HomeUnion Names the Most Expensive College Towns
Rents near UCLA exceed $4,300 a month, 80 percent above market-rate
IRVINE, Calif., Aug. 3, 2016 /PRNewswire/ -- 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 Miami are 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.
"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
About HomeUnion
HomeUnion is an online real estate investment management firm. Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in SFR properties. The company uses a combination of research and data-driven proprietary analytics to incorporate over 120 million homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves 21 locations. HomeUnion's role spans the lifecycle of the investment transaction: from identifying sound investments, handling all aspects of acquisition, maximizing income, protecting asset value, and selling it when the time comes.
SOURCE HomeUnion
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