Before your college student begins his or her time at Auburn, you both have to figure out just where he or she may be living. Though the idea of paying monthly rent may sound cheaper, the truth is, it will build up over the next four or so years! As you look for a place for your student to live, consider these Auburn rent prices to see why buying might save you money.
Doing the Math
The math here makes all the difference. On average, Auburn rent prices show that students pay $914 a month to rent out a two-bedroom apartment. During the course of a year, it will cost $10,968. Over the course of four years, it will run you $43,872—and that’s only if the rent doesn’t go up during those four years. It’s incredibly likely that the rent price will increase dramatically, as it has in the past few years. It went up 25% between 2015 and 2018 and could continue to grow at a fast pace.
So, what’s the solution here? Buying a condo for your student!
Reasons to Buy
If you’re wondering why buying might save you money, it turns out that there are a ton of reasons to support this choice. Some of the many positives include:
- Building equity. Unlike renting, when you buy, you can build equity. That means you could turn a profit when your student graduates, instead of being out tens of thousands of dollars.
- Peace and quiet. College apartments can be loud and bustling. Condos, on the other hand, tend to be quieter and calmer, making it easier for your student to study—and get some rest too.
- Rising rent prices. As mentioned earlier, rent prices are rising! With a condo, your payments will remain the same.
- Setting down roots. It’s possible that your student may settle down in Auburn once he or she graduates. Instead of continuing to spend more and more on rent, he or she could call the condo home.
- Future housing over the years. Does your student have siblings, family members, or friends who are considering studying at Auburn? They could also live in the condo—and continue to save more money.
- Does your condo have an extra bedroom or two? You could rent them out and earn money.
Summary
Auburn rent prices are high, but you could avoid them entirely. Now that you know why buying might save you money, it’s clear that a condo could be a great investment for you and your college student. If you’re interested in this money-saving opportunity, Ryan Roberts can help you find the perfect condo. He can also help you buy, sell, or both in the Auburn, Opelika, and Lake Martin area. Simply fill out our contact form to begin. Finally, to find out more about real estate, visit our blog.