ilovethebarn
Member
- Joined
- Nov 20, 2008
- Messages
- 850
- Reaction score
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- Points
- 18
Companies like Opus, CPM, etc. are just cashing in on the student housing bug. They build these flashy apartments and students gush over them even though the prices are through the roof. Rent for a studio alone in these units start at $1,000. For those of you that say the students with well off families will be the ones moving in - I would disagree. The more likely scenario is a student is taking out larger student loans to pay for housing and leaving them with way more debt when they graduate than anticipated.
It used to be an apartment near campus would cost less than living in the dorms. Now that is most likely not the case. These "luxury" apartments are increasing taxes of older buildings, which drives up rent. Furthermore these buildings typically aren't "built right" as you assume. Contractors will cut corners to design average, or sub par buildings to lower construction costs, all while charging students more in rent. These buildings also charge higher rates to rent out commercial space at street level, so impacted businesses can't afford to move back in. The result is you will end up with a Dinkytown and a Stadium village that feel incredibly generic. There will be a huge lack of character for the area. Not to mention, most of these apartment buildings are not operating at full occupancy during the year.
+1 million