Student rentals... The real deal

[Steve Hyduchak]

Hello bp, I recently graduated undergrad and am currently in law school. I am a pawn to the system and have seen what I pay and my friends pay in college towns. Especially ones that are built around small towns. Big money $$$ Love to hear experiences! Thanks in advance

[Account Closed]

Originally posted by @Andrew Fingado:

I manage property in Berkeley (right near the UC) and let me tell you the rent control laws here have done more to hike up rent for new tenants than any other factor. Costs for rent in college towns is going to be naturally higher than others based on supply/demand and their access to student loans, but believe me, rent control makes it so much worse. How else are owners going to make money when they have one or more life tenants paying 50% or less of market rent? It's simple math.

As if students needed any more expenses in their life.

This is very well put. My daughter has lived in Berkeley for 5 years now. The property is an big old house and it's adjoining carriage house in Elmwood and has a total of 7 units. The main floor was converted to a 4BDR and it rents for $3700 to 4 students. My daughter pays $1K for her 280 sf studio apt. Three of the 1 and 2BDR units have tenants from pre-1996, women now in their 60s. They pay $600-800. We have a cousin in her 80s living on Shattuck in a huge, gorgeous apt since 1992. She's paying $650 for a unit that is easily worth $1600. The landlords have little choice but to gouge the students.