Monday, November 18, 2019

Empty Rentals

Article in Sunday's Southern looked at the state of rentals in the city. With 70% of housing in Carbondale in rental property, an estimated 30% of that remaining empty is pretty disheartening. A lot of them are up for sale too. A three building complex on East Grand sold for just over $1.5 million last July, Home Rentals appears to have over $9 million in properties listed for sale as a group and the owners of The Quadrangle complex have listed it for $2.6 million

The problem, of course, is that most of these properties were built for a time when the student population at SIUC hit over 24,000. Currently , there are only about 11,700 students enrolled this fall. From what I have heard, the new Evolve building in downtown has never managed more than a 60% occupancy rate and there are rumors of at least 2 more apartment complexes planned for the south side of town in the next couple of years.

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