Rent will increase 10 percent for Waterview Park Apartments (WP) residents when lease renewals come due, in part to pay for maintenance upgrades, which cost the university about $530,000 last year.
Administrators and housing officials set the amount of the increase based on a market survey. The price factored in the convenience of living on campus and as well as demand for on-campus housing, said Vice President for Communications Susan Rogers.
At one point last fall, about 300 people were waitlisted for housing at WP. This semester, about 50 are on the waitlist, and roughly 100 are in line for apartments next fall, Rogers said.
"No one expects that anyone would like to pay more for something, but it's reasonable given market demand and maintenance costs," Rogers said. "It would be a shame to spend the money to improve (the apartments) and not take care of it."
Also, past rent increases were not enough to keep rent prices at market level, Rogers said. She added the increase places WP rent in the middle of the spectrum with similar housing in the UTD area.
The announcement was timed to give residents time to make an informed choice when lease renewals are due, usually at the end of the spring or summer semester, Rogers said.
The rent increase is expected to generate about $500,000 annually in revenue for WP operations.
Editor's note: More on this story coming in the Jan. 29 issue of The UTD Mercury.
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