This has required the apartment complexes around Oxford to figure new ways to attract students to lease them. It has not been an easy task especially when so many new apartment complexes keep popping up in and around Oxford. These new, modern complexes with lots of amenities are giving the older complexes quite a challenge to stay up to date.
“Just in the last year, we’ve had two big apartment complexes open around us here at The Retreat,” leasing manager Kori Grayer said. “ So we have to do renovations every year, to stay up to date with all the new complexes that keep opening. We also took the payment down $250, and give deals; like a free tv or computer for signing a lease to make it more attractive to students.”
For 22 consecutive years the university had a continually rising enrollment trend. This figure made the University area need more apartment complexes to open in order to house students. But in 2017 enrollment started to decline, and according to data that has come out this year, it’s not just a slow decline ,but a very rapid one.
With all the new complexes opening, the older apartments in Oxford are having problems filling up all of their leases. The Hub for example was 90% full at the start of 2015, but now is at only 55% of capacity.
Even with all the Hub’s new renovations and new additions, such as busses that go back and forth to the university, and even a game day bus that takes students to and from the grove all day for home football games, they are still having problems attracting students to live in their complex.
“We really wish the University would allow freshman to opt out of the dorms, and be able to live in apartment complexes,” Hub leasing manager Chase Cook said. “ There were so many girls last year, that had to move out of Crosby because of black mold, many of them ended up moving here anyway. If the University would not require freshmen to live in the dorms, it would help us fill up all of our leases.”
Some the apartment complexes are finding different ways to fight the decreasing student population. For example, Faulkner Flats which have switched their appeal to include non-student residents rather that trying to appeal to just the student population.
“ Half the apartments are rented by students and half are rented out by Oxford residents,” Faulkner Flats Manager Tammy Tedford said. “ The apartments are a nicer than most of the student apartments in Oxford, so it’s easy to attract residents to live in them. We also have a lot of parents who come and rent apartments for game day condos.”
With Faulkner Flats offering apartments to Oxford residents not just students, they have increased their occupancy to 95% full. They’ve also considered adding game day busses to
increase appeal and help students get to the grove safe. They feel that one of the main things things most parents are looking for when considering an apartment for their student, is safety.
There are other ways that some of the apartment complexes are competing to attract more students to reside in them. Complexes such as Molly Bar and Taylor Road Cottages are making deals using incentives with sororities, hoping that they will require their sophomores to live in them to keep their apartments full.
For whatever reason, attendance is down and competition for tenants is on the rise. Adjustments must be made to remain competitive in the market.
“If the schools attendance doesn’t go back up, no matter if it the sports programs or people just not wanting to send their kids here,” Tammy Tedford said. “All these different complexes will just have to find new ways to market or they’ll have to close down.”
Gunner Ochoa 