Nothing, apparently.

Even though housing prices in the Lansing and East Lansing area have fallen 26.9 percent from a year ago, according to a report released by the National Association of Realtors on May 13, student housing prices are expected to stay the same.

“The university is in and of itself its own universe,” said Kim Dean, a member of the Greater Lansing Association of Realtors. “So regardless of what is happening in Michigan, I think if anything, student housing will remain what it is, and then gradually increase, as always.”

Mid-Michigan’s housing market is currently the 10th cheapest in the nation, with a median sales price of $92,600, compared to the nation’s median sales price of $196,300, according to the National Association of Realtors.

Nationally, the housing market experienced only a 7.7 percent decrease.

But in East Lansing, the rental houses are always going to be in demand, Dean said.

The high amount of recent repossessions and foreclosures may only increase the cost of student living, said Rob Buffington, real estate consultant at Tomie Raines.

“I see, if anything, because of the amount of people losing their houses, the rental market getting a little tighter,” he said. “It’s all supply and demand — the more people that want to rent may elevate costs.”

Even with the recent housing slump in Michigan, selling a rental house in East Lansing today would yield results similar to 2005, Buffington said.

A 12-month lease for a two-person apartment through DTN Management can cost between $320 to $577 per person.

Duplexes and houses typically cost between $400 and $650 per person for a year-long contract. For a two-bedroom apartment in Chandler Crossings, rent costs between $490 and $599 per person for a 12-month lease.

Stephanie DeMarco, a post-graduate biological science student, said she has not seen the rent change in the two years that she has lived in Berrytree Apartments, 2950 Whitehall Drive in Okemos, and is satisfied with the amount that she pays.

Berrytree Apartments range from $400 to $442 per person for a 12-month lease.

Some students, on the other hand, feel that the price of student living is “absolutely absurd,” said economics senior Samuel Boulet.

“The high prices of the dorms allow (landlords) to charge what they want — it’s a sellers market,” he said.

Nothing will happen to change off-campus rental prices for students unless more housing units are acquired, Boulet said.

However, this is not likely to happen any time soon.

“To get a rental license in East Lansing is rather difficult, so unless you already purchase a house with a rental license, it’s almost impossible to get one,” Dean said.

This means that within the East Lansing city limits, the amount of student housing is going to stay constant, she said, but there will probably be more development directed toward MSU students in Okemos, Haslett and Lansing.