Roomies 2024 Back-to-School Report: Trends in Student Housing and Affordability
Roomies is proud to release our newest Back to School report. This report highlights a significant shift in rental prices and housing availability across the United States, offering promising news for students seeking affordable off-campus accommodation.
Key Takeaways:
Falling Rental Prices in College Towns
Rental prices in major college towns are dropping. This shift, especially in the Sunbelt region, is driven by the increased availability of rooms, making off-campus living more accessible for students. As more people move southward due to population growth and migration, this trend is expected to continue, providing students with more affordable housing options. This trend reflects both the rise in student populations and a broader migration pattern, which is shifting demand for housing in certain regions. The availability of rental options is especially critical for students who need to plan their accommodation well in advance, whether for academic terms or internships.
The Top 5 College Towns
The report also highlights the most populous college towns and their associated universities. These include:
- New York, NY – NYU, Columbia, CUNY, Fordham
- Los Angeles, CA – UCLA, USC, Loyola-Marymount
- Chicago, IL – UChicago, Northwestern, University of Illinois at Chicago
- Boston, MA – Harvard, MIT, Tufts, Boston University
- Philadelphia, PA – University of Pennsylvania, Drexel, Temple, Villanova
New York leads the list with over 1 million students and an impressive 6,541 rooms available for rent. Los Angeles follows with 2,055 rooms. These cities offer ample off-campus housing options, but prices can vary significantly based on the location and type of accommodation.
Affordability in Southern States
While major cities like New York and Los Angeles offer a larger amount of options, they also come with higher price tags. According to Roomies, the average rental price in Manhattan is a whopping $3,280 for off-platform accommodations, compared to $1,431 on Roomies. However, for students looking to save money, southern states offer some of the most affordable rental rates.
Cities like Houston, San Antonio, and Phoenix top the list of the most affordable student housing. For example, Houston boasts the cheapest student accommodation with an average rent of $707 per month, making it a great option for budget-conscious students. Other affordable cities include:
- Sacramento, CA – $796
- Phoenix, AZ – $784
- Austin, TX – $781
- Orlando, FL – $780
- Charlotte, NC – $759
These cities not only offer affordable housing but also have large student populations, making them ideal for those looking to balance cost and community.
Sunbelt Surge and Student Migration
THE Sunbelt region, which includes states like Texas, Arizona, and Florida, is contributing to an increased demand for housing in these areas, but it also means that rent prices in these regions are becoming more attractive. The availability of rooms in these southern states has increased from Q1 to Q2 of 2024, and cities like Sacramento, Phoenix, and Orlando are witnessing surges in room listings.
This shift in student population is expected to continue over the next decade, and the Sunbelt may emerge as a new hotspot for higher education. As college enrollment is projected to grow by 4.9% by 2031, southern states are likely to see even more demand for affordable student housing.
Fun Facts About Roomies' Student Users
The report provides some intriguing statistics about students using Roomies. Currently, students make up approximately 16.1% of Roomies’ user base, equating to around 205,000 users. Of these, 59% of the rooms listed on Roomies are classified as “student-friendly,” making it easier for students to find a space that meets their needs. Other fun facts include:
- 33.47% of students are “cannabis-friendly.”
- 10.6% of students using the platform have a dog, while 9.6% are cat owners.
- The average budget for students using Roomies is around $910 per month.
