By Melanie J. Knox, Opinion Editor
In spite of insurance crises all over Texas, student rent prices are not expected to rise.
Sam Britten, who rents houses to students, said that although insurance rates have increased, he won’t change rent based on insurance or taxes.
“It’s all about supply-and-demand economics,” Britten said. “I would not raise my rent as a knee-jerk reaction, because I have to stay competitive.”
Patricia Hail, managing director of University Park apartments, agreed and said that rent at the on-campus apartments is not expected to change.
“Our insurance did go up, but we did not reflect that to the students,” Hail said.
Insurance rates have been increasing in Texas since Farmer’s Insurance temporarily pulled out of Texas and State Farm refused to accept any new homeowners.
As reported earlier in the Optimist, ACU’s insurance rates skyrocketed to 70 percent more than was expected in June, which has especially affected the university collision insurance for rented vehicles. This in turn affects groups such as Spring Break Campaigns and athletic teams.
As far as rented houses and apartments, it doesn’t look like students will be shelling out more than usual.
Britten said it is beneficial for landlords to keep rents competitive and low enough that there is no turnover or vacancy.
Britten encourages students to make sure that they have a good lease, which will protect them from rising rates.
“Don’t do business on a handshake,” he said.
If it is real property and the lease is for more than a year, in the state of Texas, any contract must be in writing to enforce it.
“As the tenant, make sure you know what your obligations are as well as the obligations of your landlord,” Britten said.