Demand For Higher-End Dorms Fuels Student Housing Boom
David Waite was quoted in a June 28, 2013 article published by Law360 about the recent trend in college students wanting high-end student housing. Although they aren't necessarily better off than college students of years past, now more than ever students want amenities and they – or their parents – are willing to pay for them. The article cited one large housing project in Iowa where a developer was planning a fitness center, laundry facility, multipurpose space and access to a shuttle service.
Even so, Waite told the publication that building student housing does have some drawbacks. It can be cyclical and the construction process can be long and difficult.
“While there is substantial market demand for student housing and the economics of developing student housing are very compelling, the projects can be difficult to complete and often take years to obtain the necessary land use entitlements and government approvals,” he said.
