Thursday, September 14, 2006

Fancy Dorm Rooms and the Spoiled Brats That Love Them

This is an AP article about some Illinois companies adding posh, upper-class housing to some college campuses in Chicago, with plans for expansion.
Known as Loft-Right, the mod-looking structure has all the amenities: expansive city views, granite countertops in the kitchen and bathrooms, modern designer furniture and satellite TV hookups. The lobby lounge - like something out of a hip hotel - has a pool table and fireplace, and soon will have a Starbucks and tanning and hair salons next door. . .

Students at Loft-Right each pay more than $1,000 a month for a private bedroom in a two- or four-bedroom unit, with bathrooms shared by no more than two people. . .

This fall, his company added one-off limousine rides so student customers can arrive at school "like a rock star." The company also plans to offer grocery delivery and cleaning and laundry services - something other companies, such as Valet Today and DormAid, already do.

First, I think the people who can actually afford to live like that are getting their money from Mom and Dad. If that's the case, then usually Mom and Dad pay for them to keep up that kind of lifestyle anyhow, so I'm not sure I see much of a change there except putting it all in one package.

I guess it beats living in a small, cement cell for four years.

Still, how much more than $1000/month? In Chicago and parts surrounding, most lofts will start ~$500/month rent. A single bedroom apartment might cost ~$800/month, and a 2 bedroom will be ~$1000-1200, depending on how nice it is. In some neighborhoods, it can go higher, but let's call that the median.

The point I'm going with is that it might not be too much of a price increase, maybe $200-400 more each month, to go with much nicer living quarters. I guess if you don't mind sacrificing the spending money for that month.

Of course, if you think you're so great that you have to show up for class in a limo, then that money probably means nothing to you. Or your parents.


steve the troll said...

Again, Hal, your numbers are off:

Rental Property Statistics

Average Price: $1,373.35
1 Bedroom: $1,070.99 2 Bedroom: $1,442.00
3 Bedroom: $1,750.04 4 Bedroom: $2,205.64

Hal said...

Most likely. I was basing my memories off of looking for apartments in and around Evanston.

Hal said...

Actually, the more expensive housing in that area is, the more it supports the point that living in such "luxury housing" might not be so expensive as compared to living off campus.

Campus housing is usually cheaper, but I'm not sure by how much in city schools.

-Murphy said...

It really depends on where you're living. Somewhere that's in a neighborhood like Lakeview or Lincoln Park with ready access to the trains and where you're two feet away from restaurants and bars and the lake at any given time tend to be more solidly in that price range (a bit over $1100/mo. for a 1B), and can approach $1000/mo. in Evanston for a 2B, depending on where you're getting it. Of course, the whole thing is sent out of whack by most of the luxury housing in Evanston (like along the lakeshore) and insane condos in the city, and brought slightly back down by neighborhoods that are less desireable because of local economic issues or necessitating a car.

There were some students at Loyola that lived in the building I just moved out of who were paying probably $600 between the two of them for a medium sized 2BR that was adjacent to their school, the red line, and the lake.

You can get cheaper living around UIC if you're willing to go west of the Loop into Pilsen, but I understand that getting housing around DePaul is a bit more of a hassle as far as expense, as it's in the middle of Lincoln Park/Lakeview, which is highly desireable anyway.