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Video related to this article is available below.Issue date: 10/25/07 Section: News
Radian appeal to be eclipsed by rent costs?
Cecily Wu
Last fall, College senior Jesse Benton was searching for housing. He realized he had two options: save money by living further away from campus, or splurge for a spacious apartment closer to school.
Benton, like many other Penn students, decided the possible dent in his wallet was more important than added luxury, and he chose to live in an apartment near 42nd and Chestnut streets.
His rent? A measly $400 a month.
Cheap housing like Benton's won't be found at the new Radian Apartments, located on the 3900 block of Walnut Street, which announced last week that its starting monthly rents for one-to-four bedroom apartments would range from $1,025 (4BR) to $1,350 (1BR) per person.
And while real-estate experts say Radian shouldn't have any problems filling its 150 units, the new amenity-filled complex - with a fitness center, WiFi, a game room and a private study room - likely won't be a housing option for low-income undergraduates.
The Radian will instead serve as an option for students who want to spend more for the extra perks the building offers, said Rich Lauletta, vice president of sales with the Philadelphia Apartment Company.
Urban Studies professor Sidney Wong and Claude Boni, owner of Claude Boni Real Estate in Philadelphia, both added that the Radian may not be targeting the entire Penn population.
"Maybe they're looking for the top 50 percent [in income], not the bottom 50," Boni said.
University officials have long hailed the construction of Radian as a center of its plan to help move students east of 40th Street and increase the number of homeowners in West Philadelphia. But many students say that Radian simply won't be a real option for those concerned about costs.
"There's no chance" I would live there, said College junior Dave Farber. "I pay $670 for something with a bunch of friends."
College sophomore Johan Tatoy agreed, saying that "a lot of lower-income students wouldn't choose to spend more than they have to."
Benton, like many other Penn students, decided the possible dent in his wallet was more important than added luxury, and he chose to live in an apartment near 42nd and Chestnut streets.
His rent? A measly $400 a month.
Cheap housing like Benton's won't be found at the new Radian Apartments, located on the 3900 block of Walnut Street, which announced last week that its starting monthly rents for one-to-four bedroom apartments would range from $1,025 (4BR) to $1,350 (1BR) per person.
And while real-estate experts say Radian shouldn't have any problems filling its 150 units, the new amenity-filled complex - with a fitness center, WiFi, a game room and a private study room - likely won't be a housing option for low-income undergraduates.
The Radian will instead serve as an option for students who want to spend more for the extra perks the building offers, said Rich Lauletta, vice president of sales with the Philadelphia Apartment Company.
Urban Studies professor Sidney Wong and Claude Boni, owner of Claude Boni Real Estate in Philadelphia, both added that the Radian may not be targeting the entire Penn population.
"Maybe they're looking for the top 50 percent [in income], not the bottom 50," Boni said.
University officials have long hailed the construction of Radian as a center of its plan to help move students east of 40th Street and increase the number of homeowners in West Philadelphia. But many students say that Radian simply won't be a real option for those concerned about costs.
"There's no chance" I would live there, said College junior Dave Farber. "I pay $670 for something with a bunch of friends."
College sophomore Johan Tatoy agreed, saying that "a lot of lower-income students wouldn't choose to spend more than they have to."
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