 Media Credit: Ryan Littman-Quinn, Stephanie Lee, and Rachel Gregorio
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Prospective off-campus students at Boston College are usually quick out of the gate - starting apartment and rental searches the day they set foot on campus sophomore year.
But with the current economic downturn and loan crisis, this year it is likely they won't be alone.
Families, singles, and newlyweds who a few years ago may have been on the hunt for their first home, experts say, are struggling to get loans in today's crunched economy, causing many of them to stick with rental-style living for the time being.
And while it is near impossible to predict anything about today's market, the possibility of a more competitive rental search is a realistic concern for students in the Boston area.
"I don't know for sure what the impact [of the economy] is going to be, but people who were buying homes are now definitely looking towards renting," Henry Humphreys , Director of Residential Life, said.
The biggest fear Humphreys and many others at BC have about this situation, however, is not the possibility of fewer apartments being available, but rather the likelihood that money-driven realtors will use the economy as an excuse to lure students into bad deals.
Humphreys stresses to students the importance of taking the time to carefully read all lease documents before signing, and not letting greedy realtors force an unfair contract too quickly.
"Realtors give an inflated sense of urgency," Humphreys said. "One of the biggest mistakes we see students make is that they get pressured into signing a lease too quickly."
Off-campus housing assistant Joan Doyle agreed.
"I would advise students to take their time and don't be stressed out. Take your time to read everything. Do not be in a hurry. Good apartments will always be there," Doyle said, noting the off-campus department of Residential Life offers an open house for students in the spring semester, and there are always still many quality apartments available for rent.
Students themselves also tend to create a frantic rush into the rental market. As soon as word gets out that the suite down the hall landed a deal, panic sets in for everyone else.
But Humphreys said students should never sign a lease without discussing all terms with the landlord fully and having all their questions answered beforehand.
"Make sure you get up-front what the landlord's expectations are," Humphreys said.
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