Frequently Asked Questions:
- Why PGH Certified Communities?
- How are prices set?
- Why is it does it cost more than other areas of Provo?
- What about Spring/Summer reduced rates?
- Will you sign contracts for only four or eight months?
- What do I do if I have an internship?
- What if i have any other questions?
Answers:
Why ProvoGradHousing communities?
Our neighborhoods are quiet bedroom communities far from the crowded areas south of BYU (affectionately referred to by management as the South Campus Ghetto), but located right along major roads for quick access to everything in Utah —ideal for working people, graduate students, recent graduates, and those just looking to get away.
These communities are located just off State Street, 3 minutes from I-15, 7 minutes from BYU, 10 minutes to Orem (via I-15), and 5 minutes to Springville. Two bus routes (820, 822) provide Deer Haven and Pioneer residents a 10 minute bus ride to campus for those who need alternatives to cars.
The singles scene is one of great variety. The average age is 27, spanning from 21 to 35. Getting to know your neighbor is always enriching due to the range of interests and experiences. Those who move to ProvoGradHousing certified communities often do so to be free from the labels and cultures of many other complexes closer to campus.
How are prices set?
As established by Provo City zoning codes, each unit is limited to three occupants. The rooms vary tremendously in size and amenities so prices are adjusted accordingly. Generally, each space is set with a $200 base price valuing the common areas (kitchen, living room, basement). Each individual room is priced at roughly $1 per square foot added to this price. Thus, a small room at 100sqft will cost $300 where as a large room of 225 square feet will cost $425. However, in many cases, to avoid this large of a span, we approximately set base prices at $225 and add $0.80 per square foot.
In some circumstances, basements are finished with a bedroom and full bathroom. As we can still only have three people in each unit, we generally rent them out as three suites, each with a private bath. These are priced at $390-430 each.
Variations on these price points are entirely dependent on the quality of furnishings in a unit. Each unit is individually owned and will vary according to the landlord's furnishings budget.
Why does it cost more than other areas of Provo?
ProvoGradHousing is actually quite inexpensive when compared to other private condo communities. Some have felt that one year contracts for $350 are much to high for rental units. However, like all financial decisions, we must cover costs. Most landlords have mortgages on these properties that range $850-1100/mo. Landlords pay HOA fees of $100-140 which cover your sewer, trash, water, cable tv, grounds work, and occassionally high speed internet. Add to this management fees and the monthly break even amount for a landlord is $1030-1320. We can only have three tenants per unit, which, at the average market price of $350, causes us to lose money every month. Finished basements further add $50 to the cost when spread over 30 years and a budget for yearly maintenance work adds another $15/month.
What about Spring/Summer reduced rates?
Many landlords are already losing money during the full rate seasons in Fall and Winter. Therefore, to lower the price any in the Spring and Summer would be a further burden. Additionally, many of those who live in Deer Haven are working fulltime and reside here 12 months out of the year. We rent on the semester cycles as many of our tenants are familiar with that cycle, but avoid adjusting rent according to semesters.
Will you sign contracts for only eight months?
That depends on the situation. Like most professional rental markets (as in everywhere outside of Provo) we only seek year long contracts. For any vacancies that come up in the Spring/Summer season, we usually only offer four month contracts to make room for the busy August season. In August, we may offer eight month contracts to students who need to leave for internships, but those contracts can be $50 higher per month.
What do I do if I have an internship?
As many of our tenants are graduate students planning on only being here for eight months and then leaving for the summer, we have developed a plan for them to retain their residence on their return. The concept is that of a $100/month holding fee. The tenant will only be required to pay $100 per month, with the understanding they will return at the end of the internship. This enables landlords to successfully rent out temporary places for the Spring/Summer seasons.
What if i have any other questions?