Apples and Oranges
Student housing and traditional multifamily are as similar as apples and oranges… Sure, they are both places of dwelling, but thats where the similarities end. With the rapid growth of student housing properties across the nation, the latest challenge is finding a way to integrate student housing properties within traditional multifamily neighborhoods. Due to the nature of typical college lifestyle, families and non-student residents are seeing activities that are not conducive for traditional multifamily neighborhoods. Syracuse University is currently experiencing this challenge in their surrounding neighborhoods for off-campus student housing. Legislation has even been proposed to limit the areas where student housing properties would be allowed to exist. According to the Daily Orange, “Its purpose is to lessen the spread of students into the Special Neighborhood District in close proximity to the university.”
This is not surprising considering the “sprawl” of off-campus student housing properties across the nation. With Student Housing Business and Student Housing Planet reporting new property developments practically everyday, its a wonder why the spread of student housing properties into rural neighborhoods hasn’t been an issue sooner. The only thing that comes to mind is that the off-campus lifestyle is a bit more subdued than on-campus lifestyle.
Legislation could change everything
If this proposed legislation is passed in Syracuse, its likely to set a precedence that could impact the student housing industry across the nation. Not only would it limit where student housing can be built around a university campus, but also require landlords to register students and the universities they are attending. The idea has a reasonable foundation, but this particular approach seems a bit of an overreach by local government. Only time will tell whether this kind of legislation will impact the industry.
If you have anything you would like to add or an experience you would like to share, please comment below.
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