General Discussion: Student Housing
I wanted to start a weekly "general discussion" about a given topic that is of interest to people on this subreddit. I put together a list of potential discussion starters. I hope we can get some lively discussions going about the weekly topics and a few nuanced perspectives. Lets hear what everyone has to say about our first topic: Student Housing! 
[{"id": "di1bk6m", "text": "It was super fragmented 25yrs ago and then a lot of the big boys came in to college areas all around the country, and started building these master planned buildings with a country club feel to them.   \n\nI think it's still a killer business if you know how to deal with students.  Although the price to entry may have passed where it is feasible to do so.\n\nI will also add, that it was always my fantasy to have some hot coed as a tenant and maybe for a few months she would need to work out other arrangements to come with the rent money.", "replies": [{"id": "di1bs4x", "text": "Thanks for the response. I think larger institutional players like American Campus Communities came into many student housing markets and thought that a mix of amenities would bring the students further off campus. But, I don't think students respond to amenities like they respond to campus access. Like you suggested, I think you really have to the pulse of students at any given campus and find out exactly what their real estate demands are. ", "replies": [], "depth": 2}, {"id": "di1jf6v", "text": "With your fantasy - one of my college town's landlords is in jail for soliciting tenants in lieu of rent. Beware!", "replies": [{"id": "di2ho16", "text": "No need to worry for me ....  that was 20+ yrs ago before I had a wife and kids.  It's fun to daydream sometimes though.  : ) ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "di1eqvv", "text": "I think its a very bad sub-type to get involved with. The universities sometimes do not renew master leases with nearby student housing because they expand their dorm rooms. Also, the competition is fierce and new apartments pop up and steal marketshare. All the big universities already have plenty of student housing options available. This is a single demand driven property type and your property can be generating serious cash one year and foreclosed the next.", "replies": [{"id": "di2n69f", "text": "I disagree on a couple points. I think your observation of enervating serious cash and foreclosed the next year is true of any single asset. You have to make sure the demand is there with any asset. \n\nMy 30k student alma mater went through this huge change a few years ago. The main drag got a few 3-5 story, 100+ unit complexes. The effect this had on student housing was nil. The university didn't care. It's required you live on campus freshman year and practically no one does afterwards. \n\nThe people it ha a real effect on were landlords that had houses on the outskirts of the reasonable walking distance to campus. There was a ton of demand for people to pay premium to be in the center of the downtown area within a couple blocks of campus. ", "replies": [], "depth": 2}], "depth": 1}]