U.S. student housing occupancy holds steady, Yardi Matrix reports

New supply, declining enrollment pose ongoing challenges as academic year progresses

SANTA BARBARA, CALIF., Oct. 16, 2026 - The 92.1% occupancy level at the Yardi® 200 schools in September 2026 matches the previous year's level and the historical average since 2019, according to new data from Yardi® Matrix.

New supply exceeding the 2025 total by 20% and slower enrollment growth at several universities continue to impact leasing. Thirty-six of the Yardi 200 markets were estimated to be fully occupied in September, with 38 markets reporting occupancy below 90%. New deliveries in 2026 weighed most heavily on North Carolina State University, UC Berkeley, the University of Indiana and Purdue University.

Meanwhile, average advertised student housing rents have held relatively flat over the past eight months. Year-over-year rents did rise 1.6% in September, reflecting rent declines in summer 2025.

"Many markets that led rent growth in recent years are now seeing declines as new supply opens," the Yardi Matrix report says. Many of the student housing markets posting strong rent growth this year are smaller schools with limited off-campus supply, affordable rents and little or no new development, such as Oklahoma State University, the University of Louisville and Mississippi State University.

The occupancy data estimate will be finalized when final fall occupancy is confirmed.

Learn more about student housing fundamentals in the Yardi Matrix Student Housing National Report for October 2026.

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