Stanford Report, October 4, 2000
|Below Market Rent rates rise at Stanford West
BY LISA TREI
Applicants who secure a Below Market Rent (BMR) apartment in the Stanford West housing development from November onward will have to pay slightly higher rents than the first group of people moving in this month, according to the Faculty/Staff Housing office.
November rates will be $812 for a one-bedroom, $1,003 for a two-bedroom and $1,375 for a three-bedroom apartment, up about 2.3 percent from the October rates of $794, $981 and $1,345, respectively. Applicants must meet household size and salary guidelines to qualify for BMR housing.
Betty Oen, associate director of Faculty/Staff Housing, says that BMR flats and townhomes in the 628-unit complex will be allocated according to a lottery system during October and November as the units become available. A total of 63 BMR flats will be released in stages every six to eight weeks as parts of the complex are completed. Stanford West, the first housing complex on campus to be open to university employees at all levels of seniority, should be completely open by next summer.
From December onward, Oen says BMR apartments will be allocated on a first-come, first-served basis within eligibility categories. That means, for example, that a qualifying faculty member would jump ahead of most staff members even if the latter signed up for BMR housing first. Eligibility priorities are described at the Stanford West website.
According to Oen, the BMR rates are controlled by an agreement with the City of Palo Alto. The rates published in August were based on a 1999 Consumer Price Index (CPI). The BMR rates increased on Sept. 1, according to a formula in the BMR agreement that used a more up-to-date CPI. The rates from November onward will remain in effect for the rest of the academic year, Oen says.
than 450 applicants are vying for the 63 BMR units, says Oen.
Another 280 faculty and staff members have applied for the
remaining 565 apartments that will be rented at higher rates. These
prices will range from $1,470 to $1,930 for a one-bedroom unit;
from $2,040 to $2,590 for a two-bedroom unit; and from $2,890 to
$3,180 for a three-bedroom unit.