The cost of renting the average one-bedroom or two-bedroom unit surpassed $1,200 in March, highlighting the nation’s lack of rental affordability.
And with nearly 50% of U.S. renters spending 30% or more of their income on housing, it’s safe to say the rental market has left many struggling.
This is especially so for student renters who are suffocating under more than $1.5 trillion worth of student loan debt.
As most students tend to live close to their schools of choice, finding an apartment that meets their price point is extremely important.
A report conducted by RentCafé using Yardi Matrix data analyzed the price of apartments located within a 1-mile radius of the top 100 universities in the U.S. as ranked by U.S. News.
According to their data, these five universities have the most affordable rental prices within 1 mile of their main campus:
5. Rensselaer Polytechnic Institute, NY. At this university the average rent within 1 mile is $1,115 whereas the average city rent in Troy reaches $1,110.
4. Loyola University Chicago, IL. At this university the average rent within 1 mile is $1,110 whereas the average city rent in Chicago reaches $1,898.
3. Lehigh University, PA. At this university the average rent within 1 mile is $1,082 whereas the average city rent in Bethlehem reaches $1,234.
2. College of William and Mary, VA. At this university the average rent within 1 mile is $934 whereas the average city rent in Williamsburg reaches $1,191.
1. The University of Illinois Urbana-Champaign, IL. At this university the average rent within 1 mile is $890 whereas the average city rent in Champaign reaches $1,396.
