Does anyone know which college or colleges in New Jersey has the greatest need for student housing? Rutgers New Brunswick due to size? Rowan because of its growth due to NJ gov support? Others? I am very interested in this niche and would appreciate any info
As a Rowan graduate, I too became interested in the Glassboro market, especially with the school's plans to grow the enrollment to over 20,000. In their alumni mailer, they boast over(please do not quote as I don't have the material in front of me) $300 million worth of construction to the college and downtown area. The wife and I plan to visit our alma mater in the near future to better assess this situation. From the outside looking in, I would think there is always a sizable portion of the student population that does not want to live in campus supplied housing. Other members posted inquiries about this area, however I have not seen any heavy hitters posting in this space. If I hear or see anything, I will post my findings on your thread.
I attended to Rowan a while ago. While the university is growing a lot Glassboro is not a landlord friendly town. The town wants to hold all landlords responsible for anything the tenants may do. Also, they have a requirement for how many bedrooms you have you must have an equal amount of driveway parking which makes it tough. However, if you find the right property it can be worth it. Rental rates go between $450-$600 per room for a group of friends.
1) Rutgers dorms are not expensive 2) Rutgers require students to live on campus first two years 3) Plenty of land to put up new housing 4) SFR and multis in town are really old stock
Most colleges can destroy off campus market just by requiring undergrads to live on campus.
Just for some information Rutgers University in New Brunswick has many properties near College Avenue the problem is Rutgers University owns most of them. The reason I say this is because when I was renting before I graduated (2014) my landlord gave me a 90 days notice because she sold her multi family property to the University. So, do some homework if your interested in Rutgers New Brunswick most property are owned by Rutgers themselves.( I guess they want to kick landlords out offer money to build offices etc). But don't quote me fully you probably find some mutli family just shop around just letting you know Rutgers University does own majority of the area near campus.
Robert Soto and Eric Van Schaack thanks for the info. about Rowan.
Robert Shaw it isn't true that they require students to live on campus the first 2 years. I have friends who went there and most of them lived off campus sophomore through senior year.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.