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Monday, December 04, 2023

Some students and Gainesville residents could pay a little more for apartment living next year.

According to UF's Off Campus Life office, the average rent decreased over the last several years. However, that trend could be reversing, according to some complexes in town.

The average price a tenant paid for an all-inclusive four-bedroom apartment went from $580 each month to $420 each month over the last eight years, said Nora Kilroy, Off Campus Life director.

A few years ago, the price of renting an apartment in town dropped for two reasons, she said.

The country entered an economic recession, she said, and at the same time, several new complexes were built, so supply increased while demand stayed about the same.

The Off Campus Life office collects rent prices from 10 to 16 apartment complexes every year around Spring Break and then calculates an average rent for the next year, she said. This average doesn't include any incentives offered to new or returning tenants, she said, and after she collects the prices they rarely change.

Kilroy said her office hasn't collected rent data for next year yet. But if rent does increase, it's likely because the cost of maintenance has gone up for the complexes, she said.

At Looking Glass Apartments, rent will increase by about 3 percent next year, said co-owner Clay Kallman. Rent prices stayed the same for a few years after the recession began, he said, but last year the prices returned to their normal yearly increase.

Kallman said because Looking Glass is locally and family-owned, the company can respond more quickly to changes in the market.

"We don't see the same kind of swings as other complexes," he said.

Complexes also differ in what they include with rent. Some offer combinations of utilities, cable, Internet, furniture and parking.

At The Courtyards, residents signing new leases could pay $20 more each month than this year's rate, said leasing consultant Natalia Neira. And at Royal Village, tenants will pay $16 to $20 more each month than what they pay now, said community assistant David Barrientos.

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Two bedrooms at 2nd Avenue Centre, formerly known as Jefferson 2nd Avenue, will cost $20 more each month, said assistant manager Lauren Schaffer. This increase fits with current trends, she said.

The four-bedroom apartments there will cost about $70 more. Schaffer said this increase is more than usual because the complex wanted to be more competitive with others in the area.

At University House, the average price tenants currently pay for a two-bedroom is $655 each month, while four-bedroom apartments cost $524 each month, said community manager Christina Emanuele.

The market is recovering and rent prices are stabilizing, she said, so she doesn't expect rent to change much for next year.

Trimark Properties, which owns 23 apartment complexes in the Sorority Row area according to its website, declined to comment.

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