With the economic recession, rent prices have increased for off-campus apartments in Plymouth, New Hampshire. Rising rent prices have affected many students already and are expected to worsen in years to come.
Landlords work hard to please their tenants. Unfortunately for some renters, sometimes independent landlords live far away from their properties and can’t meet all the needs that tenants have for maintenance. According to Jeff Therrien, President of Inter-Lakes Properties, he, Stoppe Management, and independent landlords meet frequently with Plymouth State’s Residential Life Director, Frank Cocchiarella, to discuss changes in campus policies, possible vacancies and to compare rates.
PSU’s Residential Life made a recent change in policy that states that all first and second-year students attending the university must live on campus. This affects much of the business that off-campus leasers receive, as on-campus housing has more vacancies now since the construction of Langdon Woods and the re-opening of Mary Lyon. These residential buildings charge a premium price and offer half the privacy. Off-campus apartments render each student with his or her own room, giving them more isolation for studying and sleeping.
Prices for on-campus housing are often more expensive than off campus housing and varies with location. On-campus housing ranges from $2200 per semester for a triple in Belknap or Pemi, to $3600 per semester for a single in Langdon Woods. Inter-Lakes offers rates of less than $2600 per semester. Some utilities, such as internet and electricity are not included in the semester price. The prices of off-campus apartments are rising, though, and may yet see eye-to-eye with the prices of Plymouth State’s residence halls.
“It’s been an ugly winter,” said Therrien. The price of oil, which is used for heating in several of his buildings, has gone up and the expense for snow maintenance has increased. Since all the tenants in apartments for this academic year have already paid in full, Therrien said this cost influx will be reflected in future rent.
Forwarding the costs of one year to the next is a necessity for landlords. They have no other way of compensating for their losses. Although the property value of their apartment buildings has gone down and continues to diminish, the prices of rent are based on the costs of maintenance, which are rising steadily. Tenants at the other end must pay more for the same services. Therrien offers some practical advice for students looking to live off campus, yet save money.
“Take your time and make the right decision… pick a place you’re going to live for two years,” said Therrien. He also said that shopping for rates is an important factor in today’s market, and something that tenants take seriously before they sign a lease.