Top Business Schools: Where MBAs Live & What Rent Costs

The Fuqua School of Business at Duke University (Photo by Alex Boerner)

Duke University (Fuqua)

“A second year we interviewed claimed that the majority of Fuqua students live in one of two apartment complexes—Alden Place at South Square (formerly Alexan Place at South Square) and Station Nine—and that the students in these complexes are evenly divided between the two. He noted a definite demographic split between the two residences in that students who choose to live in Station Nine are generally single and from the United States, whereas Alden Place residents are typically married, in committed relationships, and/or international. A first year we interviewed agreed that Station Nine was among the most popular, but nominated the Berkshire Ninth Street residence as the other most popular option. International students reportedly also prefer the apartment complex ARIUM Pinnacle Ridge. All these complexes are independent of Duke University and are located within fve miles of the business school. All have ample parking and impressive amenities, such as pools, 24-hour health clubs, laundry rooms/machines, and club houses. Students often live in the same complex for both years of the MBA program.”

The Harvard Business School campus

Harvard Business School

“More than 80% of HBS students live on campus in dorms or apartment complexes, including One Western Avenue, a LEED Silver-certified tower that offers views of Boston, Cambridge, and the Charles River. Because of the high demand for on-campus housing, spaces are assigned via a lottery. Boston’s housing market can be quite expensive, and on-campus housing is no different. For example, rents for a one-bedroom apartment in One Western Avenue range from just over $2,000 to approximately $2,450 per month…

Most students are able to get around town without a car,

thanks in large part to the easy availability of taxis, buses, and, especially, the “T” (short for MBTA, or Massachusetts Bay Transit Authority), Boston’s subway system.”

Ross students working up their Ross Diaries talk in Story Lab.

 

University of Michigan (Ross)

“The affordability, safety, and accessibility of public housing allow Ross students to easily live within walking or biking distance of campus. Those who live further away from grounds can take public transportation or drive to get to campus; however, parking is often limited. Of the more than 600 students who completed the Ross MBA Housing Guide 2017–2018 survey (conducted by housing search company VeryApt), 75% reported that they commute by foot, while 10% use public transit, 6% drive to campus, 6% bike, and 3% use a cab, an Uber, or a Lyft.

Most of the respondents reported that commuting to campus takes them five to 15 minutes on foot or five to ten minutes by bike. Proximity to campus is something to consider, given the severity of Michigan’s winters, which could make for an unpleasant commute for those not accustomed to snow or frigid temperatures. Half of the survey respondents said that they live in a mid- or high-rise apartment building, while 43% reported that they live in a standalone apartment unit, low-rise, or a house, and 7% said they live in a mid- or high-rise condo building. The majority, or 34%, said their household has three or more bedrooms, while 30% lived in a two-bedroom, 29% in a one-bedroom, and 7% in a studio or efficiency.”

MIT Sloan, Class of 2018 members

MIT (Sloan)

MIT itself sits right on the Charles, halfway between Central Square and Kendall Square. The school’s relatively new Sloan building, which was completed in summer 2010 (see the Facilities section for more information), offers views out over the river. MIT’s graduate campus housing, which consists of six dormitory/apartment buildings and two family buildings, can accommodate approximately one-third of the MIT’s graduate students. Many married students at MIT live in the Eastgate Apartments if they do not already own a home or rent a place in the Boston/Cambridge area. Eastgate is open to all MIT students, but the school limits how long residents can live there to just two years before accepting reapplications via lottery. As a result, and also because of its proximity to the MIT campus, it tends to attract more MBA students than, for example, PhD students…

Those we interviewed informed us that the most popular dormitory for Sloan students is the Sidney-Pacific, located at the intersection of Sidney and Pacific streets in Cambridgeport, an approximately 15-minute walk from the Sloan campus. International students tend to choose the Sidney-Pacific because moving to a dorm is easier than navigating Boston’s real estate market. Shared quad suites at the Sidney-Pacific rented for $863 per person, per month in 2017–2018. Monthly rent for a two-bedroom suite in the building was $1,295 per person, while private efficiency apartments rented for $1,454 per month. Other Sloan students typically live in apartments located along the T’s Red Line—which affords them easy access to campus via public transportation—in Central Square, Harvard Square, and Kendall Square.”

NYU’s Stern School of Business

New York University (Stern)

“Stern offers one on-campus housing option for its students; however, at NYU, the phrase “on campus” means something unique. Stern’s on campus housing is clustered in and among non-NYU apartment buildings. The 13th through 16th floors of Palladium Hall, which is located near Union Square (roughly a 15-minute walk from campus), are reserved for approximately 120 Stern students and/or incoming international exchange graduate students…The building offers a traditional dormitory type feel, with both single and double room options, as well as a fitness center, an on-site laundry, and computer facilities on the MBA floors. According to information posted online by NYU Stern’s Office of Student Engagement, for the 2017–2018 academic year, applicants were asked to pay a $999 reservation deposit, while the housing rate was $10,714 per semester for a single at Palladium.

According to a member of the Stern admissions team, many of the school’s students, particularly those with children, choose to live off campus in housing they acquire independently and/or with the help of NYU’s Off-Campus Student Housing Office. The Admissions Office at Stern partners with the greater NYU Housing Office to assist students.”

Kellogg School of Management’s Global Hub was the second Northwestern building to receive a LEED Platinum certification

Northwestern University (Kellogg)

“Kellogg students generally live in several apartment buildings near campus, which are 5–15 minutes from the school by foot. Evanston Place, The Park Evanston, and The Reserve at Evanston are considered the more “luxurious” apartments, offering such amenities as doormen, fitness centers, and pools. Rents in these buildings can range from approximately $1,600 to nearly $3,000 per month for a one-bedroom apartment. Meanwhile, the older 1500 Chicago Ave building is considered nice but is not as expensive, with a one-bedroom apartment costing between $1,450 and $1,525 per month, and is the furthest from campus. Some students, particularly internationals, choose to live in McManus Living and Learning Center, a university-owned building on campus that offers several sizes of fully furnished suites. One-bedroom apartments in McManus rent from nearly $5,000 to more than $5,800 per quarter (fall, winter, and spring). Because students tend to live around the Kellogg grounds, few take their cars to school. Many walk, and commuting is reportedly not an issue.

The city of Chicago is a 25-minute cab or train ride away. Students with whom we spoke reported traveling to Chicago anywhere from once a week to once every two weeks. Almost all Kellogg students live in Evanston and tend to like the town, so many “choose to ‘live’ Evanston,” as one second-year student told us.”

The Wharton School has poured significant resources into entrepreneurship recently. Courtesy photo

University of Pennsylvania (Wharton)

Wharton students have a wide range of options. Most students choose to rent apartments in Center City, near Rittenhouse Square. Often considered the ritzy part of town and boasting a plethora of restaurants and bars, Center City offers a variety of housing choices: brownstone walk-ups, mid-rise buildings, and high-rises with doormen and elevators. From Center City, students can commute to campus by walking or riding a bicycle (25 and 15 minutes, respectively), taking public transportation in the form of a bus or trolley (each approximately 15 minutes), or grabbing a cab (ten minutes with light traffic)—the preferred option of those who find themselves late for class.

For those who want to live closer to Wharton, University City offers a variety of apartment types and eating options, as well as the hubbub of a college campus. MBA students who opt to serve as Resident Advisors for undergraduate students at the University of Pennsylvania (known as Penn or UPenn) enjoy cheaper rent but arguably noisier quarters. Students who desire a little more separation from MBA life can fnd housing in other Philadelphia neighborhoods such as Old City (east of Center City), Northern Liberties (northeast of Center City), and Queen Village (southeast of Center City).

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