Mini-Dorms A New Trend In College Housing?
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College housing typically is fairly expensive, and if you live in a city that has 
high housing costs, it can be prohibatively so. There is a new trend on the horizon for properties near college campuses that have a shortage of housing on campus, mini-dorms. The idea is that you take a pre-existing single family home and remodel it so that it has many individual dorm style rooms with a common area. The resulting housing can accomodate more students at a lower cost near the university.
The 3 un-named developers are onto something here. Neighbors are not thrilled with the idea, but this is a great free market idea in my opinion and one that should be explored by those who specialize in near campus student housing.
According to NBC 7/39, the people behind this and similar conversions are three recent college grads, and they have plans to buy even more property.
Residents in Pacific Beach met with City Attorney Mike Aguirre and City Councilman Kevin Faulconer Tuesday night to voice concerns.
The issue in their neighborhood is a home being renovated in the 1200 block of Chalcedony Street. The three-bedroom house is being converted to a nine-bedrooms. The city approved a permit to add the extra rooms to the home, but some homeowners said there needs to be restrictions for single-family homes.
The conversion of single-family homes into so-called mini-dorms has been a hot-button issue in the College Area, near San Diego State University. The owners buy a home, add rooms and rent it out to multiple tenants, usually students.via KNSD
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Comment by Roberta Murphy on 5 April 2007:
I can’t help but weigh in on this issue as a San Diego real estate broker:.
Not only is this housing an alternative to college dormitories, but it also yields a much higher return per square foot than typical residential rentals. In San Diego, shrewd real estate investors are thinking outside the box and aiming for cash flow.
Comment by John Smith on 6 April 2007:
This is an idea that is running out of time. Savvy investors began doing this in the late 60’s. The current real estate trend if for national real estate investment trusts (REIT student housing - Google it) to develop purpose-built student housing complexes near campuses - with amenities like weight rooms, convience marts, totally furnished units rented by the single room. Individual investors can never match this. This is what’s happening in the market right now. As an individual investor I would be wary of being burned by investing in mini-dorms.
Comment by Tom on 6 April 2007:
John
Great points. Universities would be hard press to meet the needs like the private sector.
Tom
Comment by Len on 11 April 2007:
Any decent investor with an ounce of integrity would stay far away from mini-dorms. On the surface, an unknowing investor may think they sound like a good idea; to provide much-needed housing for students.
But the reality is far different; they totally blight single-family neighborhoods and make life a living-nightmare for the long-time residents. Imagine living next to an “Animal House” frat.
That’s what many of these monstrosities are like, complete with concreted-over front yards for parking, kids urinating on the neighbor’s homes, spent condoms on the sidewalks, beercans, broken glass, loud fights, all-night parties, etc., etc, etc. Nice. Imagine your parents or your 30-something son, daughter-in-law and kids having to live next to one of these monstrosities, only to find out that they can’t afford to move out because no-one else wants to buy in that neighborhood. It’s a downward-spiraling mess.
I know first hand because I’m also in San Diego, but unlike Roberta above, I’m one of the “poor, unfortunate neighbors” who has to live and deal with this blight. “Shrewd investors are thinking outside the box” I believe Roberta said - what a sanitized, ignorant way to describe a horrendous situation. Well, I got news for you Roberta, these “shrewd investors” have spread their cancer all over San Diego - they even have at least one in La Jolla now, so even your neighborhood isn’t safe. Please take your head out of your arse and pay attention to what’s REALLY going on!
We residents, literally hundreds of us, are fed up and we’re getting organized - very organized - in San Diego, at least, there IS going to be a huge battle over this issue. And we’re going to win. Shrewd investors would be better off investing in properties that won’t be illegalized.
Comment by Gene on 26 December 2007:
Well, that’s why you only rent to foreign grad students, they basically live in their laboratory or carrel and come back to the room just to sleep, no parties or whatnot
Comment by Brandon on 15 December 2008:
We are a student housing and investment consulting team in College Station and Austin. While in college, my parents helped me purchase a house where I rented out the other 3 rooms. Since, then I have kept that house and purchased 7 more in college station. Feel free to check out our website.