After renewing their lease at Park 25 located
"We wanted to move to a brand new apartment but we knew the vinyl flooring would change it up, so we decided to stay," Jarrett said.
Park 25 tenant, Kenit'a Jarrett, discusses why she renewed her lease.
Apartment complexes in
The new complexes are The Exchange located at
The Exchange, which will be the largest complex in
"People tend to want a place that's new where they can say they were the first person to sleep in their room," Cody Quintero, the Leasing Manager of The Exchange, said.
Receiving the most pressure from the new complexes is Legends Place Apartments located at
"Our biggest competition will be The Exchange because we offer a lot of the same products with similar prices. So it's up to us to be just a little more aggressive," Megan Sweeney, the Leasing Manager of Legends Place Apartments, said.
Legends place apartments retained 20 percent of its tenants for the fall semester and is also offering promotions of one month free to new tenants.
Sweeney said she hopes Legends Place Apartments and
"We could send people seeking one-bedrooms to them, and they could send those looking for multi-bedrooms to us. It would be very beneficial to the both of us," Sweeney said.
Shannon Myers, the Leasing Manager of Remington Square, said her team will reach out to many who do not want roommates.
Park 25 is also offering a promotion that will charge a new tenant a prorated move-in fee for the amount of the day in which they signed the lease. For example if someone signed the lease on May 2, 2009, they only need to pay a prorated fee of two dollars.
"We like new tenants, but we don't want to lose our currents ones after their leases are up. The small renovations are a 'thank you' for living with us again," Courtney Stillings, Leasing Consultant for Park 25, said..
Current complexes are offering what some said they have never seen.
"The Reserve did not offer me free rent when I moved in last summer and I don't think they ever have before. They are probably nervous of their new competition," senior Gary Taylor, a tenant at The Reserve, said.
The Reserve is pushing its marketing team to advertise in different places such as daily in the University Daily Kansan and other places on campus. Also, The Reserve is waiving application fees and offering the first month free of rent to tenants upon applying to attract as many new people as possible.
"Right now we are more concerned on attracting new tenants than maintaining our current ones," Laurie Monroe, the Leasing and Marketing Manager of The Reserve, said.
While complexes scramble to attract new tenants and keep their current tenants, other complexes sit back and watch.
Todd Foster, the Leasing Manager of Village Square located at
"We have more of supply than demand at all of our locations:
The three new apartment complexes are scheduled to open in August.
