Rents near university campuses are generally more expensive than average rents for collective housing in the same market. A recent report by Yardi rental cafe analyzed rents within a mile of college campuses across the country and found that 67% of rent prices near universities are higher than the city average. This is largely due to the high demand for housing near campus, pedestrian accessibility and proximity to campus. The trend was also true for most California campuses, although there was no specific pattern as to which campuses had higher rents versus those that did not.
âWhile our study did not show a specific trend in city averages versus rental prices within a mile of California’s most prestigious universities, it’s no surprise that the attractiveness of the campus location influences prices just as much as a college’s reputation, ” Alexandra Ciuntu of Rent CafÃ© says GlobeSt.com. âBeing the headquarters of some of the most prestigious universities in the country doesn’t necessarily mean that rents near California colleges are higher than the average for the cities in which they are located. Rents near the University of California, Riverside are some of the most affordable among the best colleges in California. state, but the Riverside city average is $ 1,533 more affordable per month. The same is true for San Diego, where the average rent is $ 2,153 while the rental near the University of San Diego is $ 2,349 / month.
The better universities also offered more affordable rents, in general. âRenting within a mile of top-ranked universities in California is cheaper than the city average, so the money saved on transportation can soften the California price hit,â Ciuntu adds. “Rents within a mile of the University of California at Berkeley cost $ 3,197 compared to the city of Berkeley’s average of $ 3,167, and Stanford U students pay $ 3,958 to rent near the city of Berkeley. campus, compared to $ 3,970 in the rest of Stanford. “
Rents for student accommodation are also increasing at about the same rate as market apartments. “When you consider the evolution of the market over the past year, rental prices near the California universities analyzed echo the annual increases in city averages,” Ciuntu explains. “Like the average rent of $ 3,541 near UCLA, which has seen the same change from the LA average of $ 2,467, as does the average of $ 3,197 near the University of California-Berkeley compared to the Berkeley average of $ 3,167. “
Overall, the report illustrated how difficult it is for students to find affordable options, especially in California. However, students who attend secondary market colleges are likely to see less price volatility. âAverage rental prices fluctuate differently in Gateway Cities compared to secondary or sub-market sub-markets, and rental prices around universities generally reflect this. You would expect rents in San Francisco with an urban average of $ 3,618 or in Stanford with an urban average of $ 3,970 to be well over the $ 3,000 mark, but less in Davis, where rents are 2. $ 070, Santa Barbara, with rents of $ 2,142 or Irvine, with $ 2,379 rents.
Ciuntu also looked at the difference between schools that offer on-campus housing options versus those that don’t. âIt is also important to consider that the high demand in some college areas may be influenced by the lack of supply of off-campus housing provided by universities and intended for teachers and students, while the opposite applies in areas where university-owned housing helps ease the pressure on demand for apartments at market rates, âshe said. “What goes beyond the student’s dilemma of choosing between on-campus and off-campus life is not just personal preference, but a lot of planning and decision-making.”