10D THE UNIVERSITY DAILY KANSAN
MONDAY,AUGUST 16,2004
OFF THE HILL
YOU GOTTA LOVE MULTIPLE CHOICE.
By Katy Humpert correspondent@kansan.com Kansan correspondent
Apartment complexes battle for residents
For Ryne Tusten, Olathe sophomore, the tough decision this spring was not which apartment complex to sign with for the fall, but which deal was better.
As a future resident of Leanna Mar Townhomes, 4501 Wimbledon Drive, Tusten was offered either a half month free rent or a surround sound stereo system for signing the lease. He and his roommates chose the stereo system.
"It was pretty nice, they had it set up in an apartment on a TV and everything and we went and tried it out," Tusten said.
In reaction to the highest tenant shortage in six years, many Lawrence apartment complex managers launched extensive marketing campaigns, rent and deposit discounts and giveaway specials in an attempt to compete with the newly-built apartments. Other apartment complex managers chose to do nothing but sit and wait for the tenants to return. Surprisingly, both of these
enrolled this past spring set a new record of 25,348 students.
It is hard to know if Lawrence is really past the tenant shortage recorded in 2003. As of now, no one has conducted a newer survey of the apartment situation. But, according to several apartment complex employees, the initial survey conducted in 2003 may not have been accurate or reliable.
"A lot of people don't give out their occupancy when people are doing marketing surveys, so you don't really know if they are telling the truth or not," Green said.
Danielle Green, an employee at Legends Apartments, 4104 W. 24th Place, said many apartment employees lie to or do not respond to marketing surveys.
In August 2003, a local real estate appraisal firm, Keller & Associates, surveyed 35 percent of the total apartment market in Lawrence to find the average occupancy rate. Property managers reported their average occupancy at 92.3 percent, down from about 94 percent in 2001. The occupancy rate for August, 91.7 percent, was far lower than previous years. In August 2001, occupancy rate was more than 96 percent.
responses produced the same result - the return to a normal occupancy rate. This outcome is causing confusion over whether the supposed abundance of apartment complexes in Lawrence was ever a problem at all.
Linda Love, apartment manager at Park-25 Apartments, 2401 W. 25th St., experienced only 88 percent occupancy this past school year, almost 10 percent lower than normal. As of June 17, the complex only had a few one-bedroom apartments left.
"It is not a unique situation, every several years building gets ahead of the demand," Stogsdill said.
However, complaints from landlords that Lawrence's apartment market is already over-saturated haven't swayed developers from pushing for new complexes.
Sheila Stogsdill, assistant director of planning on the Lawrence Planning Commission, said at least three plans for new apartments are before the committee this month. Plans include adding on to the existing Legends Apartments and adding 18 apartment units on East 24th Street.
Love offered specials to renters such as one-month free rent. She
also allowed the one-month free rent to be spread out over a 12-month period, which equaled $50 off of each month's rent.
Tim Keller of Keller & Associates said he and his staff have no way of verifying information they receive from landlords. He also said that individual managers have different interests and have different reasons to lie to marketing surveys based on how they want the market to change.
Stogsdill disagreed with claims that Lawrence was becoming overbuilt. She said that while there had been problems in the apartment market in Lawrence, these issues had always solved themselves in the past.
It also helps that enrollment at the University of Kansas is increasing. According to The Oread, the number of students
Edited by Jay Senter
Law opport
their ta
around
Witl in Law be corn
The
3106 S
improp
It is or
the Sa
year. It
was $4
quart
increase
accor
site.
Loc
ried th
drive t
VEGETABLES