The Right Product Mix to Aid in Affordability

THE FOCUS OF LIVING WITH LUXURY AMENITIES IS TAKING A BACK SEAT TO THE PRIORITY OF AFFORDABILITY:

“A mix of unit types and price points is necessary in today’s environment because the price of just about everything has gone up — a trend higher education has been leading for quite a while. This sometimes means students — and operators — have to prioritize, no matter how big their desires are. [Because the] ‘cost of a college education is skyrocketing, and very few students have the financial ability to live in a building with luxury/hotel amenities, coffee shops, lazy rivers and the gaming walls,’ [said Ned Williams, senior vice president of Michaels Student Living asserts.] ‘We’re still seeing a push for more ‘affordable luxury,’ so infill, high-rise, pedestrian-to-campus projects appeal to a broader resident rent profile.’”

Today’s Development Trends: Living ‘Large’ in Student Housing — Student Housing Business10