Champaign-Urbana, IL, Residential Rental Property Market
August 11th, 2010 | by admin |Champaign city of Champaign County, Illinois shares its existence with its sibling city of Urbana, to be known as the Twin Cities. The residential rental property market is mostly dependent on the University of Illinois at Urbana-Champaign. The rental property market is catering to the housing needs of the student community, coming from the entire State of Illinois and elsewhere.
So it would be worthwhile to know more about the University – This is a public research University and famous as the oldest and largest campus in the Illinois University system. Formerly Illinois Industrial University, established in 1867, the name was changed to the present in the year 1982. 18 Colleges offering more than 150 programs of study comprise in the University, apart from an extension that serves more than 2.7 million registrants per year in Illinois State and beyond. The University campus extends over 1,468 acres, situated within the twin cities of Champaign and Urbana with 286 buildings. The student population is 41,495 (under graduates 31,173 + 10,322 post graduates), apart from 8,085 staff.
The University provides residential accommodation for first year under-graduates in its own Residential Halls or in University Private-Certified housing, both administered by the University’s housing division. Most under-graduates choose to move into single family homes and apartments, after their first or second year. This is where the rental property market of Champaign-Urbana Metropolitan Area comes into reckoning. There are 22 Rental Agencies in Champaign and 36 in Urbana, including the Campus Management, to guide, assist and help in locating residential accommodation for the student community of the University.
The statistics for the residential rental market for Champaign is – 49.21% of the population are renters. Nearly 5.20% of houses and apartments are presently unoccupied. The total population of Champaign city is 75,254. As for Urbana is concerned, the city has a total population of 39,484 people. Renters make up 58.73% of Urbana population and 6.47% of houses and apartments are unoccupied (vacancy rate).
Based on the Cost of Living indices of US, the average is 100. The Cost of Living Index for Champaign city is 82.62, so it is less expensive than most cities. Similarly the Cost of Living Index for Urbana is 82.94.
It can therefore be safely concluded that in Champaign-Urbana Metropolitan Area, good and amicable single family homes are available for rental, somewhere between $470 and $1600 at an average per month. This Metro is certified to be a very good and peaceful place for living by experienced residents – with all the facilities for dining, shopping, recreation and entertainment provided – mostly by the University of Illinois on this metro city.