The residence searched by the FBI is private off-campus housing for UMass Dartmouth students, Richard said.

CNN: SHARE THIS

Off-campus housing gets the green light, provided rent and food don't surpass the estimated off-campus expenses published by the university.

WSJ: What Counts as a Qualified 529-Plan Expense?

It also says the school should have a full-time office to help students living off-campus and a registry for landlords offering off-campus housing.

WSJ: Hofstra petition seeks better off-campus security

"It's a name school looking to the private sector, " said Brian Dinerstein, president of Sterling University Housing, a large developer of off-campus housing.

WSJ: Kentucky Wants to Privatize Student Housing

Whereas housing demand may fluctuate in other areas, college towns boast a steady flow of students, professors and staff, and a percentage of those will always require off-campus housing.

FORBES: Real Estate Speculation In College Towns

As professors are made to share offices and students are forced to find off-campus housing, Columbia is losing some of the best and brightest minds to other institutions, he says.

FORBES: Ivy League Thiefs: Fighting Over Land In The Post-Kelo Era

The fact of the matter is that while most college kids don't spend a lot of time thinking about the monthly costs of their off-campus housing, the people who usually end up writing the rent checks--their parents--do.

FORBES: A+ College Real Estate

Many parents are viewing off-campus housing options as something that could not only provide a home for their child, but also be an investment that could appreciate in value for resale after graduation or provide a place for their own future retirement.

FORBES: Real Estate Speculation In College Towns

Special Offer: his health care REIT and this off-campus college housing REIT yield 6.7% and 6.5%, respectively, and their payouts are conservative.

FORBES: Vacation Home Survival Guide