In our second edition of the RentHop College Rent Report, we explored rental prices and year-over-year changes to see how much students have to pay for housing each year. We analyzed the rental prices for all off-campus housing listings near 100 popular U.S. colleges to see which schools had the least and most expensive off-campus housing.
Key Findings
- New York University has the most expensive rent out of the largest 100 colleges. The median rent around campus is $4,795/month.
- The University of Iowa has the most affordable rent of $920/month.
- College students along the East and West coasts can expect to spend more on rent than students in the Midwest and South.
- New York City and Los Angeles remain expensive for students. In these cities, renters should consider living with roommates to save on housing costs.
- Housing costs increased around 80 campuses year-over-year, increasing the financial burden for many students nationwide.
The 10 Schools Where It’s Most Expensive to Live Off-Campus
The following list highlights the ten colleges with the highest off-campus rents. New York University yet again ranks as the most expensive option. The median rent of $4,795 is more than five times the rent of the least expensive off-campus housing near the University of Iowa in Iowa City, IA. Many students in New York City must consider living with at least one roommate to lower the cost of housing and make renting more affordable.
Housing is also expensive for students in California, with the University of California Irvine in Irvine, CA, coming in second with a median off-campus rent of $4,100. Four colleges in California landed on the Top 10 list this year, including UC Los Angeles, UC San Diego, and San Francisco State University.
Off-campus housing remains high along the East and West coasts, with Massachusetts schools earning three spots on the most expensive list. With two Boston, MA campuses and Harvard University in the mix, students along the coasts can expect higher rental costs compared to schools in the Midwest and South.
The 10 Most Expensive Colleges for Off-Campus Housing
- New York University (New York, NY) – $4,795/month
- University of California Irvine (Irvine, CA) – $4,100/month
- Columbia University in the City of New York (New York, NY) – $3,995/month
- University of California Los Angeles (Los Angeles, LA) – $3,750/month
- University of California San Diego (San Diego, CA) – $3,640/month
- Boston University (Boston, MA) – $3,600/month
- Harvard University (Cambridge, MA) – $3,560/month
- Northeastern University (Boston, MA) – $3,400/month
- San Francisco State University (San Francisco, CA) – $3,312.50/month
- Stony Brook University (Stony Brook, NY) – $3,257.50/month
The 10 Schools Where It’s Most Affordable to Live Off-Campus
Students in the Midwest and South can find more affordable off-campus housing options compared to coastal campuses. The University of Iowa median off-campus rent is $920 monthly, which is significantly lower than colleges in the most expensive ranking.
Only one campus along the coast ranked in the most affordable list. Students at Washington State University in Pullman, WA, can expect to pay $930 a month for off-campus housing.
The 10 Most Affordable Colleges for Off-Campus Housing
- University of Iowa (Iowa City, IA) – $920/month Washington State University (Pullman, WA) – $930/month
- University of Kansas (Lawrence, KS) – $935.50/month
- Iowa State University (Ames, IA) – $965/month
- University of Missouri (Columbia, MO) – $975/month
- Kent State University (Kent, OH) – $995/month
- Michigan State University (East Lansing, MI) – $997/month
- The University of Texas Rio Grande Valle (Edinburg, TX) – $1,050/month
- University of Illinois Urbana-Champaign (Champaign, IL) – $1,050/month
- University of Oklahoma – Norman Campus (Norman, OK) – $1099.50/month
Student Housing Remains Unaffordable for College Students
Off-campus housing costs increased year-over-year for 80 out of the 100 colleges in our College Index. Nationwide, rental market conditions limit supply and continue to drive up costs, forcing students to compete amongst themselves for housing opportunities. Students along the coast still cannot afford the cost of a median one-bedroom apartment on their own and must seek financial assistance from their family, acquire more debt, or rent with roommates to secure off-campus housing. For some students, the cost of renting an apartment will make the difference between enrolling in one university over another.
Affording Off-Campus Housing
The cost of college can be overwhelming for high school students and soon-to-be college students. Students must also consider their housing costs when deciding where to attend school. When renting an apartment off-campus, students will have to pay rent monthly, meaning they’ll need a lump sum of money or a consistent income to pay their bills. Students can consider taking out a loan or acquiring a part-time job to help with bills if they do not already have funding.
Methodology
The RentHop College Rent Report analyzes rental data from over one million active off-campus rental listings located near U.S. college campuses over the three months prior to publication. To produce the ranking, the median price for all listings within 2 miles of the center of campus was taken and ranked from most expensive to least. If there were not enough listings within 2 miles of the campus, we then expanded the radius to ensure that enough listings were included. In denser and more developed cities, the radius was reduced accordingly to reflect housing availability around the campus.
The following listing types were used to calculate the median rent price: apartment, house, townhouse, and triplex. Values refer to the median of all bedroom types, i.e., not just a one-bedroom or two-bedroom off-campus apartment.
For more information on our methodology or to contact our data team, please email press@renthop.com.
Full Data
The below image shows College Rent Report and the schools ranked by median rent for easy sharing. You can also search by city or college using the interactive data table at the bottom of the report.
(Click on the image to zoom in)
