For Gibson Baker and Eric Gates, the search seemed endless. It was hard to find a place close to campus that fit their budget and needs. “Finding a place of campus was frustrating,” Baker said, “the second you feel like you find a place that works, you hear someone else has already taken it.” The pair searched the SMU area for weeks looking for a place, and eventually settled on the Monticello Crossroads apartment complex at Central Expressway and Martel. As SMU prepares to open the new Residential Commons located in the Southeast corner of campus, will the problems that effected Gates and Baker disappear?

When the class of 2018 arrives on campus in August of 2014, they will mark the beginning of a new era of on campus living at SMU. The freshman, along with their sophomore counterparts, will be the first to live in the Residential Commons. Describe by SMU as an “integrated academic and residential experience,” the Commons will double the on-campus population. While this is a good thing for campus life and promoting an active student body, the opening will remove 1,200 student renters from the Dallas apartment market. Conventional wisdom should dictate that rent rates, especially at the student filled BLVD and Shelby buildings, should drop as the complexes look to lure more students their way. Will this be the case?

While Drew Burroughs, a Dallas City Center realtor who covers the East Dallas area, sees some of the pressure diminishing, he doesn’t believe that interest in the immediate SMU area will drop. The area, Burroughs says, is simply too desirable to see a drop off. “Rents & occupancy rates should remain strong given the area’s proximity to Central Expressway, downtown, White Rock Lake and many popular bars and restaurants nearby. There are just a lot of people who want to be in this area,” Burroughs said. While the BLVD and Shelby will certainly miss sophomore renters, upperclassmen and young Dallasites will fill the void, he said.

Ridley Heller, a Market Analyst for MPF Research, sees both buildings taking a hit and expects rent rates to drop slightly. “If the student body is stagnant but less students are living off campus, then the buildings where students are living will see a slight drop,” Heller said. As Heller’s research shows, the relative amount of students will cause a decrease in renters at both complexes:

Jason Lehigh, a junior who currently lives in the BLVD and pays $950 in rent, says that he would welcome lower rates. “I don’t think any student would fight a decrease in rent payments,” he said. Lower rates may not benefit the complexes, but will surely help students stay located close to SMU.

While the opening of the Commons may not hurt local apartment complexes, Baker hopes it will makes finding a place a little bit easier for upperclassmen. “Hopefully the next time I go looking with my roommate there will be more options,” he said.