American Campus Communities Lease Agreement

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    After struggling to find someone to sublet her apartment near Berkeley, student Saya Linney established a lease with her landlord for the summer months while she and her roommates left. American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student communities in the United States. The company is a fully integrated, self-sustaining and self-managed Equity Real Estate Investment Trust (REIT) with expertise in design, finance, development, construction management and student operational management. As of June 30, 2020, American Campus Communities had 166 student housing units with approximately 111,900 beds. Including third-party property, VAC`s entire managed portfolio consisted of 201 properties with approximately 138,000 beds. See you As of September 11, 2020, the portfolio of the company in possession was leased at 90.3 per cent for the 2020-21 academic year, the current rental rate had increased by 1.0 per cent over the previous year, after approximately 1,300 “no-shows” had been withdrawn for open rentals and the current occupancy was replicated in properties managed by the company`s university partners on campus. As of September 30, 2019, the rate was 97.4%. However, many students will face the opposite problem: they will not be able to secure the desired housing on campus, as universities reduce density in order to promote safety during the pandemic. Several campuses said they were working to offer alternative housing solutions, including advice with local hotels and private landlords.

    Overall, California colleges are still working on the details of what campus life will be like in the fall, even if they announce whether they will be open, closed or, most likely, somewhere in between. Me, like many other students are tied to rental contracts for American campus communities (ACC) apartments at Summit, Chestnut Square and University Crossings. So far, the company has only waived late fees and has only offered rent reductions for sophomores (where they do not have to pay for April and mid-June), which is unfair to upper-class men. “We want to find our students, our students want to come back, but we have to be smart,” said Sheri Ledbetter, a spokeswoman for UC Irvine, who called the housing situation a “smuggler of war.” UC Irvine no longer offers newcomers, and students who are not ready to face the potential new normality of dormitories, such as deserted communal spaces and assigned bathrooms – may most likely still be outside. The key is to check the cancellation conditions for your school apartments for details. Campuses within a single university system can manage local accommodation in a variety of ways. This is the case for both the University of California and California State University. “As we saw in our July 21 call for support, we were encouraged in June and July by leasing trends and consumer sentiment, which reflect students` desire to be with their colleagues in the university environment, whether the final plans of universities are online or in person for the implementation of curriculums” said Bill Bayless, CEO of the American Campus Communities.

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