Living off-campus may be a luxury compared to on-campus student housing, but the stress of some IU students is growing as housing prices in Bloomington continue to rise.
Living off-campus may be a luxury compared to on-campus student housing, but the stress of some IU students is growing as housing prices in Bloomington continue to rise.
Mitchell Cline is a Kelley School of Business sophomore at IU and has been living at The Quarters since August. This off-campus apartment complex deems itself as a “premier apartment community,” and is one of several apartment complexes in Bloomington with monthly rent prices at or over one-thousand dollars a month.
Cline, who’s unsure whether he will re-sign at the Quarters for next year, says he feels that apartments in Bloomington are more expensive than those at other universities.
In a time of economic uncertainty, the cost of living plays a big role in deciding where to live, and Cline agrees: “The biggest factors for like housing for me was price,” Cline said, “I felt like a bunch of the apartments around here were super expensive.”
Johnathon Erdmann is the property manager for The Quarters. He says that national rises in prices in the housing market also play a factor in deterring prices for units here in Bloomington.
“Historically speaking a national average you’re gonna look at anywhere from 3-5 percent increases from year to year on rates in a normal economy in a normal setting, which we’ve historically done usually three, three and a half percent increases since we’ve been open back in 2018,” Erdmann said.
Johnathon Erdmann, Property Manager for The Quarters Bloomington. Erdmann says the Quarters raised rents just under the national average increase, and that their prices set them apart from other complexes in town.
Mitchell Cline lives in a two-bedroom unit at The Quarters. The current rent that Cline pays for his portion is $820 a month (plus utilities). But beginning next year, rents will be anywhere from $825-$845, depending on when the leases are signed.
A flyer showing rent price increases for The Quarters
Despite these rent prices, there are units in Bloomington with prices way higher.
Here are a few popular options with rates for monthly rent:
And with prices rising to over $1000 a month, students like IU senior Mackenzie Walling, managing money may soon play a more important role.
“I work for the university so I’m legally only allowed to work like 29 hours a week, and with those wages it’s kind of difficult to pay rent or I really have to budget,” Walling said.
IU senior Mackenzie Walling talking about management at her apartment complex not completing repairs despite paying for rent and utilities.
If you are planning to live off-campus next year, be sure to get a lease signed sooner rather than later, as many complexes are running out of units, or some have higher rates for late signers.