There’s a reason Boca Raton is a famous college destination: the range of universities and colleges, along with a vibrant culture and plentiful natural beauty, make it a dream for many a young student looking to start their education. But as the city grows more and more popular, student housing has become increasingly scarce — so much so that it’s become a crisis situation.
How bad is it, exactly? According to recent studies, renters are paying 30 to 40 percent more than they used to for an apartment in Florida — and Boca Raton comes in ninth, having seen an almost 7% increase in rent since the previous year.
Many of the more picturesque cities in the United States — and Boca Raton most certainly is that — have also seen a surge in demand due to the increased prevalence of work from home after the COVID-19 pandemic. Without having to commute to and from an office every day, many workers who can do their jobs remotely are seeking out more aesthetically appealing places to live and work.
Housing is already at a premium in the United States, and many young people struggle to find affordable places to live. So what’s behind the rising rental market in Boca Raton, and what can students who are looking for off-campus housing do about it?
Boca Raton’s Rental Market: What’s Happening?
So why is Boca Raton’s rental market taking off? For one, its aforementioned status as a center of academia. Students from all over the world flock to Boca Raton to further their education, and Boca Raton’s high desirability as a place to live for students and non-students alike means there is a lot of demand. The booming job market and Boca Raton’s reputation for having a lively social scene all contribute to that demand — and the result is a sky-high rental market in the city. Prices will inevitably rise with demand, and a lot of students are finding themselves priced right out of affordable housing.
Why Boca Raton’s Students Are Struggling
A competitive market for student housing doesn’t tell the whole story, however. There are some other factors making it difficult for students on a tight budget to try to put a roof over their heads in Boca Raton:
- Short-term vacation rentals, made easier and more common by platforms such as Airbnb, has added to the scarcity of rental units. Property owners are finding it much more profitable to rent out to tourists than to poor college students.
- HOA restrictions also play a part in further restricting available rental properties. HOAs often impose limitations like waiting periods or even outright bans on renting certain properties. Some have made the case that the HOAs are actively hurting growth in Boca Raton, as it makes life more difficult for service workers trying to afford a place to live.
- Some landlords are, consciously or unconsciously, biased against younger renters, particularly college students, who might have a reputation for being destructive and irresponsible. Fair or not, this can make it harder for students in Boca Raton to find rental properties.
How to Find Affordable Housing in Boca Raton
There’s no real end in sight for the housing issues in Boca Raton, and struggling as a college student is a tale as old as the institution itself. But some time-honored strategies for finding affordable housing can help take some of the pressure off.
First, students might consider getting in touch with their educational institution. Many colleges and universities are keenly aware of the housing challenges students are facing, and some have programs that can provide financial aid, assist students in finding off-campus housing, or even collaborate with local hotels to accommodate students.
Another way students can help overcome the negative stereotype is by projecting a responsible image to potential landlords. Giving a good first impression and nailing the interview is a great start, but students can also show responsibility by picking up renters insurance. Having insurance demonstrates financial responsibility, and it doesn’t have to break the bank: As shown by Ross Martin at The Zebra, you can get renters insurance in Florida for as little as $142 a year. Even though Florida has slightly higher renters insurance premiums than the rest of the country, it still isn’t likely to cost more than $20 a month.
Another proven tactic is to find some roommates. Many younger people are already making their budget go further by sharing the financial burden of renting. Splitting the costs with fellow tenants is an easy way to make renting more affordable.
Finally, if at all possible, consider providing some payment up front. Security deposits might already be high, but if you can afford to pre-pay for an entire year, a landlord might be much more inclined to rent to you instead of the next party.