University experts agree that finding affordable housing around Monmouth is no easy task. In order for students to get the most bang for their buck they should keep open minds and take the time to consider all of their options.
Don Moliver, Dean of the Leon Hess Business School and founder of the Kislak Real Estate Institute, feels that students who broaden their search area are likely to find better deals and wind up with more options. “As you move away from the coast, things will tend to get a little bit cheaper,” said Moliver.
“I think that because we’re right by the beach and the surrounding towns for the most part, are wealthy, we get charged more for rent,” said senior communication student, Erica Bogert.
According to data from Rentcafe.com, the average rent for an apartment in West Long Branch is $2,133. If a student is willing to live a bit further from campus, they should consider checking out Long Branch or the Atlantic Highlands. These nearby towns are significantly cheaper, as the average monthly rate is $1,730 for Long Branch and $1,352 for the Atlantic Highlands.
A new trend has taken root around the Monmouth area in regards to how rent is being collected. “More and more landlords are getting the rent based on the number of people in the house,” said Moliver. What that means is that rather than charge a flat monthly fee to be divided up amongst housemates, landlords will name a price-per-head.
“From a student’s perspective, they think, ‘Great, it’s only X amount of dollars [per month],’ but the landlord is actually picking up extra revenue by doing that,” said Moliver.
Moliver is not the only one to notice this change in procedure. Senior communication student Julia Duncan said, “Real estate agents around here will take advantage of you because they know that you are an inexperienced college student.”
In terms of a student’s bargaining power, “Unfortunately, there is usually not much students can do to negotiate lower rents, as there are usually more students wanting homes than the supply of homes available” said Director of the Kislak Real Estate Institute, Peter Reinhardt.
Following the theme of supply and demand, “If the landlord has got four people who want to see a place, your bargaining power is different from a situation in which nobody has knocked on their door for weeks and the landlord is anxious to get rid of the place…in terms of negotiating, it’s like anything else, there’s a supply and demand for everything,” said Moliver.
In order to ensure that you are getting your money’s worth, an open dialogue with the landlord is absolutely necessary. If one fails to do their research and ask about the rent and what utilities are factored in, they may end up paying far more than what the place is worth. “Definitely look earlier in the year,” warns Duncan. “If you wait too long, all of the good houses will be gone.”
In addition to going through a realtor or broker, students have the option to live in University sponsored off-campus housing. Monmouth sponsors two housing apartment complexes: University Bluffs and Pier Village, both located less than three miles from campus and come equipped with a kitchen, furnishings, utilities, and basic cable and internet.
University Bluffs apartments house two people in a double occupancy bedroom for $5,307 per semester and Pier Village offers housing for four people with two double occupancy rooms for $13,211 per person per annual year.
“The value is in the location of each and the ease of being able to deal directly with the University as opposed to a landlord,” said Theresa Lowy, Associate Director of the Kislak Real Estate Institute.
Another benefit of choosing sponsored housing is that it is compatible with students’ financial packages.
“I would have never considered living here [Pier Village] if it wasn’t sponsored through Monmouth…everything is inclusive for me and goes through my loans and financial aid so that I don’t have to worry about any extra out of pocket fees or expenses,” Bogert said.
Unlike most off-campus rentals that offer seasonal stays, the sponsored housing allows students the option to sign a 9 or 11-month lease allowing students the option to spend their summer at the Jersey Shore, which is almost never an option on a college student budget.
“I used my 11-month lease to my advantage by living here through the summer and taking both a job and an internship that were local,” said Bogert.
One negative, however, is that University sponsored housing might not offer students as much personal space as they would like. “For the amount of money I spend on room and board, I feel like I should have the option of living in a two-bedroom apartment with just two people without increased prices,” she said.
For this reason, Duncan opted to live off-campus and go through a realtor rather than the University.
“I wanted my own room. It’s so nice to live in a house with your closest friends, yet still all be able to have your own space inside,” she said.
All across the board, Moliver, Lowy, and Reinhardt agree that communication between the student, realtor and landlord is key.
All parties need to be on the same page concerning expenses and expectations.
“Sometimes the fine print or what you thought was the understanding is buried in a contract… and sometimes these contracts are not the easiest things to decipher because there is legalese [formal language] in there,” said Moliver, who feels that while there is plenty of opportunity out there for students, it is always a good idea to proceed with caution.
IMAGE TAKEN from NJ101.5
