Thursday, November 5, 2009

Apartment buildings near colleges and universities near capacity

Portland State University has about 1,400 more students in 2009 than the 26,500+ recorded in 2008. Projections call for enrollment at PSU is to increase nearly 30% to 36,000 students in just a few years.



Meanwhile, Portland Community College enrollment this fall grew by 15%, putting the number of students enrolled there over the 40,000 mark.

Facts:
  • Neither of these schools provide much on-campus housing. 
  • Students tend to look for housing within a mile of campus.
In Eugene, the University of Oregon's increased enrollment has spurred on development of new complexes, and even with these new apartments the vacancy rate in Eugene dropped 21% to 4.2% from six months earlier.

In Corvallis, Oregon State University's enrollment is up over 1,500 students and with over 80% of students living off campus vacancies in that city have dropped to under 1.5% within a mile of campus.

To top it off, virtually no new apartment projects are scheduled to be constructed in the south valley for the next couple of years.