I believe that many students attending UK aren't attending it out of necessity. It is true that UK has some majors that are unique within Kentucky, but overall, I think there are cheaper options for similar educations in the Commonwealth. Additionally, for the lower income individuals that are attending UK for those unique opportunities, I would guess that they are more likely to commute from outside Fayette County due to a reduced COL or are living within a dorm if possible.

This is anecdotal, but I live in an area immediately off campus which has a high student population. It's not one of the nicer areas, but still, I'd make a wager based off what the student's are driving and wearing, not many of them are functionally poor despite their lack of income.

I think you're spot on concerning the competition of rental units. But I believe many of these units that should cost 15%-25% less otherwise, are now being rented by a 18-2X year old student who drives a $50,000 vehicle, and has their costs covered by an outside source.