In Merced, Calif., a San Joaquin Valley city crushed by single-family home foreclosures, college students are opting to rent depreciating McMansions rather than small dormitory rooms.
With a shortage of dorm space available for students, universities and colleges such as Cal, offer a surprising opportunity: luxury houses for rent in planned communities.
These houses often have three-car garages, wall-to-wall carpeting, whirlpool baths, granite kitchen countertops, walk-in closets, gas fireplaces, and other amenities. Renting these houses can cost between $200 and $350 monthly per student, who often have their own private room and bathroom, according to a report in the New York Times.
Universities estimate that on-campus room and board can cost more than $13,000 annually, compared with about $7,000 per year for off-campus housing.
Source: NAA’s Industry Insider and New York Times