20 college towns where landlords make the most money from students who live off campus

Students are heading back in droves to college campuses around the country this month.

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.