Flood of New Student Housing

Flood of New Student Housing

February 20, 2014 | Real Estate News, Rental Trends and Real Estate News

If you thought housing developers only took an active interest in urban adult apartments, think again. Student housing has an effect on local economies and as of late, things are changing.

As a student, you probably couldn’t wait to enter your sophomore or junior year so you could leave campus housing and get an apartment. This is the case in many areas and sometimes the reason lies in the poor condition of the structures.

James Madison University in Harrisonburg, VA, has a building that has been nicknamed “Trashby” by students. Some are leaving underdeveloped residential units like these for newer buildings built by private firms, which causes some older structures to fall into foreclosure.

In the last 10 years, there have been 310,000 off-campus beds built. And in 2014 there is expected to be 50,000 more units. These new residences offer more amenities, and older properties are reducing their rent in an effort to compete.

Some developers are opting out of building new properties and are revamping the old ones. The Vesper company, in particular, has a massive renovation project in its future. To win back students, the developer will build a resort-style pool with private cabanas. Additionally, there will be lotion and towel service available poolside. With amenities like that, who has time to attend class?

Another pivotal difference in some of the newer developments is the layout of the units. Some older buildings have shared bathrooms inside the apartments, which can be a downside for people wanting to live the adult life. Many of the new structures do away with that model and offer private bathrooms.

If you’re a student, you get many things out of the increase in student housing options. It’s important to know that the ball is now in your court. You don’t have to settle for aged and worn-down lodgings. Increased supply means prices will be competitive, so you can live in a comfortable home while furthering your education.

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