Rents near UCLA exceed $4300

Rents near UCLA exceed $4300

UCLA and Stanford rank 1-2 in most expensive off-campus rents.

From the California Business Journal Newswire

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

According to new data, rents within a two-mile radius of UCLA and Stanford 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.

Says 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