20 college towns where landlords make the most money from students who live off campus
One major perk about returning for your second year is trading in the dorms for off-campus living. But while that may feel freeing - no more curfew! - renting an apartment or house that's convenient to class and your favorite dining halls won't come cheap in some areas.
HomeUnion, a real-estate investment management firm, recently released a list of the college towns with the highest off-campus rents. Looking at US colleges with enrollment above 15,000, they analyzed the median rent within a two-mile radius of campus and compared it to the metro area's market-rate rent.
In the most expensive places, students pay anywhere from 21% to 85% above market rate to rent housing within two miles of campus. That's a blow to anyone's budget, especially for those living in an already pricey market. Consider California's Bay Area, Orange County, or Los Angeles - students of select colleges in those areas can expect to pay above $4,000 a month for housing close to campus.
"To minimize living expenses, students in high-rent areas like the Bay Area, Boston and Washington, D.C., can rent properties further than two miles from campus or choose to have roommates in a rental home," said Steve Hovland, director of research for HomeUnion.
"But if these options are still too expensive for them, and debt burden is a major concern, students can choose to attend universities in Sunbelt markets," he said. Indeed, the least expensive markets for off-campus renters are in Florida and Texas, according to HomeUnion.
Below, find out where college students are paying far above market price to live off campus.