Off-campus housing vacancies
increase
By Dave Stephens
Assistant
Campus Editor
Jeni Ware has been working in the local housing
market for 11 years and she has never seen the student housing market
look like it does now.
"I've never seen this many vacancies this close
to campus," said Ware, who now works as the leasing manager for Jefferson
Commons. "There's just never been this many vacancies for a long time."
The number of vacancies in the West Lafayette area
isn't because of a decline in Purdue's enrollment — last year Purdue
officials decided to keep the University's enrollment stable after several
years of growth — but because of the recent growth in off-campus
housing options.
Ware said current occupancy rates in the Lafayette
area are around 91 percent and that number is expected to fall to 88
percent by next year, according to the Apartment Shopper's Guidebook,
a real estate publication. The city of West Lafayette doesn't keep track
of occupancy rates.
Alan Grady of the West Lafayette development office
said city officials do see the local housing market decreasing but there's
no indication of how much.
"If there's the same demand for apartments but
the supply of apartments goes up, then the landlord will be willing
to give you a better deal," said Grady.
Although prices haven't been dropping at most area
apartment complexes and rental companies, many apartment complexes have
decided not to raise rates.
"We did not raise our prices this year, which is
unusual," said Theresa Hatten, who works for Fleischhaurer Rentals.
"Part of that reason was because of the slowdown in the economy but
also because of the new apartment complexes going up."
Hatten said that Flesichhaurer has no vacant apartments
this semester and is already leasing its apartments for next year. She
believes this is because of the rental's proximity to campus and the
fact that most apartments have two bathrooms.
But according to Carol Piris, business manager
at Sagamore Parkway Apartments, students are looking for more than just
an extra place to shower.
"We have a very nice fitness room and a state-of-the-art
computer lab," said Piris. "This helps attract students to live here."
Ware said because many apartment complexes don't
share vacancy information with each other, it's hard to predict how
the housing market is really doing.
"If people won't share their information honestly,
it's hard to know if more apartments should be built or not," said Ware.
"The market is slowing down, and at this point with Purdue freezing
enrollment, it's hard to say what is going to happen."
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