North Texas Daily

Apartment prices rise as housing demand increases

Apartment prices rise as housing demand increases

Apartment prices rise as housing demand increases
February 25
15:15 2022

As the leasing season for fall 2022 is beginning, some students are struggling to find off-campus housing options that are within their budget as inflation causes rent prices to increase. 

Median rent prices are increasing across the country due to a nationwide housing shortage and higher demand as young adults enter the market, according to AP News. There is a minimal increase in rent prices that happens on an annual basis in Denton and all over the country due to supply and demand, said Rick Whyte, director of the Off-Campus Housing Source for the university. 

“Students need to realize it’s been a very difficult comeback for these student-living communities because of COVID,” Whyte said. “These kinds of elements are happening all over the country, and with inflationary times happening now, cost of living is going up.”

Enrollment at the university has reached an all-time high for the spring, surpassing 40,000 students this semester, according to a University of North Texas press release. On-campus housing has 6,300 beds, Whyte said, and with 40,806 students, about 34,000 live off-campus. This group faces rising unit prices and properties filling up quickly.

U Centre at Fry Street, an apartment across from campus that houses 525 students, is 90 percent pre-leased, compared to last year’s 35 percent, community director Albany Martin said. This has caused rent prices to increase since last year.

“Because of this drastic difference, our prices are a lot higher just because of the high demand,” Martin said. “Our rates increase in different ways. Right now, we have seven spots left for our current special and after those spots fill up the rates will increase again.”

Due to this high demand, Martin recommends students try to lease as soon as possible to get the lowest rates. 

Music education sophomore Sarah Hart said next year will be her first year living off-campus, and she has noticed an increase in rent at various apartments compared to this time last year. 

“I have managed to find something in my price range but I am worried that prices will go up significantly to the point I am not able to re-sign and will have to move again,” Hart said. “I should have signed a lease earlier, but I wasn’t sure.” 

Psychology freshman Angelina Miljanic said she felt frustrated by the housing situation because nobody was talking about it.

“I didn’t even know I was supposed to be worrying about where I am going to live in the beginning of February,” Miljanic said. “I had trouble finding honest feedback about apartments and found that all of the apartments that were close to campus were very expensive.”

For students planning to live off-campus in the fall, there will be a housing fair in the library mall on March 30, which will feature off-campus apartment and student living communities, as well as other resources and information. 

It’s really kind of the beginning of the leasing season in reality,” Whyte said. “All these student living communities will be there, they might have specials and they are available to answer any questions students have.” 

Image source UNT off-campus housing

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Jillian Nachtigal

Jillian Nachtigal

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