Fall 2026 Pre-Leasing Near 80% as Momentum Begins to Moderate

U.S. student housing pre-leasing remained strong in May, though monthly momentum eased slightly after several months of outsized gains.

Eight months into the Fall 2026 pre-lease season, 78% of student housing beds were pre-leased for the coming school year as of May. That was notably above the market’s decade average (74.5%) but still a bit shy of the market’s May position from Fall 2025 (78.6%).

(The core 175 universities tracked and forecasted by RealPage saw even more progress, with 78.6% pre-leased as of May.)

Between April and May, pre-leasing activity increased by 970 basis points (bps) in U.S. student housing. While strong compared to historical norms, that was a bit behind the increases at or above 1,000 bps the market has seen for the past four months straight.

Pre-leasing performance remained tightly clustered regardless of distance to campus, though properties within one mile posted the strongest monthly gains. Communities within a half mile of campus were 78.4% pre-leased, after climbing 950 bps for the month. Properties located between a half mile and one mile of campus were 77.3% leased after a notable 1,050-basis-point jump. Those communities located more than a mile from campus were 76.7% leased in May after 880 bps of growth for the month.

With several peak leasing months still ahead, the Fall 2026 season remains on pace to finish in line with last year’s strong performance, barring further demand softening.

For more information on the state of the student housing industry, read previous posts on Student Housing.