You are hereRent prices rise for students living on University Hill
Rent prices rise for students living on University Hill
Boulder, CO- There is a new crazy trend happening around the University of Colorado in Boulder, but this time the students aren’t the ones provoking the movement.
For the first time ever students living on University Hill are being expected to pay an average of $800 to over $1,000 per month. These figures can be seen consistently with many of the property management companies as well as private owners leasing property on the Hill.
Four Star On The Hill is a property leasing company that has a fairly large footprint in the University Hill marketplace. Property Manager, Benny Swan said, “The price point varies in each area. On the Hill I think you’re mostly going to see $800 as a baseline and up to $1,000, $1,100, $1,200.”
When asked about the recent trend in rent costs Swan said, “I think over the last three or so years that there’s been a slight increase from five to ten percent of a rental increase annually.”
This price inflation has only been a trend for student housing on University Hill, mainly because it’s the most sought after when students move off campus. Students who live elsewhere can expect to pay as low as $400 per month.
When asked why students accept the high prices on the Hill, University Hill resident Taylor Buske said, “I think it’s mainly the location, and it’s the hype of the Hill. There’s a whole bunch of stuff around here, a whole bunch of restaurants, a little bit of shopping, it’s pretty close to Pearl and it’s not that far from campus.”
Location is just one of the reasons students endure the hiked prices. Some students live more luxuriously in the many new student apartments and condos that have been developed and leased for closer to $1,200 per month.
Most students who want to enjoy the proximity and overall vibe of the Hill are starting to become agitated at the ridiculous prices.
Katie Blackwell, a current resident on the Hill, said, “A lot of people do complain because prices keep going up every year and it’s kind of getting ridiculous.”
The students may be able to rest easy in the upcoming years because the cost of rent is expected to plateau and/or lower with the constant complaint by the students.
Swan said, “People are still having increases, but I think it’s getting to the point where owners have to be more conservative about their price increases, because the market can only take so much.”
Swan went on to say that, “some companies have listings too high, and constantly raise prices not based on the market and have problems with vacancy, because there’s not that many people that can afford $1,000 a bedroom.”
For more information regarding housing in boulder you can visit www.bouldercolorado.gov and look under the division of housing section of the website.