Business stable for DeKalb lessors
January 16, 2009
Despite the current state of the economy, business appears stable, if not better, for many lessors in DeKalb.
“As of January, we’re fully occupied for this year,” said Anne Meesriyong, assistant property manager of Lincolnshire West Apartments. “We think we’ll be 100-percent occupied for next year as well.”
CLA Apartments owner Chuck Anderson said he has also continued to see record-high occupancy levels.
“I’m at the same level I was at last year; which was the best year for me,” he said. “Maybe I don’t charge as much rent as I should.”
Some lessors think the economy is actually to thank for the increase in business.
“Every time there is a recession, more people go back to college,” said James Mason, owner of Mason Properties, adding that it is probably more affordable to live in an apartment than in the dorms.
Mason also said with an increase in home foreclosures, more people end up moving to an apartment.
“They have to live somewhere,” he said.
There are, however, still lessors being negatively impacted by the economy.
“It’s not just that there are fewer people who can afford to stay in the apartments,” said Susan Besinger, chief operating officer of Autumn Creek Management Service. “Even when you have places that are 100 percent full, you might not be full anymore because you have to evict people who can no longer afford rent.”
Besinger said she thinks the decrease in business is not necessarily a result of just the economy.
“After the shooting in February, we began to see a slowdown in leasing,” she said.
For others, like Brenda Odom, property manager of High Meadows Apartments, higher vacancy levels are from students graduating.
“It’s been hard to replace them,” Odom said. “Also, a lot of people are commuting instead.”
In order to ensure his apartments remain unaffected by the economy, Mason has a specific “formula” applicants must pass in order to become tenants.
“We scrutinize people who live here,” Mason said. “We make sure they will be able to pay even when things are touchy in times like this.”