The growth of university campuses in Italy during the late twentieth and early twenty-first centuries has significantly impacted local economies and housing markets. This expansion has increased financial activity for local businesses, new services, and a substantial rise in rental housing demand. However, the real estate market surrounding universities exhibits unique characteristics, as the demand is distributed among residents, students, workers, and tourists. This distribution influences the convertibility of real estate investments and affects risk levels. This analysis focuses on Enna, home to the “Kore” University, highlighting the predominant impact of student demand on the real estate market. A simplified model with the build-up approach was created to forecast trends related to university variables, such as enrollments and university policies, and their impacts on the rental housing market, introducing a specific risk premium. The study offers an original methodological application for evaluating risk related to student rental in a university city.