Three new student apartment projects nearing completion in Ann Arbor will offer an innovate form of student leasing – individual rental agreements within the multi-tenant units.  This is fast becoming the most popular way to rent to students in college towns.  Zaragon Place, 4 Eleven Lofts and The Courtyards will all allow individual student leases.  This frees student lease holders from the woes of delinquent roommate payments and puts the onus back on the developer to deal with collection problems.  This of course makes things a little more difficult for the landlord but nationwide similar campaigns have been a great success in attracting student renters.  It’s not yet a very common practice in Ann Arbor.

Luxury amenities are also drawing Ann Arbor student renters.  Internet access, Cable or Satellite TV and rooms with washers and dryers are becoming a common part of the offering.  Rooms at Zaragon Place will also provide furnishings, flat screen TVs, 9.5 foot ceilings, granite countertops and stainless appliances.

The Corner House, completed in 2003 also offers individual student leases.  Zaragon Place has 248 bedrooms in 66 units and will be ready this spring while The Courtyards offers 896 bedrooms and will be ready by the end of August 09.  4 Eleven Lofts has 96 units and 342 bedrooms and is also under construction.

With all this new competition what will happen to rents in Ann Arbor?  It’s hard to speculate but some of the older stock may be forced to lower rents or fix up units to fill beds.

Search all listings in Michigan with pictures and tours…Free!

Kathy Toth & Team: Ann Arbor Area Real Estate Experts

www.KathyToth.com

Keller Williams Realty

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.