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HomeUnion Identifies the 20 Most Expensive College Towns for Off-Campus Renters

UCLA and Stanford University top 2017’s list for the second consecutive year

IRVINE, Calif., Aug 29, 2017 – HomeUnion, an online residential real estate investment management firm, has released a list of the college towns with the most expensive off-campus rents. To create the list, HomeUnion analyzed the median rent within a two-mile radius of 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, which also examines some of the least-expensive towns for off-campus student housing.

For the second year in a row, rents within a two-mile radius of the University of California, Los Angeles (UCLA) and Stanford University are the highest in the nation. Rents within two miles of UCLA topped out at $5,158 per month, compared to the market rent of $2,785 per month, 85.2 percent above market. Near Stanford, in the heart of the Silicon Valley, median rents are $6,066 per month, or 68.3 percent above the market rent of $3,605 in the area. Rents near Georgetown University are the third-highest in the nation: Students pay $3,433 per month around Georgetown’s District of Columbia campus, 60 percent above market rents of $2,145.

“With many students returning to campus this month and in early September, we wanted to alert them and their families to the most expensive college campuses in the country,” explains Steve Hovland, director of research for HomeUnion. “Tuition for many institutions of higher learning is soaring, forcing students and their families to opt to reside in single-family rentals (SFRs) and other living situations off-campus. To minimize living expenses, students can rent properties further than two miles from campus or choose to have 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,” Hovland adds.

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

Location/Metro University Median Rent
(<2 Miles)
% Above Market
Westwood/Los Angeles University of California, Los Angeles $5,158 85.2%
Stanford, Calif./San Jose Stanford University $6,066 68.3%
Georgetown/Washington, D.C. Georgetown University $3,433 60.0%
CBD/Washington, D.C. George Washington University $3,417 59.3%
East Lansing, Mich. Michigan State University $1,715 58.6%
Coral Gables, Fla./Miami University of Miami $3,097 47.0%
West Chester, Pa./Philadelphia West Chester University of Pennsylvania $2,292 46.8%
Irvine, Calif./Orange County University of California, Irvine $4,372 43.4%
Berkeley, Calif./Oakland University of California, Berkeley $4,134 34.2%
Boca Raton, Fla./
West Palm Beach
Florida Atlantic University $2,786 34.1%
Davis, Calif./Sacramento University of California, Davis $2,499 33.1%
University District/Seattle University of Washington $3,126 32.3%
Chapel Hill, N.C. UNC Chapel Hill $1,843 31.9%
Amherst, Mass. University of Massachusetts $2,465 31.7%
Richardson, Texas/Dallas University of Texas at Dallas $2,133 30.1%
Cambridge, Mass./Boston Harvard University $3,352 29.9%
Back Bay/Boston Northeastern University $3,223 24.9%
Back Bay/Boston Boston University $3,198 24.0%
Columbus, Ohio Ohio State University $1,649 23.0%
South End/Boston University of Massachusetts at Boston $3,127 21.2%

Source: HomeUnion Research Services

www.homeunion.com

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Media Contact:
Stacey Corso
Communications Manager, HomeUnion
stacey.corso@homeunion.com
415.672.6460

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