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Seven Days Article: The Other Bed Down: Will New Campus Housing Fix Burlington's Rental Problem

Written By: Kevin J Kelley – July 25, 2012 Apartment vacancies in Burlington typically last about as long as snowballs in summer. That’s because the Queen City’s vacancy rate rarely rises above 1 percent, compared to the 5 percent indicator of a well-balanced market. But this summer has been different, according to a number of landlords, including Rick Sharp, an attorney who owns a few city apartments typically leased by students. Sharp says vacancy rates are uncharacteristically high this summer for multi-bedroom rental units. About twice as many four-bedroom units are empty now than is typically the case, he estimates. Sharp’s observation is supported by a flurry of apartment ads that recently appeared in the classified pages of local newspapers. And it’s backed by a report issued last month from Allen & Brooks, a South Burlington-based real estate appraisal firm, that suggests demand is no longer vastly exceeding supply in Burlington’s student rental market. “This market appears to have slowed as a result of high rents and competition from the 403-bed Redstone Lofts apartments at the University of Vermont,” the Allen & Brooks report observes. It also notes a new 90-bed dormitory is opening at Champlain College this fall … Link to Seven Days Full Article PDF of Full Seven Days Article

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