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Does UC Berkeley miscalculate student rent expense by 42%?
http://blog.sfgate.com/ontheblock/2015/09/11/data-shows-uc-berkeley-housing-office-miscalculates-student-rent-expense-by-42/Certainly a college should encourage idealism in its student body; but one place a bit of hard realism is sorely needed is the rental market.
Yet, according to a new report from Trulia, UC Berkeley has its head in the sand when it comes to the actual cost of living in that city today. “UC Berkeley estimated that it would cost a student $7,184 to live off campus, but Trulia’s rental data shows that it would cost $12,375, assuming two people shared a two bedroom apartment for nine months – which means the school’s estimate is off by 42%.”...
Still, it’s timely: the new school year has just begun and rents are continuing to rise. Trulia, in fact, studied this issue across the nation. “As students and their parents crunch the numbers on financial aid and student loans, they should also factor in cost of housing from the get go. As a first step, many will look to the school’s website for information – but how reliable are their cost estimates?” To find out, Trulia surveyed 20 major universities across the USA, both private and public, many of which are located in high-cost rental areas. “We then looked up the estimated costs on each school’s website. Using Trulia’s rental listings, we calculated the median rent for apartments in the nearest ZIP codes surrounding each campus.”
If we’re using UC Berkeley’s 9-month projection for the 2015-2016 academic year, $7,184 for rent and utilities leaves a student $798.22 for monthly housing costs. But Berkelyside, in a report on rising rents in Berkeley, wrote that “RealFacts, a company that does quarterly analyses of rental trends in the Bay Area, reported recently that rents in Berkeley had risen 10% to 12.6% since last year. The Berkeley Housing Element for 2015 to 2023 said median rents for studios and one-bedroom apartments in new developments are 25% higher than in 2012. For two-bedroom units, the increase was 37%.”
Yet, according to a new report from Trulia, UC Berkeley has its head in the sand when it comes to the actual cost of living in that city today. “UC Berkeley estimated that it would cost a student $7,184 to live off campus, but Trulia’s rental data shows that it would cost $12,375, assuming two people shared a two bedroom apartment for nine months – which means the school’s estimate is off by 42%.”...
Still, it’s timely: the new school year has just begun and rents are continuing to rise. Trulia, in fact, studied this issue across the nation. “As students and their parents crunch the numbers on financial aid and student loans, they should also factor in cost of housing from the get go. As a first step, many will look to the school’s website for information – but how reliable are their cost estimates?” To find out, Trulia surveyed 20 major universities across the USA, both private and public, many of which are located in high-cost rental areas. “We then looked up the estimated costs on each school’s website. Using Trulia’s rental listings, we calculated the median rent for apartments in the nearest ZIP codes surrounding each campus.”
If we’re using UC Berkeley’s 9-month projection for the 2015-2016 academic year, $7,184 for rent and utilities leaves a student $798.22 for monthly housing costs. But Berkelyside, in a report on rising rents in Berkeley, wrote that “RealFacts, a company that does quarterly analyses of rental trends in the Bay Area, reported recently that rents in Berkeley had risen 10% to 12.6% since last year. The Berkeley Housing Element for 2015 to 2023 said median rents for studios and one-bedroom apartments in new developments are 25% higher than in 2012. For two-bedroom units, the increase was 37%.”
