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Campus Housing Is 'Flavor of the Month,' a Developer SaysThe campus-housing market may be “recession resistant,” says Daniel Bernstein, a senior vice president at Campus Apartments Inc., in an interview with The Atlanta Journal-Constitution. Mr. Bernstein told the newspaper: “You do have a population that is growing, and more and more people are turning college age.” He added that housing for college students had become the “flavor of the month” among developers, but he did offer one cautionary note: “You still have to choose the right markets, and you have to design a project that is right for that particular market or your project will suffer.” Before you start clearing land for new residence halls, though, you may want to call your institutional-research office. An article by Elyse Ashburn in this week’s Chronicle warns that the number of high-school graduates is expected to peak this year and will then “begin a slow decline until 2015.” Campus Apartments recently announced a deal with Emory University to build a $27-million, 398-bed housing complex on land the university is leasing to the company. Lawrence Biemiller | Thursday March 27, 2008 | Permalink | Contact usComments
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Security,security, and security are the top three items to include on the list of things to include in your housing program. Personally, I would recommend a landscape that requires less water than grass, indvidual meters for electricity and water,a sprnikler system for fire, individual alarm systems,a metal roof with lightning deterrents,8’ iron security fence,provide full size washer and dryers,placing pans under the hot water heaters and washing machines,and allow credit cards or bank drafts for rent payments.You must have a project that is in keeping with the private apartment market and competitive. Shuttle buses that can reduce the parking requirements is also an issue to check out. We had a 24/7 secutity guard at the entrance and if you had no gate opener,you had to get permision to enter.Pets we never allowed,not even a cat or an aquarium….We have stayed at 97% occupancy since opening.
— Brent Mar 27, 11:28 AM #
Well there was a chart in a recent CHE showing a leveling off of the numberof people of traditional college age in the country. And the same data shows a dramatic change in demographics with up to 25% of people of college age being hispanic with lower college going rates in the near future. So there most certainly come a time when the need for new dorm complexes will disappear. This idea that there is no end of any bubble sounds like the same builders which over built the housing market which his now in free fall and next to come is the commercial office space which is several hundred million sq ft above need. I guess we will someday find colleges building fancy dorms, apartments, etc for students who do not exist.
The coming economic and demographic cycles will shortly turn this spa idea of campuses on it head. But some people will have made their billions off students and their loans and ;moved on to retirement.
Obviously, Mr. Bernstien is like the president of Countrywide…“Let the good times roll.”
— james oakley Mar 27, 03:51 PM #