Missouri University has found that there is a hot market for renting dorm rooms during football games.
The University of Missouri has found that there is currently a hot market for renting out dorm rooms during football games. Reporters that attended a Curator Board Meeting at the university tweeted out that Residence suites with 4-beds were available for rent for $120 per night on weekends, and it only took one day for all of them to be sold out.
According to Christian Basi, the spokesman for the university, by the end of business hours on Friday, there were 280 requests for rooms. Renting out 280 rooms for $120 would bring income to around $34,000 from one night, excluding the 13 percent tax charged at hotels. Mun Choi, UM’s President, said that this isn’t a large sum in comparison to the costs of the university. However, he points out that UM is trying to speak to bond rating companies on innovative and creative ways of making money.
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“Given the prospect we are going to face some more challenges with state support and possibly challenges in prospects for enrollment, we have to be very mindful of being able to increase revenue so we are held in high regard by the investor communities, the bond community,” Choi said. “That is going to be very critical.”
“The fact that we have a number of dorms that are going unused currently speaks to the fact that we may not have been as strategic as we should have been at the time, to recognize what are the market forces available in terms of new, private housing that were being developed around the same time we were developing our dormitories,” he said.
Steve Bales, the president of Columbia’s Hospital Association, also said: “It is going to be an impact for us hoteliers, who are obviously trying to make a living. You have people who have made huge capital investments in the city of Columbia for this reason.”
“It is plain and simple, as you know, but it is competition. Even the small mom and pop hotels, it is their time to make money. The university does a lot for the city and the hoteliers. We will just see how it plays out.”
Maurice Graham, the chairman of the board said that the university should receive praise for the innovative way of generating income.
“I can’t imagine that the community is going to react unfavorably to that. I also don’t think it will make a huge difference in the revenues of the local businesses who are so supportive of the university campus.” he said.