Penn Raising Student Housing Costs 12.5 Percent at Some Locations
Photo | Scott Spitzer
The University of Pennsylvania is raising student housing rates for some locations by as much as 12.5 percent – an atypical increase compared to previous years.
Rent price will surge for one quarter of the beds on campus, and stay the same or go down for the rest. The 12.5 percent increase applies to the high-end offerings on Penn’s high-rise dormitories — apartment-style units with private bedrooms, kitchens, living rooms and baths.
For example, the rate for a double apartment with two bedrooms in the high-rise will increase from $5,878 to $6,617 per semester per occupant.
Penn will also raise tuition rates by 3.9 percent from $42,176 to $43,838 next year. The rate has remained constant for the past six years.
After the change in housing prices, 100 percent of freshman beds and 83 percent of all beds on campus will be included in the housing allotment system for students with financial aid, the school said. The new housing rates are still pending Trustee approval.
Students who already live in these room types and plan to return will be deferred of the price increase for one year. Next year, they”ll pay a price based on the standard annual increase of 4.3 percent.
Recent luxury student apartment openings in the area include The 3737 Chestnut, 3601 Market, and Evo Philly. Penn itself is adding a new college house at Hill Field, scheduled to open in Fall 2016.
As the student population grows in the University City, developers of these luxury apartments see an “easy time attracting residents,”said Clint Randall, research analyst at JLL, a real-estate financial and professional services firm.
“Those who don’t want to pay top dollar will likely continue to seek options west of 40th street,” said Randall “Those who are willing to pay higher amounts now have a choice between on-campus housing … and privately built developments like 3601, 3737, and Evo.”
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