Year-over-year rent growth through July 2026:

Source: Jay Parsons

Cap rates had never been below 6% until 2017. The chart below shows the cap rate for all CRE properties, the 10-year yield, and the spread between the two going back to 1952:

Source: Commercial Property Executive

With Cap Rates:

From the New York Fed: The share of renters planning to move within 3 years plunged from 56% in 2019 to just 37% in 2026.

The main driver? High mortgage rates and home prices.

Source: Jay Parsons

As supply has dropped off, year-over-year rent growth has trended upward and is on track to come in around 2% for calendar 2026.

Source: Jay Parsons

Source: Housing+Markets

Pre-leasing hit a record 91% in July, marking another month of solid leasing performance ahead of the Fall 2026 academic year. In the past decade, pre-leasing has averaged 87.8% in July and came close to the 91% mark in Fall 2025 and Fall 2022.

The core 175 universities saw even more progress, with 91.4% pre-leased as of July.

Properties located closest to campus continued to hold a modest advantage in July, though all distance categories are showing strength. Communities located within a half mile of campus reached 91.3% pre-leased in July, while properties between a half mile and one mile from campus were 90.6% pre-leased. Communities located more than one mile from campus recorded 90.5% pre-leased in July. The narrow spread among the three distance segments indicates that demand remains broad-based, with students continuing to absorb available inventory regardless of proximity to campus.

Source: RealPage

The rankings measure degree attainment, education quality and access to higher education. Durham (2) and Raleigh (7) represent the North Carolina Triangle region.

Source: Visual Capitalist

Source: CBRE