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
