| [August 27, 2007] |
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Rentometer(TM) Helps Student Renters Cut the Cost of College Living
NEWTON, Mass. --(Business Wire)-- Investment Instruments Corporation (IIC), the only company devoted to increasing transparency in the real estate rental market, today released monthly rental rates for apartments near the nation's top universities to help students (and their parents) factor in the cost of housing into the already expensive college experience. Big tuition isn't the only major expense that parents must consider when sending the kids for higher learning. The increasing costs for room and board force many to move off-campus and according to Investment Instruments' evaluation of six college campuses, location and timing will determine the greatest savings.
"Moving into a new apartment can be one of the most exciting yet stressful times for college students and their parents. Rental information is often hard to find so it's difficult to know if you're paying fair-market value, especially when you're dealing with a city far from home," said Allison Atsiknoudas, CEO of Investment Instruments. "To make it easier, we compiled this data to help students make informed decisions about where and when they should rent by comparing off-campus rates by neighborhood."
Using the Rentometer, the web's leading source for national rental rate comparison, Investment Instruments compiled monthly rents with high and low statistical ranges for a two-bedroom apartment near campus. This data can also help real estate investors and professionals get a better sense of the market to set reasonable rates.
Fall Back-to-School Rent Analysis: Data applies to two-bedroom rental units within two miles of campus. Boston University rents apply for units within one mile of campus.
University of
California
(Berkeley) Boston University New York University
Low Median High Low Median High Low Median High
1/1/07 $1,300 $1,700 $2,195 $1,600 $2,200 $2,500 $2,295 $2,995 $4,725
2/1/07 $1,250 $1,600 $1,995 $1,800 $2,100 $2,850 $2,300 $3,000 $4,200
3/1/07 $1,300 $1,650 $1,995 $1,800 $2,200 $2,800 $2,400 $3,095 $4,495
4/1/07 $1,200 $1,500 $1,750 $1,795 $2,300 $2,995 $2,000 $2,500 $3,600
5/1/07 $1,320 $1,650 $2,125 $1,850 $2,350 $2,975 $2,500 $3,195 $4,295
6/1/07 $1,300 $1,695 $2,125 $1,700 $2,350 $2,800 $2,500 $3,100 $3,995
7/1/07 $1,395 $1,795 $2,400 $1,673 $2,450 $2,675 $2,600 $3,100 $4,200
8/1/07 $1,425 $1,812 $2,625 $1,650 $2,400 $2,600 $2,500 $3,075 $4,395
-------------------- -------------------- ---------------------
University of
Michigan (Ann University of Texas
University of Chicago Arbor) (Austin)
Low Median High Low Median High Low Median High
1/1/07 $700 $1,050 $1,450 $850 $974 $1,200 $1,150 $1,295 $1,500
2/1/07 $750 $900 $1,200 $850 $1,000 $1,200 $925 $1,100 $1,395
3/1/07 $900 $1,100 $1,410 $805 $999 $1,200 $999 $1,200 $1,650
4/1/07 $850 $1,000 $1,200 $1,100 $1,140 $1,200 $1,000 $1,200 $1,400
5/1/07 $1,000 $1,250 $1,550 $875 $1,100 $1,295 $875 $1,200 $1,500
6/1/07 $970 $1,250 $1,450 $880 $1,100 $1,300 $950 $1,295 $1,600
7/1/07 $1,000 $1,225 $1,515 $875 $1,100 $1,300 $975 $1,280 $1,500
8/1/07 $1,000 $1,225 $1,450 $825 $1,000 $1,250 $995 $1,280 $1,500
--------------------- -------------------- --------------------
IIC's rental data show student renters how much they can expect to pay for the upcoming school year and when they should aim to sign the lease. Whether a student is researching prospective colleges, preparing to make a move in the upcoming weeks, or planning ahead for a Winter/Spring semester, the cost variation by location may tip the scale in the debates between city or campus college, East Coast or West Coast, on- or off-campus.
According to the sample of schools examined, settling near UC Berkeley versus a few miles from NYU will save nearly $2,000 a month. Yet, housing in the Windy City is the least expensive--if you move in February. Another option to save money is to rent in the second half of the school year with rents at their lowest January through March.
The Rentometer is IIC's flagship tool for tenants and owners. The free site analyzes local rents, tenants' rent rates and owners' proposed rent rates with actual local market rates. Users enter basic information about a rental to receive an analysis of how the price compares to others in the neighborhood. Visit www.rentometer.com to see rent rates in your area.
NOTE TO EDITORS: To compile a report for a specific school in your area please contact Anna Dreyser at iiproperty@schwartz-pr.com or (781) 684-0770.
About Investment Instruments Corporation
Investment Instruments Corporation (IIC) offers the unique property management tools iiProperty and the Rentometer that increase transparency in the residential real estate market to strengthen relationships between real estate managers, their tenants and the professionals who support them. IIC was founded by an executive team with a strong history in real estate and technology. For more information about Investment Instruments Corporation, please visit www.investmentinstruments.com.
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