Objective: To examine the associations between COVID-19-related living arrangements and sexual and gender minority (SGM)-related stressors (ie, identity concealment and familial rejection). Participants N = 478 SGM university students (M[subscript age] = 22 years, SD = 4.00). Methods: SGM university students were surveyed cross-sectionally between May and August 2020 regarding SGM-related stressors and living arrangements since the start of COVID-19. Results: Approximately half (48.7%) of the sample reported a living rearrangement to their parents' home due to COVID-19. Living rearrangement to parents' homes was associated with an increased degree of identity concealment ([beta] [95% C.I.] = 0.62 [0.10, 1.15]; p = 0.020) and familial rejection ([beta] [95% C.I.] = 1.56 [0.72, 2.41]; p < 0.001) since the start of COVID-19 compared to stably living without parents (34.3%). Stably living with parents (17.0%) was not associated with increased degree of SGM-related stressors compared to experiencing a living rearrangement. Conclusions: Stakeholders must consider the unique identity-related vulnerabilities of SGM students living with parents and who experience living rearrangements due to COVID-19.