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  The Digital Collegian - Published independently by students at Penn State NEWS
[ Friday, March 18, 2005 ]

Eastview may affect downtown housing
Some off-campus landlords say the newer on-campus housing could create a competitive market.

For The Collegian

Students could benefit from the competition created by Eastview Terrace this year, although some local landlords say the addition might have a negative impact on the downtown housing market.

Rob Venema, property manager for Nevins Real Estate Management, said that on-campus apartments like Eastview have a sizeable impact on his business.

"For some landlords, it will mean lower prices, more services or more amenities included with rent," he said. "Landlords will have to work harder to retain their residents."

Eastview Terrace, which houses 808 upperclassmen, opened at the beginning of the fall semester.

Venema added that he could not comment on specifically how much his business might cut prices or increase services for tenants.

Kris Holzwarth, property manager for Associated Realty Property Management, said on-campus apartments like Eastview make the housing market more competitive.

"Eastview Terrace raises the bar, since it forces landlords to upgrade apartments that they offer," Holzwarth said.

Holzwarth added that the increased competition among downtown housing groups is good for students.

"When landlords have to upgrade their apartments or offer more services, students benefit," Holzwarth said.

Penn State Housing Director Sandy Harpster said Eastview Terrace was not meant to take away business from downtown housing management groups.

PHOTO: Megan Fingleton
PHOTO: Megan Fingleton
A student runs by Eastview Terrace yesterday afternoon.

"Eastview Terrace was built to give students another option to live on campus, in a single room," Harpster said.

Ryan Kupstas (senior-advertising) said that if he did not live in Eastview, he would probably live in an apartment near campus.

"The apartments on Beaver Avenue and College Avenue are relatively close to campus, but I like living in Eastview because I can still take part in campus activities," Kupstas said.

Laurie Smith Northamer, property manager for Falk Realty, said while it is difficult for her business to compete with university housing, she does not feel she will have to cut rental prices.

"We will probably have to spend more money on marketing to students, but I don't think we will be lowering prices," she said.

Harpster added that while Eastview Terrace increases the number of single rooms available on campus, the university is getting rid of some single rooms in other residence halls to keep the total number of on-campus residents balanced.

John Hanna, property manager for Continental Real Estate Management, does not see Eastview Terrace having any effect on downtown housing.

"Our units farther away from campus have been affected by competition from Eastview, but our downtown units are still attractive to students," he said. "In the long term, there will be no effect on the downtown market."


 

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Updated: Friday, March 18, 2005  12:44:08 PM  -4
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Created: Wednesday, May 07, 2008  6:52:45 PM  -4