-store growth was 0.4% since October 2025. ## Which markets are under pressure? Yardi Matrix's Tyson Huebner told Multi-Housing News that at Purdue, Arizona State and NC State, large deliveries coincided with rent declines and pre-leasing that trailed last year, while Florida State, UCF and South Carolina absorbed new beds more successfully. Yardi cites concentrated construction, slower enrollment growth and declining international enrollment; enrollment at 38 reporting schools rose just 0.6%, vs. 1.8% in fall 2025. ## Frequently asked questions ### Is Fall 2027 student housing pre-leasing ahead of or behind last year? RealPage reports that as of September 2026, 3.8% of privately owned U.S. student housing beds were leased for Fall 2027, the strongest September reading in three years. That compares with 3.5% at the same point of the Fall 2026 season and 2.1% for Fall 2025, though it remains below the 4%-plus September peaks of the Fall 2022–2024 seasons. ### Do properties closer to campus pre-lease faster? Yes. Per RealPage, properties a half mile to one mile from campus were 4.3% pre-leased and those within a half mile were 4.2%, while communities more than one mile away were 1.4%, roughly a third of the pace. ### How full did student housing get for Fall 2026? Yardi Matrix estimated pre-leasing at 93% across Yardi 200 schools in August 2026, 80 basis points above its final August 2025 estimate and 120 bps above August 2024, with 28 markets fully pre-leased and final occupancy projected around 94% to 94.5%. RealPage's monthly posts described Fall 2026 pre-leasing hitting a record 91% in August. ### Are student housing rents still rising? Yardi Matrix reports average advertised rent of $927 per bed in August 2026, with annual growth at 2% but leasing-season rent growth slowing to 1.1%, versus 2.8% in 2025–26 and 5.9% in 2024–25. Same-store growth was 0.4% since October 2025. ### Which university markets are struggling? Yardi Matrix's Tyson Huebner told Multi-Housing News that at Purdue, Arizona State and NC State, large deliveries coincided with rent declines and pre-leasing that trailed last year, while Florida State, UCF and South Carolina absorbed new beds more successfully. Yardi cites concentrated construction, slower enrollment growth and declining international enrollment; enrollment at 38 reporting schools rose just 0.6%, vs. 1.8% in fall 2025. ### Where do these figures come from? Every figure is attributed in the text and linked in the numbered Sources list (4 sources, with publication dates where available). Vendor figures are labeled vendor-reported. ## Sources 1. [RealPage: September 2026 Student Housing Update (Fall 2027 pre-lease)](https://www.realpage.com/analytics/september-2026-student-housing-update/) (2026-10-14) 2. [RealPage Analytics: Student Housing Market posts](https://www.realpage.com/analytics/categories/student-housing/) (n.d.) 3. [Yardi Matrix: Student Housing Market Report, September 2026](https://www.yardimatrix.com/blog/student-housing-market-report-september-2026/) (2026-09-22) 4. [Multi-Housing News: Student Housing's Shifting Fundamentals, Q&A with Tyson Huebner](https://www.multihousingnews.com/student-housings-shifting-fundamentals-a-qa-with-tyson-huebner/) (2026-10-09)