Cottage communities offer college students luxurious housing options
By John Kirchner
October 26, 2012
When you think of college housing, luxury is probably the last word that comes to mind. However, as universities across the country continue to see enrollment climb and on-campus buildings age, several constructions companies are swooping in and offering student housing like you’ve never seen before.
Granite countertops, gourmet kitchens, clubhouses filled with amenities — what recession? Upscale student housing — tactfully nicknamed “cottage communities” — offers a luxurious lifestyle more comparable to living in a single-family home than the stodgy apartment complexes of yore. The cost? Roughly 10-30 percent above more traditional student housing options.
Dawn Wotapka of the Wall Street Journal writes,
Nationwide, there are 35 cottage communities with nearly 19,000 beds. Another 18 are under way or in the works, with roughly 12,000 beds, said Wes Rogers, chief executive of Landmark Properties Inc., which has built roughly one-third of the cottages in the U.S. While cottage-style housing represents a small percentage of the nearly 500,000 beds controlled by the sector’s top companies, industry watchers expect the bed count to increase as the product catches on.
“It’s sort of the next evolution of student housing,” Mr. Rogers said. “You don’t have neighbors above you like in a traditional dorm environment. You literally live in your own house.”
Multifamily home builders, take notice. This trend might be worth watching.