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HomeUnion® Names the Most Expensive College Towns

Rents near UCLA exceed $4,300 a month, 80 percent above market-rate

CollegeTowns_thumbnailIRVINE, Calif., Aug. 3, 2016  – 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 AreaLocationUniversity/CollegeMedian Rent*Market Rent% Above MarketEnrollment
Los AngelesWestwoodUniversity of California, Los Angeles$4,343$2,40980%43,000
San Jose, CAPalo AltoStanford University$5,705$3,49963%16,000
MiamiCoral GablesUniversity of Miami$2,818$1,91644%17,000
BostonCambridgeHarvard University$3,287$2,27644%21,000
Oakland, CABerkeleyUniversity of California, Berkeley$4,070$2,82244%37,000
Salt Lake CityEast SLCUniversity of Utah$2,043$1,44341%32,000
DallasRichardsonUniversity of Texas, Dallas$2,058$1,47639%23,000
SeattleUniversity DistrictUniversity of Washington$2,786$2,04436%45,000
Lansing, MIEast LansingMichigan State University$1,282$94835%51,000
Portland, ORDowntownPortland State University$2,327$1,72434%28,000
New York CityGreenwich VillageNew York University$2,881$2,13934%57,000
Chapel Hill, NCUniversity CityUniversity of North Carolina$1,739$1,32931%29,000
Gainesville, FLWest HillsSanta Fe College$1,510$1,17329%17,000
Springfield, MAUpham’s CornerUniversity of Massachusetts$2,013$1,59626%29,000
Ithaca, NYForest HomeCornell University$2,082$1,67524%22,000
Palm Beach, FLBoca RatonFlorida Atlantic University$2,477$2,00024%30,000
Columbus, OHUniversity DistrictOhio State University$1,635$1,32124%65,000
AustinCentral AustinUniversity of Texas$2,037$1,65323%51,000
Blacksburg, VABlacksburgVirginia Tech$1,462$1,19122%31,000
Cleveland, OHDowntownCleveland State University$1,473$1,23519%17,000
Pittsburgh, PAOakland/Middle HillUniversity of Pittsburgh$1,328$1,11519%35,000
AtlantaSweet AuburnGeorgia State University$1,530$1,30417%33,000
Boulder, COUniversity HillUniversity of Colorado, Boulder$2,489$2,12217%30,000
Melbourne, FLPinehurst GardensEastern Florida State College$1,519$1,31016%18,000
Washington, DCGeorgetownGeorgetown University$2,335$2,03315%18,000
State College, PAUniversity ParkPennsylvania State University$1,473$1,28914%97,000
Orlando, FLNortheastUniversity of Central Florida$1,552$1,38512%60,000
Madison, WIState-LangdonUniversity of Wisconsin$1,794$1,61111%43,000
Greenville, SCClemsonClemson University$1,288$1,15811%23,000
Ann Arbor, MIAnn ArborUniversity of Michigan$1,964$1,7939%44,000

*Within 2 miles of campus

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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.

 

Media Contact:

Stacey Corso, Communications Manager

HomeUnion®, Inc.

stacey.corso@homeunion.com

415.672.6460

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[…] university’s campus compared to the metro area’s market-rate rent is significantly higher. The August 2016 analysis, for example, found that rentals near the University of California, Los Angeles for example are a […]

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