University of Wisconsin-Madison students face higher housing costs as rent continues to rise
A study conducted by an independent firm concluded that 33% of students who live off-campus pay more than $1,400 to live off-campus.
71% of students at UW Madison live off-campus.
A new study has found that less than one-third of University of Wisconsin-Madison’s off-campus housing is considered affordable for students seeking off-campus housing to attend college.
Conducted by the Jones Lang LaSalle Americans, Inc., a commercial real estate service provider, the report covers analyses of the off-campus market for UW Madison students, a student housing survey, and an affordability analysis of options that students have should they wish to live off the university’s campus.
In a summary of the report’s key findings, the university’s geographical location, adjacent housing market the UW Madison campus, and demand for off-campus housing are described as factors that contribute to high market prices of off-campus options for students.
According to WiscNews, the study states that almost 70% of rentals in the area around UW Madison are too expensive.
Rising rent costs are an issue nationwide. Compared to January 2021, rent costs across the U.S. are 21.9% higher as of June 2024, according to Fox Business.
The report lists a number of recommendations, including suggestions that UW Madison should expand off-campus options for students, the city of Madison propose initiatives to help students obtain off-campus housing, and that developers should delay the leasing season and reconfigure apartment layouts to expand units.
In total, 33% of off-campus housing accommodations cost more than $1,400, 37% are between $1,200-$1,000, and the remaining 31% of housing accommodations cost students less than $999 to rent.
Additionally, 71% of students at UW Madison live off campus according to the study, and data collected suggests that most students who rent 2-3 bedroom apartments share the space to make housing more affordable.
The report outlines directly that “many students opt to share a bedroom with another student” citing that the “arrangement allows them to split the rental costs and alleviate some of the financial strain.”
[RELATED: GOP reps target skyrocketing tuition with tax hike on university endowments]
Urging a solution to students’ financial constraints as a result of the issues that students have with finding affordable housing, the study’s report states that through “concerted efforts,” UW Madison should seek out investing in off-campus housing for its students.
Campus Reform has previously covered financial struggles and economic constraints that college students are facing while seeking a degree in higher education.
Campus Reform has previously reported that under the Biden administration, more families are seeking out financial aid through student loans to pay for the cost of college.
Additionally, The University of Wisconsin president asked the state legislature to approve a $855 million dollar funding boost to avoid raising tuition for students within the UW System, as reported by Campus Reform.
