Luxury apartment complex lowers rent prices due to vacancy

COLLEGE STATION, Tex. (KBTX)- According to a recent report by Bloomberg, this past school year, Park West, a new luxury-styled apartment complex located off of George Bush Drive, had nearly half of their available apartments still up for rent. Reasons behind the vacancy seem to point to cost.

Bloomberg's report mentions how more parents are becoming cost-conscious and opting to send their college-bound kids to a more affordable place to stay. At the beginning of the year, rent prices were as high as $1,000 a month, which students like Tayler Winchell think is too high.

"I mean, I couldn't pay for it, as a college student you are paying for your own things and school, it's just not possible unless your parents are doing it for you," said Winchell.

Even with amenities like a rooftop pool, a fitness and activity center and a nice view, Winchell said she doesn't blame others from turning away.

"Yes, I would love to have a nicer apartment and the amenities that they offered, but at the price it's just not realistic," said Winchell.

Parents like Kenia Navarro said that she would never pay more than $600 for her kids to go to stay while they were in college.

"I remember growing up and my parents paying 700 or 800 for a three bedroom house and now a one bedroom goes for $1,000, that's just crazy, and that's just for rent, that's not including utilities, groceries or anything, it's ridiculous," said Navarro.

To help fill the empty rooms, Park West lowered their rates to as low as $600.

"You don't realize until it's coming out of your own pocket and then you're like wow okay let's be realistic and that is just not realistic," said Navarro.

Bloomberg's full report is available in the Related Links section of this article.