As the school year comes to a close, students with 12-month leases for their rooms are faced with a challenge: finding summer subletters.
For those seekers, the economic crisis seems to add an extra burden to an already-difficult task.
College junior Michael Kleinman is actively looking for a student to summer sublet a room in his house.
But thus far, his search has been unsuccessful. He said he hasn't had "one bite" in a month after advertising on Craigslist and Facebook.
"Because of the economy, people are not as prone to take some leisurely summer courses at Penn," Kleinman added.
However, according to director of Off-Campus Living Miki Farcas, the situation is already difficult because the annual supply of those looking to sublet rooms during the summer exceeds the demand for rooms during that time.
Engineering freshman Max Effron is also trying to sublet his room in a house for which he recently signed a lease.
He said he has advertised using many media, ranging from Facebook groups to advertisements in The Daily Pennsylvanian.
As of now, the small rooms are priced at $550 a month, whereas the bigger rooms are priced at $600 a month, Effron said. But with the state of the economy, he said he would be willing to "negotiate prices."
Yet Farcas said the trend of lowering prices from the one initially stated is normal and occurs every year, usually at the cusp of May "as people become more anxious."
Listings with lower rents usually drop 20 to 25 percent from their initial prices, according to Farcas.
She said she wouldn't know yet if this year's summer subletting process would be different from previous years.
At the same time, though, Farcas added that due to the economy, the Stratum is offering a summer special: $525 per month per bed with five meals included.
Although some are trying to find people to sublet, others with a a one-year bound lease avoid the hassle and opt to stay in Philadelphia for the summer.
College freshman Russell Kotch is staying this summer at his house to participate in an internship program in the city.
"I might as well stay," he said. "I already have the house."
Plus, his house is filled with five other roommates.
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