Back to School: Rents in University Towns higher than average, show larger than average increases
DENVER – August 24, 2015 – Students for most major universities and colleges are either already back on campus or will be back soon. While many students live in dorms, those who venture out to share private houses get more space and privacy but usually at a higher cost. In cities that are home to large schools that are part of major athletic conferences, rents for 3-bedroom houses average $1416, up 6.6% from a year ago. The national average 3-bedroom house rented for $1329, up 6.1% from a year ago.
The PAC 12 was the only conference that posted rental increases in every city of the past year. It also had the highest average rent increase of 11.3% and the highest average rent of $2238. It wins RentRange’s “least affordable” conference title.
At the other end of the scale, the Southeastern Conference wins the “most affordable” conference title with average rents of just $1129 and a year-over-year increase of just 5.9%.
PAC 12 Conference
Stanford in the PAC 12 is the major university with the most expensive rental housing with an average rent of $4508 for 3-bedroom houses in Palo Alto (see table below). The PAC 12 also includes the University of Washington in Seattle, where rents jumped 34.5% in the last year.
|PAC 12 School||Location||3BR Rent||%ch yr. ago|
|U. OF WASHINGTON||SEATTLE||2,332||34.5%|
|STANFORD UNIVERSITY||PALO ALTO||4,508||14.0%|
|U. OF COLORADO||BOULDER||2,309||13.5%|
|U. OF OREGON||EUGENE||1,288||6.3%|
|U. OF UTAH||SALT LAKE CITY||1,313||5.4%|
|U. OF ARIZONA||TUCSON||1,123||0.9%|
|PAC 12 CONFERENCE AVERAGE||$2,238||11.3%|
In the SEC, Vanderbilt University had the highest average rent ($1502) as well as the largest increase over the past year (22.3%). The University of Alabama had the lowest average rent ($1003) as well as the great decline in rent (-5.0%).
|SEC School||Location||3BR Rent||%ch yr. ago|
|U. OF MISSISSIPPI||OXFORD||1,213||14.4%|
|U. OF KENTUCKY||LEXINGTON||1,101||11.7%|
|U. OF GEORGIA||ATHENS||1,011||8.9%|
|U. OF TENNESSEE||KNOXVILLE||1,035||6.3%|
|TEXAS A & M||COLLEGE STATION||1,377||6.3%|
|U. OF ARKANSAS||FAYETTEVILLE||1,163||5.8%|
|U. OF SOUTH CAROLINA||COLUMBIA||1,060||5.4%|
|LOUISIANA STATE||BATON ROUGE||1,220||4.1%|
|U. OF MISSOURI||COLUMBIA||1,104||1.8%|
|U. OF FLORIDA||GAINESVILLE||1,205||1.3%|
|U. OF ALABAMA||TUSCALOOSA||1,003||-5.9%|
|SEC CONFERENCE AVERAGE||$1,129||5.9%|
Atlantic Coast Conference
The ACC stretches from Florida State to the south to Boston College and Syracuse University to the north. Rents for 3-bedroom houses listed for rent in July average $1264, up 4.7% from a year ago – both figures below the national and major-school city averages. But rents in Chestnut Hill – home to Boston College — averaged $2,828 while rents in Pittsburgh climbed 9.8% over the past year.
|ACC School||Location||3BR Rent||%ch yr. ago|
|U. OF PITTSBURGH||PITTSBURGH||$1,147||9.8%|
|WEST VIRGINIA UNIV.||MORGANTOWN||1,142||7.6%|
|U. OF NORTH CAROLINA||CHAPEL HILL||1,509||7.0%|
|U.OF NOTRE DAME||SOUTH BEND||794||6.4%|
|BOSTON COLLEGE||CHESTNUT HILL||2,828||6.3%|
|WAKE FOREST UNIVERSITY||WINSTON SALEM||990||6.1%|
|U. OF VIRGINIA||CHARLOTTESVILLE||1,446||5.3%|
|U. OF LOUISVILLE||LOUISVILLE||988||2.2%|
|ACC CONFERENCE AVERAGE||$1,264||4.7%|
Big 10 conference
Rents for 3-bedroom houses in Big 10 cities averaged $1346, slightly above the US average but grew only by 4.6%. Michigan State Spartans seeking house rentals got bargains, paying only $851 – down 2.4% from the previous year. Rutgers\’ Red Knights paid $2,088, about the same as last year.
|Big 10 School||Location||3BR Rent||%ch yr. ago|
|U. OF ILLINOIS||CHAMPAIGN||$1,024||10.3%|
|U. OF MARYLAND||COLLEGE PARK||1,962||10.1%|
|U. OF WISCONSIN||MADISON||1,458||9.1%|
|U. OF NEBRASKA||LINCOLN||1,058||7.5%|
|U. OF INDIANA||BLOOMINGTON||1,199||7.0%|
|U. OF MICHIGAN||ANN ARBOR||1,661||6.6%|
|U. OF MINNESOTA||MINNEAPOLIS||1,474||5.7%|
|OHIO STATE UNIV.||COLUMBUS||1,011||3.6%|
|U. OF IOWA||IOWA CITY||1,355||2.6%|
|U. OF ILLINOIS||URBANA||947||1.1%|
|RUTGERS UNIVERSITY||EAST BRUNSWICK||2,088||0.2%|
|PENNSYLVANIA STATE||STATE COLLEGE||1,257||-0.5%|
|BIG 10 CONFERENCE AVERAGE||$1,346||4.6%|
Big 12 Conference
The University of Texas in Austin leads the way with an average 3-bedroom rent of $1751, up nearly 10% from last year. Ames – home to Iowa State – posted an increase of 11.5% but that brought the level to just $1184.
Oklahoma State in Stillwater had the lowest rents at just $974 although that was 5.9% higher than a year ago. Rents in Manhattan, Kansas (Kansas State) fell 1.5% to $1180.
|Big 12 School||Location||3BR Rent||%ch yr. ago|
|U. OF TEXAS||AUSTIN||1,751||9.7%|
|NORTH CAROLINA STATE||RALEIGH||1,277||7.2%|
|TEXAS CHRISTIAN UNIVERSITY||FORT WORTH||1,283||6.4%|
|U. OF OKLAHOMA||NORMAN||1,152||5.8%|
|U. OF KANSAS||LAWRENCE||1,079||2.9%|
|BIG 12 CONFERENCE AVERAGE||$1,203||6.4%|