New apartments compete for student housing

By Kristen Liszewski

Monday, July 6, 2009

Two new apartment complexes have recently established Lawrence as their home. But the housing industry may face the same economic crunch that students and residents are facing.

Although students will always need a place to live, some local apartment complexes are finding it difficult to persuade college students to lease their properties. The Grove, 4301 W.24th Place, is still under construction but has increased its promotional incentives for students. Jill Dryden, assistant manager of The Grove, said they were waiving application fees and offering Visa gift cards to those who would commit to a lease.

New apartment complexes have also been competing with each other. The Exchange, 2040 W. 31st, is also still under construction and is offering promotions similar to those at The Grove. However, Dryden said she had no worries about economic problems affecting business.

“Our late market was what held us back from getting leases, but we are at a good rate now, especially so close to move-in dates,” Dryden said.

Dryden said The Grove had 300 hundred units that would be available for move-in in early August. As of now, half of those units have leasing commitments. She said she thought the Grove would be full for move-in day because there were still students out there looking for places to live.

Legends Place, 4101 W.24th Place, is a student-living complex that has called Lawrence home for six years. Kelly Bradley, property manager of Legends Place, said the complex would be at about 80 percent full next semester, which was the same number as last year. She said new leases were making up for the number of students who could not renew their leases.

“We had more contract dropouts this year than we’ve had in the past,” Bradley said. “Due to financial struggles residents just weren’t able to continue their leases.”

Bradley said she thought the new competition in the area had affected the Legends’ ability to be as successful as it typically was. She said there hadn’t been a shortage of student housing in Lawrence and was surprised when she heard of the new properties’ construction.

“From a personal and business perspective, we strongly don’t feel there was any need for those new complexes,” Bradley said.

Erica Collins, Lawrence junior, said that as a leasing agent for The Grove, she has been working on the promotional aspect, encouraging students to check out the complex and take tours. She said part of her job was to come up with new and innovative marketing tactics to attract student attention to The Grove.

“People love free stuff,” Collins said. “We’ll hand out free cold water bottles on hot days, and just being up close and personal with students on campus really helps getting our name out there.”

Collins said The Grove also hoped to sign incoming freshman who were either late on housing applications or who did not want to live in residence halls.

Kyra Myers, Pratt senior, also works as a promotional leasing agent for the Grove. She said The Grove had to increase its incentives in order to get students to sign with them because the economy and competition of the Exchange had definitely affected their number of leasers.

“According to corporate, The Grove in Lawrence is struggling,” Myers said. “Corporate keeps asking us why we’re not doing well, and it really is just because Lawrence is a different kind of market. Our market is college students, and they’re having financial problems.”

— — Edited by Jason Baker

Advertise Here

Comments

Use the comment form below to begin a discussion about this content.

Advertisement