One thousand, thirty five dollars every month. One thousand, thirty five dollars. That’s the average rent for Waco, Texas. And, like a lot of places, it’s climbing fast.
For almost 30 percent of Baylor University’s student population, the campus is not only where they learn but also where they live, with rates per semester ranging from $2,850 for a shared triple room to $6,140 for the best single rooms with a private bathroom. Freshmen, required to live on campus for their first year, pick their battles until they’re cut loose to brave the housing market of the “Baylor Bubble.”
Dorm Sweet Dorm
Baylor has almost 5,000 beds for students, about 3,500 of which are reserved for freshmen. Other rooms are slated for upperclassmen and members of the faculty, including master’s-level live-in residence hall directors in every hall, about 150 community leaders, resident chaplains, and 16 live-in faculty.
“It’s a big part of our campus culture and student life experience,” Associate Vice President of Innovation and Economic Development at Baylor Jeremy Vickers said of a freshman’s first two semesters on campus. “Living on campus helps them to get grounded in the academic environment, to build relationships with peers, and we can provide a significant amount of support systems for students.”
The buildings on campus are built in a Georgian style, and about a decade ago a renovation plan began to give the halls a much deeper makeover than the typical “landlord special.” South Russell Hall was completed in 2014, North Russell Hall in 2015, Penland Hall in 2016, and Martin Hall in 2017. Curtis Odle, Associate Director for Facilities and Operations, mentioned Collins Hall reopened last August after its renovation.
“And … the Honors Residential College, which consists of Memorial Hall and Alexander Hall, are currently under construction for their year-long renovation,” Odle said. “They were built in 1930 and 1940 [respectively] so their electrical is pretty dated by today’s standards. We upgrade everything including all the behind-the-wall stuff, so HVAC, electrical, plumbing, lighting, all the finishes, carpet, paint, light fixtures, and bathroom fixtures. We don’t do a whole lot with the exterior, so it retains its heritage and beauty.”
A room in any of the 16 on-campus halls could cost anywhere from $713 to $1,535 per month – the same price or more than many students pay to rent a room in a single-family home with roommates. But almost as soon as freshmen get the hang of things at their on-campus accommodation, it’s time to start thinking about where they’re going to live next year.
“From what I’ve seen in the last few years, early-to-mid-spring is when most apartment complexes are looking to get leases signed,” said Vickers. “And a lot of that has to do with students making their summer plans—whether they’re going to go back home, go away for an internship, or potentially stay for classes or work.”
The Baylor Bubble
“There’s about a mile radius from the heart of campus, and it’s pushed out a little bit further over the years, but a mile is probably about right for what we refer to as the ‘Baylor Bubble,’” said Ashton Gustafson, a partner at Bishop Realtor Group in Wichita Falls and A.G. Real Estate and Associates in Waco. “That primary zip code 76706 has plenty of multifamily apartments, duplexes, fourplexes, and there’s a lot of single-family properties.”
Judging by economic factors, Waco may be one of the best locations to be educated. According to Payscale, Inc., a leading provider of compensation data, software, and services, the overall cost of living is 11 percent less there when compared to the rest of the country. Housing costs 23 percent less, groceries are 18 percent less, and transportation is 12 percent less. However, against those statistics, there is a grim reminder from the Waco Strategic Housing Plan, published in March 2022 by the city of Waco, that the city lacks an adequate inventory of housing units for existing households of all incomes.
“We’re not necessarily growing our undergraduate body right now,” Vickers said. “Currently, there are a few new apartment complexes that are in plan and under construction in and around the campus area. So, we think we’re in pretty good shape for the next few years, just generally speaking, without students having to go out beyond the core radius around campus.”
RealPage, a real estate software company, reported in June 2023 that on a national basis, the effective asking rent rates were 8.8 percent higher, on average, year over year. However, they noted that one of the country’s largest increases in student housing rental rates was in the Greater Waco area, which soared an average of 17.2 percent from May 2022 to May 2023.
Zumper, which hosts a digital marketplace and database of active listings across the country, reports that rent prices for all bedroom counts and property types in the Baylor neighborhood have increased 14 percent in the past year.
“If you’re going to live off campus you could have something comparable to on campus, but pay less if you have several roommates,” said Lowe. “You’re able to manipulate your billing process depending on where you choose to live, the quality of the property, and how many people you live with.”
It’s not just the rent that needs to be accounted for, there’s also the additional cost of the security deposit and monthly utility charges.
“First off, decide on what you’re looking to accomplish,” Gustafson said. “Most students are probably looking to rent, so determine what type of lifestyle you want to have. Do you want to rent an apartment? Are you looking for one bedroom, one bath, or are you looking to be somewhere with roommates? That changes the game a lot. There are a handful of management companies that tend to be the best suited for Baylor.”
Baylor partners with the third-party realtor College Pads, a company that works with college campuses all over the country. Together, they work within the local community to provide a website, BaylorAreaHousing.com, with listings and reviews from fellow students.
“Our partner works with the local property owners, going through certifications with Waco Police Department to ensure the accommodation is safe,” Lowe said. “Freshmen can look at other students’ reviews, how they scored the facilities, and shop around for what they need. They’re able to manipulate the billing process depending on where they choose to live, the quality of the property, and how many people they live with.”
Baylor also has a contract with Brothers Management Company for property management services.
“Brothers Management oversees the leasing and maintenance activities for our off-campus student housing portfolio of apartments and houses,” explained Karl “Rock” McNair, Associate Vice President of Real Estate Operations.
As Waco emerges post-pandemic, it’s clear that the resulting closures and high prices of building materials have contributed to rising real estate prices.
“The average residential real estate transaction was around $300,000 this year. Ten years ago, that number was probably $150,000,” Gustafson said. “If students do have the ability to purchase or their parents do, getting connected to the local experts is the first step to see what’s available in the marketplace. Texas is very tax-friendly and you’re seeing a lot of people leave the coasts and move here. And Waco is right in the center of it. I see Waco as being in the driver’s seat for where the state of Texas is headed growth-wise, and that will really spur residential growth.”
Some Helpful Links:
Baylor University Campus Living & Learning has on-campus housing resources, including room types and rates, room details, technology, contracts and policies, and more.
Baylor University’s Off-Campus Housing site can help get students connected to apartment and property managers, help them find a roommate, learn about city codes and ordinances and how they might influence your off-campus living experience, and learn about the benefits of good neighboring.
Brothers Management has offered to assist international students needing off-campus housing. Contact Rachel Jenkins at rjenkins@brotherswaco.com to learn more.
A.G. Real Estate & Associates serves the Greater Waco and Baylor University markets.
Baylor University Off-Campus Housing Facebook Group offers a place for students looking for short- and long-term off-campus housing arrangements to connect with potential roommates and leasing agents.
