The struggling economy has left more unoccupied rental properties scattered in neighborhoods near Ball State University.
This year 6,606 students are living on campus, compared to the 5,339 students who called the residence halls home in 2000, the first year of the Premium Plan, Alan Hargrave, director of housing and residence life, said.
With more options for students on campus, landlord Ron McShurley speculates that local landlords will either have to change their strategy or back out of the game.
"It's harder to lease houses than it was a few years ago," McShurley said. "Kids are picking nicer properties."
McShurley, who has been renting out houses and apartments for 28 years, said that landlords need to understand that they can't just expect to make a quick buck, especially by overpricing older houses that are in bad condition.
"What I've noticed over the years is that during the past couple of years a lot of people got into [renting out properties] thinking they were going to make quick money," he said. "A lot of properties are empty and they look bad on the outside. Landlords need to maintain their properties because students are selective."
Between the opening of Park Hall in 2007, the newly-renovated DeHority Complex and Thomas J. Kinghorn Hall set to open next fall, students seem more likely to want to live in the new dorms on campus instead of the older houses right next to campus, Hargrave said.
"I really think it's the newer facilities we're putting up as well as the new renovations," Hargrave said.
He and others also give the Premium Plan credit for the increase of students on campus. Freshmen can choose the two-year agreement when they first sign their housing contracts instead of signing on for just one year, he said.
The contract ensures that the students will live in the residence halls for two years at a fixed rate. It also gives students an additional $50 on their Dining Plus each semester, a free stadium parking pass, priority room sign-up and they can move into the residence halls at an earlier date than the other students.
"We have more attractive options than we did a few years ago," Hargrave said. "All of that brings together a more attractive option for students."
Apartment complexes in Muncie haven't seemed to have been hit like landlords around Ball State have. Apartments such as University Estates and Windermere Place are thriving even though many thought that with the bad economy and the Premium Plan offered to students, that apartments would take a hit this year.
"Actually, [our number of occupied apartment units] have increased this year up to 94 percent full," Carrie Davis, a leasing agent at University Estates, said.
Windermere Place Property Manager Tina Mays said the number of residents at Windermere hasn't changed much.
"Our big leasing season is in November, but this year people weren't sure if they were going to be able to afford it. So [our big leasing season] ended up being in the summer after students knew how much financial aid they were getting," Mays said.
Some larger apartment complexes are offering deals to attract students in tough times. By last spring, Windermere Place started offering deals to new renters including the option to receive a free Wii, iPod, $250 gift card, a flat screen television or free rent for the month of August. It also eliminated its application fee and started matching its price to competitors to get more leases signed. Now, 95 percent of Windermere's units are occupied, Mays said.
"We'll go through the lengths to offer a deal to students," Mays said. "With North Hall getting ready to gear toward older residents, we're trying to keep them here."
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