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: