Editor's note: This is a follow-up to an earlier post about the City Vista property.
The rents for the new City Vista apartment complex have been distributed to students. Setting these rates has been a gargantuan task for a number of staff members. In early January campus apartments were a mere item on a crowded campus wish list. That changed when this luxury apartment complex became available and the University seized the opportunity to make the purchase.
The challenges in setting rent have been the following:
- identifying rates that reflect the true value of the apartment units
- setting rates that are competitive with other nearby apartment complexes
- finding prices that aren't out-of-balance with current main-campus dorm rates
Additionally, students should note that meal plans are not required in the apartments.
Students can rent units at costs ranging from $4,500 per semester up to $7,875. The lower rate is for students living two to a bedroom in a three bedroom apartment and is in the ballpark of traditional dorm costs. The higher rate is for one person in a one-person bedroom.
Some of us have taken to determining setting the final rents as finding the "sweet-spot." Time will tell if we hit it, but here are some factors for students and their families to consider related to the value of living at City Vista.
There are many amenity related benefits included in the rent:
- kitchens in all units
- washers and dryers in all units
- light furnishings including beds
- utilities (water, heat/ac, electricity)
Additionally, these harder to quantify benefits are noteworthy:
- proximity to campus
- ease of comprehensive billing
- financial aid compatibility
- campus security
- flexible 10-12 month terms
- ease of move-in with services already set up
- private pool
The property offers students, particularly seniors, an excellent value and housing option. When considering the rent, hopefully students will consider all of these factors in evaluating the true benefits and value of being among the first group of students to live on this terrific campus property.