- Privately owned U.S. student housing was 3.8% pre-leased for Fall 2027 in October, nearly flat from September’s 3.9% and ahead of last year’s 3.2%.
- The pace trails earlier seasons, which stood at 7.1% in Fall 2025 and 10.6% in Fall 2024, and October’s usual five-to-six-point jump didn’t happen.
- Closer-in properties lead, but communities more than a mile from campus gained ground, rising to 2.4% from 1.4% in September.
Fall 2027 student housing pre-leasing stood still in October, according to RealPage Analytics.
Only 3.8% of privately owned beds nationwide were committed, essentially flat from 3.9% in September.
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Ahead of Last Year, Behind the Rest
The pace is a modest step above the 3.2% recorded at this point last year. It is well below the 7.1% of the Fall 2025 season and the 10.6% of Fall 2024.
October is normally when leasing accelerates. The prior three seasons each saw the month add roughly five to six points nationally. No such jump showed up this year.
Big Schools Fare Slightly Better
Among the 175 core universities RealPage tracks, 4.1% of beds are spoken for, up from 3.8% in September and above last October’s 3.3%.
Distance From Campus
Beds within half a mile of campus led at 4.1%, a small step back from September, while the half-mile-to-one-mile band eased to 3.7%.
Communities more than a mile out gained the most, rising to 2.4% from 1.4%. They still trail closer-in stock by a wide margin.
Zoom Out
Student housing isn’t the only apartment niche watching supply. We covered how multifamily supply is falling 22% in 2026 before bottoming in 2027.
Why It Matters
Students look hesitant to sign this far ahead. A flat October leaves owners waiting on the spring to see whether the season catches up.
That patience applies across apartments, where apartment REITs split in Q3 as renewals carried results.
What’s Next
Watch November and December pre-leasing for a catch-up. The next read will show whether distant communities keep gaining on properties near campus.
