The Slowest Pre-Lease Season Became the Strongest

The latest U.S. student housing pre-lease season started out slowly, but gained notable traction and ended August in the best shape the market has seen in at least a decade.

As of August, a notable 96.5% of student housing beds across the U.S. were leased for the Fall 2025 semester. In the last four pre-lease seasons, only Fall 2022 came close with an August showing of 95%. (Among the core 175 universities tracked by RealPage, even more – 96.7% - were leased in August.)

What stands out about Fall 2025 even more is the way it started out. Back in November, only 16.1% of student housing beds were leased for the season, and only 25.6% were leased by December. But clearly a slow start doesn’t always mean a weak season. Demand accelerated quickly and by April, pre-leasing had surged to nearly 70%, catching up with historical norms.

With pre-lease occupancy so tight, rates were tightly clustered across distances from campus. Properties within a half mile of campus reported the tightest pre-lease occupancy as of August at 96.7%. Those within a half mile to one mile of campus were 96.6% occupied. Properties furthest from campus logged a rate of 96.5%, matching the U.S. average. Still, that rate was historically strong.

For more information on the state of the student housing industry, including forecasts, watch the webcast Market Intelligence: Fall 2025 Student Housing Update