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Thursday, November 3, 2016
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@TheLantern
Year 136, Issue No. 58
FALL HOUSING SPECIAL SPECIAL ISSUE ISSUE
Housing prices on the rise Survey data from Undergraduate Student Government shows a spike in rent for 2016-17 SAM HARRIS Assistant Campus Editor harris.2373@osu.edu With leasing season in full swing, students can be found combing the University District for adequate — and affordable — housing for the 2017-2018 academic year. The search for housing that won’t break the bank might be a little more difficult this year, according to the average rent cost released in The Undergraduate Student Government Renter’s Guide. The guide puts this year’s average rent at $510 per student, not including utilities, a $40 increase over last year’s $470. USG determines the average price each year by sending a survey to 2,000 random undergraduate students, said Shamina Merchant, the USG director of student affairs and a second-year in information systems. “For each of the landlords that we included (in the guide), those are people that we have had at least three responses for,” Merchant said. “This is done so we can make sure that (the prices) are accurate.” This year’s survey yielded a lower response rate than years prior, at roughly 259 students,
Cost of living off campus Data from Undergraduate Student Government
Student repsonse rates 22%
$550
24%
13%
$500 $450
Kelly Jones had only been out of the country once — to the Canadian side of Niagara Falls. “It was really touristy,” said Jones, a third-year in health sciences. Her international experience was broadened, however, when she participated in Ohio State’s Second-year Transformational Experience program. With the grant she received from STEP, Jones studied abroad in Germany, where she has relatives from her mother’s side of her family.
“It comes across as a complete sell-out ... I mean, how many billions of dollars does Ohio State need? And now they are taking out of our livelihood.” Garth Denlinger Property manager, Cooper Properties
Year
2014
about 13 percent of the 2,000 contacted. In the 2015 edition, USG had nearly double the response rate at 24 percent. 2014’s survey also had a response rate of 22 percent. Therefore, non-response bias could create a perceived rise in prices. Itzhak Ben-David, an associate professor of finance, said other factors within the housing market
2015
STEP — which requires living on campus as a sophomore — was piloted during the 2013-14 school year, ahead of OSU’s implementation of its requirement that sophomores live on campus. Those who participate in STEP conceive a project, work on it throughout the year and make a proposal and budget for a grant. Finally, they present their work at a poster exhibition. Jones used her $2,000 grant to cover all but a few hundred dollars of the cost of her study-abroad program fee. The Berlin-based program she was in was a part of May session, so tuition was free. The only thing left for her to pay STEP CONTINUES ON 5
MITCH HOOPER Engagement Editor hooper.102@osu.edu
2016 ROBERT SCARPINITO | MANAGING EDITOR FOR DESIGN
could be at play, however. “House prices increased over this period since the economy is transitioning out of the 2009 recession,” Ben-David said in an email. “Rents typically follow home value appreciation. The reason for this is that for an investor who owns a house, the alternatives are either to sell the house or to rent it. If sale prices increase,
then rent increases as well.” Another explanation for this increase in rent could be attributed to the trend away from home ownership, Ben-David said. Since the demand for rental properties is rising, the price follows suit. “Generally, rents have gone up as home ownership rates have been declining since their peak at RENT CONTINUES ON 5
Student takes STEP toward connecting with culture NICK ROLL Campus Editor roll.66@osu.edu
Landlords worry over future of market
COURTESY OF KELLY JONES
Kelly Jones, right, a third-year in health sciences, poses for a picture in Berlin during her 2016 May-session studyabroad program.
With the second-year living requirement now holding sophomores on campus, the lack of students out house hunting this leasing season has many landlords expressing concern: If second-year students are required to stay in the dorms, how will this affect the off-campus leasing market? According to Ohio State’s 2016 Enrollment Report, 7,885 freshmen were enrolled on main campus, which translates to about 11.9 percent of the main campus population. As stated on the Second-year Transformational Experience Program website, an OSU study found that living on campus procured academic benefits. However, with the implementation of this living requirement, off-campus housing companies will lose business to the dorms. Garth Denlinger, the property manager with local realtor Cooper Properties, said that even though it’s early, he’s beginning to notice subtle changes. “This year, we don’t know how it’s going to shake out,” Denlinger said. “We’re doing OK, but we still have a lot of units to rent out.” Though Todd Jessup, general manager of University Village
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