College Towns With Highest Off-Campus Rents

HomeUnion, an online residential real estate investment management firm, has released a list of the college towns with the most expensive off-campus rents.

According to new data released by HomeUnion, rents within a two-mile radius of the University of California, Los Angeles (UCLA), Stanford University and University of Miamiare the highest in the nation. To create the list, HomeUnion analyzed the median rent within a two-mile radius of a university’s campus and compared it to the metro area’s market-rate rent. Colleges with enrollment of 15,000 students or higher were included in the study.

Rents at off-campus apartments near NYU in the Greenwich Village neighborhood of New York City were $2,881 per month, 34% above market rate.

“As college students return to school this month, we wanted to let them and their families know where off-campus rents would be the most expensive,” explains Steve Hovland, director of research for HomeUnion. “Tuition for both public and private universities continues to increase nationwide, prompting students and their families to consider the cost of living in off-campus housing like single-family rentals (SFRs). To minimize living expenses, students can look at more distant accommodations or consider having roommates in a rental home. This study illustrates where living near campus is disproportionately more expensive than the market as a whole, and off-campus housing may eat into their college savings.”

Here’s a list of the college towns with the most expensive off-campus rents:

Metro Area

Location

University/College

Median Rent*

Market Rent

% Above Market

Enrollment

Los Angeles

Westwood

University of California, Los Angeles

$4,343

$2,409

80%

43,000

San Jose, CA

Palo Alto

Stanford University

$5,705

$3,499

63%

16,000

Miami

Coral Gables

University of Miami

$2,818

$1,916

44%

17,000

Boston

Cambridge

Harvard University

$3,287

$2,276

44%

21,000

Oakland, CA

Berkeley

University of California, Berkeley

$4,070

$2,822

44%

37,000

Salt Lake City

East SLC

University of Utah

$2,043

$1,443

41%

32,000

Dallas

Richardson

University of Texas, Dallas

$2,058

$1,476

39%

23,000

Seattle

University District

University of Washington

$2,786

$2,044

36%

45,000

Lansing, MI

East Lansing

Michigan State University

$1,282

$948

35%

51,000

Portland, OR

Downtown

Portland State University

$2,327

$1,724

34%

28,000

New York City

Greenwich Village

New York University

$2,881

$2,139

34%

57,000

Chapel Hill, NC

University City

University of North Carolina

$1,739

$1,329

31%

29,000

Gainesville, FL

West Hills

Santa Fe College

$1,510

$1,173

29%

17,000

Springfield, MA

Upham’s Corner

University of Massachusetts

$2,013

$1,596

26%

29,000

Ithaca, NY

Forest Home

Cornell University

$2,082

$1,675

24%

22,000

Palm Beach, FL

Boca Raton

Florida Atlantic University

$2,477

$2,000

24%

30,000

Columbus, OH

University District

Ohio State University

$1,635

$1,321

24%

65,000

Austin

Central Austin

University of Texas

$2,037

$1,653

23%

51,000

Blacksburg, VA

Blacksburg

Virginia Tech

$1,462

$1,191

22%

31,000

Cleveland, OH

Downtown

Cleveland State University

$1,473

$1,235

19%

17,000

Pittsburgh, PA

Oakland/ Middle Hill

University of Pittsburgh

$1,328

$1,115

19%

35,000

Atlanta

Sweet Auburn

Georgia State University

$1,530

$1,304

17%

33,000

Boulder, CO

University Hill

University of Colorado, Boulder

$2,489

$2,122

17%

30,000

Melbourne, FL

Pinehurst Gardens

Eastern Florida State College

$1,519

$1,310

16%

18,000

Washington, DC

Georgetown

Georgetown University

$2,335

$2,033

15%

18,000

State College, PA

University Park

Pennsylvania State University

$1,473

$1,289

14%

97,000

Orlando, FL

Northeast

University of Central Florida

$1,552

$1,385

12%

60,000

Madison, WI

State-Langdon

University of Wisconsin

$1,794

$1,611

11%

43,000

Greenville, SC

Clemson

Clemson University

$1,288

$1,158

11%

23,000

Ann Arbor, MI

Ann Arbor

University of Michigan

$1,964

$1,793

9%

44,000

*Within 2 miles of campus