Too many student apartments are flooding the market

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LINCOLN, Neb. (KOLN) - There are plenty of options for UNL students who plan to live off-campus after their freshmen year. It seems like every year, a new student apartment complex pops up in Lincoln, in fact some in the industry fear there are too many.

"I think everyone wants to get away from campus and just have their own space," said Meredith Burroughs, a UNL student, who now chooses to live 15 minutes from campus.

Burroughs said a lot of students are moving farther and farther away from the university, and Jerry Shoecraft, manager at 50/50 apartments says this trend is becoming a problem

"We still see this trend of students migrating away from campus, driving in and splitting the costs and making it cheaper," said Shoecraft.

Only one of the problems the student housing market in Lincoln is facing, Shoecraft said now there are also too many student apartment complexes.

"Now that the market is getting over saturated, I think it is becoming a problem for investors and operations that are existing," said Shoecraft.

But new apartments aimed at student housing keep popping up, and Shoecraft said the companies are going to start losing a lot of money when they can't fill the rooms.

"Based on the analysis and surveys that we have done and participated in, a lot of the new student housing operations are barely 50, 60 percent occupied," said Shoecraft.

As for Meredith Burroughs, she said there are a lot of options for housing, but she believes there is another reason these companies are losing money.

"They are not filling up because they are so expensive and a lot of us are paying our own rent, so we font want to pay 700 dollars a month just to live close to campus," said Burroughs.