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Local neighborhoods offer recession-proof rent
November 10, 2008 by Amara Collins · Comments Off
Students in Las Vegas are seeing more housing options available to them as the economy continues to rollercoaster out of control.
The National Bureau of Economic Research, a nonprofit, nonpartisan organization which studies and releases information on the U.S. economy, said that although we bear witness to increasing unemployment, failing banks and sharp declines in the stock market, we are not currently in a recession.
According to the NBER a recession is characterized by significant and steady decline in economic activity, spread across the economy. It normally lasts from 6 to 18 months, but can vary depending on a number of factors such as the real gross domestic product, real income, employment, industrial production and wholesale and retail sales of the nation.
In a recent article, USA Today reporter John Waggoner said, “Even the shorthand version of recession- two consecutive quarters of shrinking gross domestic product — hasn’t happened yet.”
Still, when it comes to housing students will find much more — for much less if they look in the right places.
UNLV Director of Student Conduct and Residential Life Richard Clark said on-campus housing and many of the special academic programs they offer are gaining popularity among students.
“The leadership house is pretty popular among students,” Clark said. “It’s an entire building dedicated to helping students develop leadership skills.”
Clark went on to describe several other housing buildings and programs that have been successful, such as the Honors House, the Global House and the Hotel House.
The 2007-2008 Campus Living Brochure details the advantages of living on campus, such as being able to participate in academic programs, social events and study groups.
Clark pointed out that inclusion of amenities such as cable and internet, which are built in to the monthly rent generally around $780, makes the school especially favorable for students during tough financial times.
Despite the financial break living on campus provides some students have other living requirements they prioritize over costs.
UNLV freshman Tony Zorrilla said, “The first and most important thing I look for in a place to live is the location. I don’t want to have to worry about my safety.”
Zorrilla currently lives in Southern Highlands and enjoys not only the suburban landscaping, but the proximity to retail shops, restaurants and Interstate 15.
“I used to live in Green Valley and it took forever to get around because it wasn’t close to the 15 [freeway],” he said.
UNLV is located on the East side of town, a part of Las Vegas known for lower property values and higher crime.
Given the school’s location Clark asserts that the UNLV campus offers a safe place for students to call home.
“Where else are you going to find 24-hour security and police that make regular rounds?” Clark said.
Eric Tumbleson, a real-estate professional for Sperry Van Ness and UNLV graduate, explains the decline in the Vegas housing market as well as how students can use it to their benefit.
“The Las Vegas Valley has seen a significant decline in pricing and closings over the last year,” he said. ”We experienced a level of appreciation over the past five years that just was not sustainable.  As with any bubble there will be a correction that follows.”
Tumbleson believes the housing crisis will give students a greater opportunity to rent housing and says owners are willing to lower rent and offers incentives in order to fill their properties.
Another practical option for students to consider during this time of economic hardship is to live in a more affluent neighborhood, which will offer the amenities students tend to want, and find roommates to split the rent with.
There are a number of postings around campus of individuals seeking roommates. Many of these advertisements offer full access to the home.
Zorrilla has two roommates and agrees it is a great way to reduce rent.
Most essential is that students know all the options available to them so that they are able to make an educated decision on where and how to live during this economic recovery.
