University is a big investment. With textbooks and tuition costing several thousand dollars, it is important to know how much money to earn, save, or set aside. If you are planning on going away for school, the cost of university usually doubles as things like rent and groceries also need to be budgeted for.
Here’s the thing, the cost of living in residence will be comparable from university to university, but comparing the average monthly rent for the area is where the significant differences will show. Though many choose to live in residence in their first year, most students move off-campus and rent a house or apartment with friends for their other years of school.
While rent in larger cities can cost anywhere around $1000 per month, the average student rent for Brock students ranges from $400-450 per month. It may only sound like a few hundred dollars difference per month, but it can add up to several thousand dollars if renting off-campus for your second, third, and fourth years of university.
So why is monthly rent so much lower near Brock? In the St. Catharines and Thorold area surrounding Brock, there are more rooms for rent than there are students at Brock University and Niagara College combined. Landlords would rather rent their house for a lower cost and fill the room than charge too much and lose a prospective tenant to another landlord. This means that the supply is greater than the demand, and it keeps the rent costs relatively affordable near Brock.
So when comparing schools, make sure to look beyond first year costs and take the monthly living costs of your other years into account as well.
Well, that’s all the time we have for Economics with Sofia! Tune in next time to read more about other ways to save money when living away from home!
For further information, check out Brock’s Off-Campus Living page at brocku.ca/ocl.