As students rush to sign leases on apartments in West Campus for the coming year, apartment complexes are rolling out their updated prices for 2014-2015.
Major competitors in the West Campus housing market including 2400 Nueces, The Quarters on Campus, 26 West and Twenty Two 15 have recently released their new prices. 2400 Nueces, 26 West and The Quarters on Campus have raised their prices for the 2014-2015 year. 2400 Nueces raised the monthly per person price of its two bedroom/two bathroom from $968 to $1,009-$1,019, its three bedroom/three bathroom from $849 to $899-$909 and its four bedroom/four bathroom from $796 to $839-$849.
The Quarters declined to release their pricing for the current 2013-2014 year. According to a representative at Quarters, the apartment complex justifies its price raise with a market survey that compares the prices of all apartments in West Campus and assesses the value of space in terms of dollars per square foot, which deems the new prices competitive in the current market.
Zach Garcia, real estate specialist and operator of Mr West Campus, a local apartment locator, said the price of housing in West Campus should be declining, not rising.
“I think the prices will eventually fall, mainly because so many high rises have been added recently — Callaway, the Crest at Pearl, Axis,” Garcia said. “At some point, something’s got to give. We have this early rush of students signing leases in the fall, but in the spring semester the apartments will need to reassess their prices based on available occupancy.”
Housing in West Campus remains significantly more expensive than in Riverside, which requires a commute to campus. A four bedroom/four bathroom in West Campus runs with prices starting at $774 at 26 West, $825 at Twenty Two 15, $835 at Quarters and $849 at 2400 Nueces. In Riverside, one can find a four bedroom/four bathroom starting at $490.00 at Village at Riverside.
21 Rio is one of the apartment complexes in West Campus that has not yet released its pricing for the coming year.
“We’re hoping the prices will be lowered, because we’re under new management and they have to consider the addition of so many new properties to West Campus when setting pricing,” 21 Rio representative Ashley Gray said.
Nicole Stankus, an architecture freshman who is paying her own living costs in West Campus for the 2014-2015 year, will deal with the high prices by attempting to work within the complex she chooses to live.
“For me it is difficult to afford West Campus, but the convenience of proximity to campus is appealing, and that is the draw for most students whether they can afford it or not,” Stankus said. “Personally, I’m looking into getting a job within the building to offset the cost of rent and possibly cover it.”