Ivy League universities are traditionally (and rightly) thought of as centers of world-class education. But new findings from Reonomy say they, along with other schools around the country, are also becoming real estate power players due to their impressive collection of assets.
The Reonomy report, which breaks down the real estate investments and commercial properties owned by Ivy League Universities, reveals Yale University is New Haven’s largest landlord and that Harvard University is the wealthiest university in the world, with an endowment of $40.9 billion.
“Universities have always had an interest in investing in real estate, and we have seen that as endowments have grown, so have real estate investments off-campus,” says Nikki Russell, Marketing Manager for Reonomy.
The other Ivy League schools are also amassing impressive real estate collections. Princeton University owns approximately 160 nearby residences, which can be purchased by eligible faculty and staff.
Princeton provides a Tenancy-In-Common Program that allows eligible faculty and staff to enter into a co-ownership agreement with the school to purchase residences within a nine-mile radius of Nassau Hall or within the city of Trenton. It isn’t alone in trying to tackle affordability.
“As for concerns with housing affordability, there have been some interesting efforts made by Stanford and Princeton to offer subsidized or provide housing for employees, though it’s unclear what the driving force for those programs are, and if they are effective,” Russell says.