Student Housing Pre-Lease Velocity Cools from Recent Highs, But Remains Strong

Though faded from the record highs of 2022 and 2023, student housing pre-lease occupancy for the Fall 2024 school year remains solid by historic standards. The pre-lease rate through May 2024 stood at just over 77%, which was a significant 400 basis points (bps) ahead of the long-term average for this time of year, which was closer to 73%. While solid, however, the May 2024 rate was still about 100 bps behind what the student housing market was seeing this time same time last year and was also a bit behind the 2022 rate. It makes sense to see student housing pre-lease figures coming down after reaching all-time highs in the past two years, as the post-COVID enrollment lift that some campuses saw starts to normalize.