Editorial: New apartments could mean cheaper rent

By Kevin Hardy

Tuesday, July 14, 2009

Students are paying more for everything. Groceries cost more. Tuition just increased. Gas prices are unpredictable.

The deteriorating economy seems to be affecting almost every business in every industry. Yet, massive apartment complexes are still being built throughout Lawrence.

The Exchange, 2034 W. 31st St., will soon open offering 300 apartments targeted at students. And The Grove plans to offer another 300 new apartments. Both complexes will open in August, with the potential to house hundreds more students.

And, it’s not as if these new complexes are replacing older units or homes in the Oread neighborhood. We don’t see other complexes being demolished or closed.

All that added competition can only be a good thing for students.

Of course these new complexes aren’t your run of the mill apartments in the student ghetto. Yes, they will cost more. No, they’re not located just a few hilly blocks from campus. They’ll probably be larger, newer and cleaner. But the laws of supply and demand still suggest that these new developments will bring prices down across the Lawrence market.

These lower prices may not be realized immediately. It could take a year or so for other landlords to adjust to the growing supply of housing. But, the effects of the rising housing stock are already being seen.

The Grove and The Exchange are already offering move in specials and promotions. Cheaper rent, lower (or no) fees and even incentives in the form of gifts are being offered by Lawrence leasing agents.

For every day that gets closer to Aug. 20, leasing agents become more and more desperate to fill empty apartments. So students who haven’t signed a lease yet might want to wait it out. And those brave enough to wait to sign until the first week of classes may cash in on some great deals.

It goes without saying that the student housing market in Lawrence will always be strong. As long as the University is around, students will need a pad to call their own. But every new complex that pops up could mean a few extra bucks knocked off each student’s rent.

In a time when everything seems to be getting harder, the Lawrence housing market might have just become a little softer for many KU students.

— Kevin Hardy for the Kansan Editorial Board

— — Edited by Steph Schneider

Comments

phaeton (anonymous) says...

Kevin,

My question is fair or right to charge students who signed up in February or March several hundred dollars more to live in "The Grove". They didn't get the Two Month's free rent and all the other freebies being offered now that the landlord is hurting for tenants in their buildings.

Is this not discrimination by the owners of the complexes who might not even be able to deliver the apartments in time for the students to move into the complexes. Ya’ they might be great places but charging one student more for signing up early is very discriminatory and should not be allowed. Hopefully students will be treated right and the rent’s adjusted to what ever the lowest price and deal being offered to any student.

Some students are paying 375.00 per month and others 550.00 for the same space. Is that right based on the time they signed?

Will you go back and do a follow up story and see if they are doing the right thing at "The Grove"?

July 29, 2009 at 6 p.m. ( | suggest removal )

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