- New York leads the nation at $2,487 per student bed per month, followed by Massachusetts at $2,160.
- Wyoming has the lowest rents at under $550 per bed per month, with West Virginia, Kansas, and North Dakota also posting rents below $600.
- The average effective asking rent per bed in privately owned student housing is around $1K per month across 175 universities tracked by RealPage.
- Montana saw the largest rent growth, reporting a 30% jump in average asking rents since Fall 2021.
According to a study by RealPage, in Fall 2023, New York topped the nation as the most expensive state for student housing, while Wyoming was the most affordable. The average effective rent per bed across 175 universities was around $1K per month.
Most Expensive States
New York topped the list, with an average effective rent per bed of $2,487 per month. Massachusetts followed in second place, with per-bed rents of $2,160 per month. D.C., California, New Jersey, Washington, Connecticut, and Illinois all exceeded $1.5K per month.
Montana saw the biggest student housing rent growth (+30%) since Fall 2021, bringing the state’s average to $1,053 per bed. This spike was in line with apartment rent growth across the state during the same period.
Several states reported average rents closer to the national average of $1K per month. Hawaii, Maryland, Arizona, Minnesota, Montana, Texas, Tennessee, New Hampshire, Georgia, Virginia, Alaska, Wisconsin, and Delaware were all within $100 of the national average.
Most Affordable States
At the lower end of the spectrum, Wyoming offered the most affordable student housing rents at less than $550 per bed per month. West Virginia, Kansas, and North Dakota also reported average rents below $600 per month.
In Summary
Student housing rents across the U.S. are showing significant variations, with NY and MA at the high end, while WY and WV are at the low end. The national average stands around $1K per month, with significant rent growth spikes reported in some states, like Montana.
