Going Off Campus: Building for Students and Young Professionals

Developing adjacent to a university campus has become a popular investment, particularly for those pursuing the housing market for students and young professionals. While the niche has generated its share of success stories, developers should keep a few points in mind before choosing to give it the old college try.

While the demand for student housing is a constant struggle with universities across the county, many see the need escalating in a dramatic fashion as the so-called Echo Boomers have begun reaching college age. In addition, the trend among young professionals
who choose the appeal of urban living has been picking up steam since the late 1990s, creating demand for higher-end units with greater amenities.

Many developers are cashing in on the trend by building adjacent to campuses and offering a variety of housing options geared toward the needs and budgets of both markets.

A popular choice has been to convert older buildings for modern uses, while retaining the charm of the original structure. Buildings that are old, yet structurally sound, have a charm that’s nearly impossible to duplicate with new builds. A skillful architect can incorporate many of the building’s original elements into the renovation. Large windows, high industrial ceilings, rustic brick and antique timbers add exceptional appeal for tenants.

One example is the renovation of the former Seneca Hotel in Columbus, Ohio, which will create apartments for students of four nearby college campuses, as well as young professionals interested in living within the downtown setting.

Before making a purchase, be sure to thoroughly research city and university planning initiatives. A qualified real estate and planning attorney is an ideal source for determining a property’s long-term value.

It is also important for developers to consider their tenants’ needs. Today’s students view private bedrooms and bathrooms, cable television and computer hookups as essentials. Wireless Internet service is also quickly becoming a standard installment, but some developers are reluctant make the initial investment due to high costs upfront. An experienced architect and construction management firm can provide current information and the most cost-effective options for all types of installations.

Download the Full Newsletter