Off-campus student rental housing is surviving the recession nicely, say landlords who rent apartments and rooms to students near campuses all over the country.
"I wouldn't say it's recession-proof, but it's recession-resistant," says Jim Arbury, an executive with the National Multi-Housing Council, a Washington, D.C.-based trade group for the apartment industry. "It's still one of the bright spots in the housing market."
For instance, Brad Hastings, whose company Walk2Campus rents 400 units in South Carolina, has about a 94 percent occupancy rate.
Hastings says it’s not a business for everyone because it’s management-intensive. "You have a customer base who, possibly for the first time, are living out on their own. There's a certain amount of hand-holding, teaching of life lessons.”
Source: Inman News, Mary Umberger (12/30/2009)