Spring Break
Local realtors offer more rental properties
Tyler Will
Issue date: 9/4/08 Section: News
09/04/08 - Students who are still looking for housing may have lucked out after all. Local real estate agents and representatives of the University of Rhode Island Commuter Housing office said rental prices have gone down because there are more rental properties on the market and a steady demand for off-campus housing.
Both Joe Robenhymer of Ann O'Brien Realty and James Durkin, owner of Durkin Cottage Realty, partially attributed the increase of available rentals to a larger number of home owners in Narragansett who are trying to supplement their income in times of rising energy costs.
"They've realized the potential income," Durkin said.
Robenhymer said the amount of police crackdowns and tough economic times seem to have deterred students from living off-campus.
Because the number of houses on the market has increased, and demand has stayed the same, prices are starting to drop, Durkin said.
"It's kind of a supply and demand, if anything else," he added. "The effort to get students back on campus seems to have been effective."
Durkin cited the recent additions of new student residence halls, such as Wiley, Garrahy and Eddy halls, which are exclusive to upperclassmen.
He said in past years students have been paying about $500 to $550 per bedroom, and are now paying about $400 to $475 for each bedroom.
In hopes of getting students to move into the empty properties, realtors are offering students an array of incentives to sign leases.
"We'd probably offer them some kind of a deal," Durkin said. "We make all kinds of exceptions to get things filled."
Durkin said if a student asks for a discount on a rental property, his business would now be more inclined to meet that request.
Robenhymer said some of the homeowners who rent homes through his business are offering HDTVs or $100 signing bonuses to students.
Both Durkin and Robenhymer said about 85 to 95 percent of their winter incomes come from URI students.
Assistant Director of Student Life Leslie Williams, who works with the Commuter Housing Office, said the number of students calling to find off-campus homes has remained on-par with the last few years.
"It seems like our numbers are pretty steady," Williams said. "Based on what the realtors are saying, what the landlords are saying, we have more properties available for rental than ever before."
She added that about 6,000 students seek off-campus housing, but that only a few hundred will actually call the Commuter Housing Office.
Both Joe Robenhymer of Ann O'Brien Realty and James Durkin, owner of Durkin Cottage Realty, partially attributed the increase of available rentals to a larger number of home owners in Narragansett who are trying to supplement their income in times of rising energy costs.
"They've realized the potential income," Durkin said.
Robenhymer said the amount of police crackdowns and tough economic times seem to have deterred students from living off-campus.
Because the number of houses on the market has increased, and demand has stayed the same, prices are starting to drop, Durkin said.
"It's kind of a supply and demand, if anything else," he added. "The effort to get students back on campus seems to have been effective."
Durkin cited the recent additions of new student residence halls, such as Wiley, Garrahy and Eddy halls, which are exclusive to upperclassmen.
He said in past years students have been paying about $500 to $550 per bedroom, and are now paying about $400 to $475 for each bedroom.
In hopes of getting students to move into the empty properties, realtors are offering students an array of incentives to sign leases.
"We'd probably offer them some kind of a deal," Durkin said. "We make all kinds of exceptions to get things filled."
Durkin said if a student asks for a discount on a rental property, his business would now be more inclined to meet that request.
Robenhymer said some of the homeowners who rent homes through his business are offering HDTVs or $100 signing bonuses to students.
Both Durkin and Robenhymer said about 85 to 95 percent of their winter incomes come from URI students.
Assistant Director of Student Life Leslie Williams, who works with the Commuter Housing Office, said the number of students calling to find off-campus homes has remained on-par with the last few years.
"It seems like our numbers are pretty steady," Williams said. "Based on what the realtors are saying, what the landlords are saying, we have more properties available for rental than ever before."
She added that about 6,000 students seek off-campus housing, but that only a few hundred will actually call the Commuter Housing Office.
