As competition between student complexes rises, rent may fall
With the opening of 2125 Franklin and Hub on Campus this fall, there are more luxury apartment options available to students than ever before. As more complexes enter the market, students may see a drop in the cost of living in these new apartments.
There are four main luxury complexes near the University of Oregon campus, which include Uncommon Eugene, 13th and Olive, Hub on Campus and 2125 Franklin. Each of these apartments offer ample amenities to student tenants for a range of prices.
Hub on Campus currently charges $748 for four to five bedroom units, and is the most expensive option for students. 13th and Olive charges $599 for a unit of roughly the same size, making it the most affordable of Eugene’s luxury complexes.
Though 13th and Olive offers the lowest rates, UO junior Ryan Lund moved out of the complex this year.
“I moved out of 13th and Olive mostly because of the cost of living there,” Lund said. “That’s not to say that the cost is not justified though … they really do take care of their residents.”
According to Matt Gottlieb, leasing manager of Uncommon Eugene, competition between the complexes has caused an overall drop in the rent prices.
“The market is relatively saturated,” Gottlieb said.
According to Gottlieb, Uncommon Eugene maintains a friendly relationship with many of their competitors, such as Hub on Campus and 2125 Franklin. Despite the increased competition, Uncommon Eugene has been able to fill 98 percent of their vacancies, while 2125 Franklin is currently leasing at 75 percent.
Lund also feels that there are a growing number of options in the luxury apartment market, which makes it hard to chose the right complex.
“They are constantly adding more,” Lund said. “I actually felt a lot of pressure when choosing 13th and Olive last year.”
Gary Crum, a retired school teacher and regular contributor to EugeneWeekly agrees that rent prices will lower due to increased competition between the complexes.
“Now, [the complexes] are competing for fewer clients, so what you’ve gotta do is lower that rent a little,” Crum said.
For the cost, student tenants also have many additional services available to them. For example, 2125 Franklin offers a study lounge, free tanning, a recreation center and a fitness center in addition to other services. Uncommon Eugene provides free cable and internet, a 24-hour gym, furnished apartments and private hot tubs for tenant use.
“I had never heard about the luxury complex until after I signed a lease for 2125 Franklin in February,” UO freshman Cecelia Barjas said. “I like that there is a neat study room and game room.”
According to Lauren Gannon, regional manager of American Campus Communities, the main focus of 2125 Franklin is providing its tenants with an environment that supports their academic life.
“We want students to have a place they can call home, and focus on school. We try to provide that environment for them,” Gannon said.
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