Owners struggle to rent out older properties

'For-Rent' signs for older properties have been prevalent in town due to newer properties such as Smallwood Plaza, 10th and College and other fancier apartments popping up in Bloomington.\nTravis Trestler, operations manager of Renaissance Rentals, said the rental market has been a little flooded and may see lower occupancy rates.\n"Traditionally Bloomington has seen a 97-98 percent occupancy rate, and estimates coming out of some consulting groups are now at 94 percent," he said.\nTrestler said older properties will have to upgrade to recruit tenants.\n"Older properties have to look hard at amenities," he said. "Amenities will be more important than in the past. Little odd changes that you are not used to seeing will be noticed over the next few years, like landlords picking up trash."\nDifferent preferences among tenants provide a broad range of choices for students. \n"Housing is a niche kind of market place," said Steve Howard, president of the Bloomington Chamber of Commerce. "Some people who rent houses or apartments want the best amenities, while others are willing to sacrifice amenities for a good price."\nHoward said some older properties may adapt to the changing market, but others may not.\n"The older properties may upgrade, others may leave them as they are, and offer a lower price," he said.\nGerald Faletic, assistant property manager of Woodbridge Apartments said there may be a possible reduction in older properties due to newer ones.\n"If supply is bigger than demand then you will lose some of your market," he said. \nLisa Abbott, program manager of the Bloomington Housing and Neighborhood Development Department said older properties may face pressure from newer properties based on location.\n"It depends on where older properties are located," she said.\nWhile certain areas in Bloomington may be affected by the new housing options downtown, Abbott said she doubts housing options close to campus will suffer as a result.\n"I don't think the properties around the University will be impacted because they always have a market," she said.\nTrestler said new, high amenity apartments are attractive to out-of-state students and parents.\n"Students are coming from the east coast where a one bedroom may be the best (option)," Trestler said. "The cheapest place in Bloomington is still cheaper than the home price. This is a way students can convince parents why it's worth it."\nSome renters have given their tenants discounts in hopes to keep them satisfied and retain them for the next couple of years.\n"It already has resulted in a lot more concessions and discounts," Faletic said referring to some older properties in Bloomington.\nFaletic said because of the Fair Housing Act, students and renters have a limited ability to negotiate prices.\n"You can't discriminate from one person to the next," he said. "What you do for one person you need to do for the next."\nStill, rental offices are making attempts to keep their tenants content.\nRenaissance Rentals is offering a flexible rent payment plan because some IU students have not yet received their financial aid.\n"We know that students rely on their aid to pay rent," Trestler said in a statement. "We will waive all late fees to those with paperwork substantiating their lapse in access to funding this month."\nRenaissance Rentals co-owner Tim Henke agreed with Trestler that "superior service" for their tenants was their top priority.\n"We want to do everything we can to make this community your home," Henke said. "For however long you're here."\n-- Contact staff writer Daria Kamalipour at dkamalip@indiana.edu.