Sunday, October 13, 2013

Apartment Oversupply

According to this article from the Southern,  Carbondale is seeing roughly a 5% vacancy rate in apartments in town.  I am rather surprised it is not closer to 90%, given the amount of building that has taken place in town over the last few years and the continual slide in enrollment.

I would hazard a guess that the figures ignore the number of retail houses in the area north of West Main and around South Poplar. From what I have heard, students have chosen to abandon a lot of those older properties which landlords have only minimally maintained, preferring to move to brand new properties like the Reserve at Saluki Pointe and G & R Rentals.  In addition, there are the properties that were/are owned by Campus Habitat, which as far as I know are still closed by order of the city, taking a large number of rooms and apartments out of the rental pool.

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