Students Can Pay EUR80 Monthly Rent To Live In Private Student Hostel In Bucharest

The complex will have five buildings, of which one is ready to receive tenants.

The building has 375 studio apartments and can fit about 750 people.

The next two buildings will be ready by mid-2010. The first three buildings will have about 1,000 apartments homes for which EUR40 million has been invested.

The first tenants moved in on July 1 and the current occupancy rate is of 25%. The campus has underground parking, parking lot, laundry room, tennis courta and a covered pool.

Rod Stewart, the head of Genesis Development, the company in charge of the project, said research revealed state-owned student hostels are too few to host the large number of students that need accommodation.

"This is a market we can enter and satisfy demand. Bucharest campuses offer dubious conditions," Stewart said.

The starting rent price is of EUR80 per month for a one-year contract. Prices can reach some EUR300 per month for a person. The campus is destined not only to students, and people must fill in an application form and pay two or three months' rent in advance.

The apartments are destined for two people each, but students may choose to live alone and pay the double price.

Stewart added the first building cost over EUR20 million and estimated the investment in the entire complex will pay off in ten to 15 years.

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