The Eastern Michigan Board of Regents approved maintaining apartment rental rates at their current FY08 levels, with the flexibility of offering discounts and incentives, at its regular meeting April 1.
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RATES HOLD STEADY: The Eastern Michigan
University Board of Regents approved maintaining
rental rates for apartments, including Brown-Munson
(above), at current rates, with the flexibility of
offering discounts and incentives. The goal is to raise
the apartment occupancy rate on campus as well as
increase overall apartment revenues. |
The Board also approved a new apartment summer storage program, which will enable current lessees to store furnishings and belongings during the spring and summer terms at no charge as long as they have signed a rental contract for Fall 2008.
Retaining the 2007-08 apartment rental rates will allow University Housing to remain competitive with the surrounding market; retain current residents and attract new students to campus housing. Discounts and incentives will depend on apartment availability and prevailing offers in the local market.
The request was presented two months earlier than the residence hall rate proposal to allow time to attract current students to rent on-campus apartments. It also will allow students to secure housing and sign leases prior to leaving campus for spring and summer terms.
These strategies will help increase the budgeted-for occupancy rate to 75 percent, and increase overall apartment revenue by approximately $200,000.
