The Journal of College and University Student Housing - Volume 41, No. 2 & Volume 42, No. 1 - 79

THIS PAPER EMPIRICALLY INVESTIGATES THE COSTS THAT
ARISE FROM UNCERTAINTY in the college-town housing
market in the Urbana-Champaign metropolitan area, the
home of the University of Illinois. This research resulted
in two principal findings. First, the rental price of housing
owned by property owners having more than 10 claims
filed against them (i.e., complaint records on violations of
property owners' obligations under the law or according
to the terms of the lease contract) in the past five years
was about 10% lower than the rent for other housing.
Second, because of the uncertainty involved in renting
from a potentially risky property owner in an unfamiliar
location, a large number of graduate students choose to
live in housing provided by the university (hereafter termed
university housing), which costs at least 45% more than
they would pay a private property owner. These two results
shed light on the prominence of uncertainty in collegetown environments and show that university housing
plays an essential role in the housing market by alleviating
such uncertainty. Although there have been movements to
privatize university housing at some institutions, without
the engagement of the university, the college-town housing
market would face the serious risk of being exposed to the
uncertainty owing to the asymmetry of information between
renters and private housing providers. Conversely, further
expansion of the housing business by the university could
yield greater efficiency in the college-town housing market.

The results of
our analysis
shed light on the
prominence of
uncertainty in
the college-town
and highlight
the importance
of information
disclosure, which
in turn allows
informed housing
choices.

Because the environment in which a student lives is an essential
part of campus life (Bureau of Labor Statistics, 2010; Levine, 1994),
first-year college students and their parents have a strong incentive
to protect against the risk of encountering housing problems. According to Pryor et al., 76.1% of first-year students entering fouryear colleges and universities planned to live in residence halls,
and 17.2% planned to live with their families or relatives (2012).
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The Journal of College and University Student Housing - Volume 41, No. 2 & Volume 42, No. 1

Table of Contents for the Digital Edition of The Journal of College and University Student Housing - Volume 41, No. 2 & Volume 42, No. 1

Contents
The Journal of College and University Student Housing - Volume 41, No. 2 & Volume 42, No. 1 - Intro
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The Journal of College and University Student Housing - Volume 41, No. 2 & Volume 42, No. 1 - Cover4
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