COLLEGETOWN – Frustrated by the occupancy turnover rate at his Collegetown property, local landlord Henry Maier is now requiring a minimum five-year lease for all incoming renters.
“At first I couldn’t figure out why tenants were so eager to move out,” Maier said of students living in his seven Collegetown properties. “Then I realized, they want a lease that provides them a bit more staying power. The five year contract will guarantee them as much freedom as they want.”
The long-term rental contracts are being adopted by increasingly more Ithaca agencies intending to increase the retention rate of student renters to 125% over the course of their college careers.
“Five years is a long time for me to call this place home,” said prospective tenant Daniel Alves ‘19, “but the rent is cheap over that half-decade, and it does have a dishwasher, so I’m willing to put up with a few inconveniences.”
Cornell Housing Services have looked into implementing similar rental periods for its on-campus dormitories.