It's getting even more expensive to live near one of the Triangle's large universities.

Why it matters: Expensive student housing adds to the already-high cost of college.

Driving the news: Rents for student housing near N.C. State University and UNC-Chapel Hill have grown faster since the pandemic than other market-rate apartments in the Triangle, according to data from Moody's Analytics.

• Moody's defined student housing as off-campus apartments where more than half of the tenants are college students.

By the numbers: Rents at student housing near N.C. State have spiked 30.5% since 2020, according to the report.

• Rents at student housing around UNC-Chapel Hill rose 23.3%.
• That compares to market-rate apartments in the area that saw rents grow by 22.9% between 2020 and 2025.

Between the lines: Rents at student housing around Duke, however, have grown more slowly at 13.8%.

• Duke students are required to live on campus for three years.

Zoom in: High rents in Chapel Hill have long been an issue affecting students and university workers alike.

• That is one reason why UNC Chancellor Lee Roberts has floated using university land, particularly Carolina North, as a potential area for affordable housing.

The big picture: Nationally, rent growth for market-rate apartments has outpaced that of student housing, according to Ricardo Rosas, Moody's associate data scientist.

• However, over the past five years, roughly 24% of 140 colleges and universities analyzed by Moody's saw student rents grow faster than market-rate rents.

State of play: When rents rise in a metro area, student housing tends to follow suit, research suggests.

• Strong demand to live near campus instead of elsewhere in the metro can also keep student rents high.
• So can luxury apartments (think: saunas, yoga studios and infinity pools), which have moved into many student housing markets.

The bottom line: "While multifamily rents continue to command higher rates, the rapid growth in student housing rents is creating a mounting affordability crisis for students," according to a recent Moody's analysis.

• The financial strain could limit access to higher education, especially for lower-income students.

Before moving back to Chapel Hill in 2016, Brandon Sharp held a Michelin star for seven straight years as the executive chef at Solbar in Calistoga, Calif., and has cooked in kitchens across the world.

• And yet Sharp — who runs the trio of Chapel Hill restaurants, Hawthorne & Wood, Bluebird and Proximo — says he is a little hesitant about the arrival of the vaunted dining guide.

What they're saying: "People have very different feelings about the Michelin Guide," Sharp told Axios. "And I was very relieved when I got here that there wasn't the pressure of a Michelin Guide, having held a star for seven straight years and felt that mounting pressure every year."

• So I'm a little distressed that the Michelin Guide is coming," he added. "I think that it will bring some awareness. But I don't know how much the Michelin guide itself will resonate with the residents here."

We talked with Sharp for our latest Local Limelight conversation. This Q&A has been edited for length and clarity.

📱 First thing you read in the morning: Shift reports from the night before, which can have anything from daily sales numbers to guest feedback in them.

Why you returned to the Triangle: This is sort of my third act in Chapel Hill. I grew up in Greensboro, but my grandparents lived in Chapel Hill, and I grew up visiting.

• Then I came to UNC as an undergraduate, graduating in '97 with a degree in philosophy.
• After my grandparents passed away, it was very odd not to have any Sharp family in Chapel Hill, because Chapel Hill always felt like the family's spiritual home. So Elizabeth (my wife) and I decided that we wanted to move to North Carolina, and really the only place we wanted to be was Chapel Hill.

🍣 Favorite place to eat in the Triangle: The two I always go to are M Sushi and Pizzeria Mercato.

Read about what Sharp thinks the Triangle is missing

🏗️ The Fenton shopping district will get a 7-story hotel called The Pagemore in 2027.

• The 186-room hotel will feature a Mediterranean restaurant, a lobby bar and event space.

🛍️ The retail tenants of Crabtree Valley Mall's "Retail Merchandising Units," which are the mobile wooden carts in the middle of the mall, are being asked to vacate this month by the mall's new owners. (WRAL)

🍽️ Top Chef alum Katsuji Tanabe will reopen his former Raleigh restaurant High Horse at Hub RTP in Research Triangle Park. (Raleigh Magazine)

🏥 Duke Health's CEO, Craig Albanese, is leaving the health care system to join Kaiser Permanente. (Triangle Business Journal 🔒)

President Trump on Wednesday demanded the North Carolina man accused of murdering a Ukrainian refugee on a Charlotte train be put to death after a "Quick" trial. (Axios)

It's week three of the college football season. Here's what we're watching:

🐺 A battle of two undefeated teams: N.C. State (2-0) travels to Winston-Salem to take on rival Wake Forest (2-0) at 7:30 on ESPN tonight.

• The Wolfpack, under emerging quarterback CJ Bailey, looks to go 3-0 for the first time since 2022.

🐏 The Tar Heels try to find offense: North Carolina (1-1) hosts Richmond (1-1) at 3:30pm on Saturday on the ACC Network.

• After two games of struggling offense, UNC fans are hoping for an offensive breakout game against the Spiders.

😈 A familiar foe: Coming off a disappointing loss to Illinois, Duke (1-1) plays at Tulane (2-0) at 8pm on ESPN2.

• It's the homecoming game for Duke quarterback Darian Mensah, who the Blue Devils convinced to leave Tulane for a reported $8 million NIL deal.

🦅 N.C. Central (1-2) hosts Fayetteville State (0-2) at 6pm on Saturday. Streaming on ESPN+.

🏴‍☠️ East Carolina (1-1) plays at Coastal Carolina (1-1) 7:30pm on ESPN+.

🐻 Shaw University (0-1) goes to Ferrum College (0-2) at 1pm on Saturday.