âWe are moving towards what you see in other markets,â said Wadlund. “Generation X and Generation Y are in the experiences, not the responsibility of a house.”
He said many baby boomers are also selling homes in the foothills or in Green Valley and looking to rent downtown while other tenants wait for new home prices to escalate and competition for existing homes. .
âIt’s a combination of tenants by choice and tenants by necessity,â said Wadlund. âAnd, maybe as more properties further away from campus convert, we’ll see a need for more student housing near campus. “
No more demand for student accommodation?
The university welcomed its largest incoming class in history this year with more than 8,700 new students and a total enrollment of over 47,000.
This keeps investors interested in the student housing market, said Mike Chapman, student housing specialist at NAI Horizon.
âDevelopers are always looking for sites and are optimistic about this market,â he said. “As long as there is money, a positive feasibility study and land, the builders are going to build these projects.”
This financing is available at low interest rates and also stimulates this market.