With the end of the spring semester comes a decision for University of Wisconsin students — do they stay in Madison for the summer or live elsewhere? This can be a difficult decision, as students must consider rent prices, subleasing and job opportunities, according to District 8 Alder MGR Govindarajan.
The majority of students decide to go home over the summer. Madison’s economy takes a hit, MGR said.
MGR commented on student significance to downtown Madison give the campus’ proximity to the area.
The majority of UW’s student population lives off campus, according to a report from the U.S. News and World Report. 25% of UW students live in university owned or affiliated housing, and the other 75% live in off campus housing.
Many of the students living in off-campus housing that leave Madison struggle to find a sublet, mostly due to high rent prices, MGR said.
Even if a student is able to find a subletter to take over their lease for the summer, the outcome may still be costly as students are more likely to attract a subletter with lower prices, MGR said.
“Hypothetically, if someone is in a one-room apartment, and they pay a total of a thousand dollars, they’re not going to sublease it for a total of a thousand dollars,” MGR said.
There are some apartments in Madison that offer shorter leases, which can be helpful for students trying to sublet for the summer, MGR said. MGR had a 9-month lease for his apartment sophomore year, which he said allowed him to move back home for the summer.
If students do plan on subletting, they should consider adding a bit of cushion to their budget to offset the cost of lowered rent for their subletter, according to UW Financial Capabilities Specialist Jonathon Ferguson.
Primary subleases include students coming back from study abroad, but another group of potential subletters are new students to Madison, like transfers, according to Ferguson. These students may want to come to Madison early, and get a head start taking courses or getting to know the area.
When making the decision to either stay in or leave Madison until the next school year, UW students must take their own unique varying factors into consideration, Ferguson said. Students can make the best decision by considering which location will best suit their future goals.
“We best make decisions that are going to be based off of goals and values that we’ve already identified, that we know we’re aiming for,” Ferguson said. “Then we can measure up the options we have against those things to determine what might be best for us.”
When making the decision whether or not to stay in Madison for the summer, many students may be focusing on the aspect of finances, but they should take more into account than that, Ferguson said.
Rather than just looking at their current situation, students should picture where they want to be in 2-3 years. Looking into what location will give students the best professional development and opportunities should take priority over financial factors, according to Ferguson.
“You’re going to continue to have to make decisions with imperfect information and still be able to make those decisions confidently,” Ferguson said.
Madison offers many job and internship opportunities, and many of the students who stay for the summer take advantage of these opportunities.
“I haven’t heard from business owners that it’s exceedingly difficult to find jobs, or find students to fill jobs, but I do know it’s not super easy either, especially over the summer,” MGR said.
When deciding summer plans, students also take other factors into consideration, like the opportunity to spend more time with family, said sophomore Carsyn Johnson, a personal finance major. Johnson is living in off-campus housing during the school year, and decided to go home for the summer, even though she has a 12-month lease.
Johnson said her biggest factor in deciding to move back home was the desire to see family.
Johnson and her roommates each have varying plans for the summer, with two of them going home, one going to Chicago for an internship and the other staying in Madison for the summer, she said.
It is important for students to remember that what they do in the summer can impact what they will do after graduation, Ferguson said. If students can get an opportunity.
Staying in Madison versus going home or elsewhere can mean different opportunities for each student, and the answer may not always be clear. However, it is important for students to remember that what they do in the summer can impact what they will do after graduation, Ferguson said.
“Sometimes the realities are the realities,” Ferguson said.
