VCU expansion troubles Richmond City Investors?
Virginia Commonwealth University, more commonly known as VCU located in the City of Richmond,VA has grown tremendously over the last decade and has helped the city grow as well. VCU was first founded in 1838 and has since grown into a student body of more than 32,000! VCU has brought diversity to the city and has helped improve the attractiveness of the city.
In an article from the Richmond Times Dispatch, VCU continues to grow but not enough housing is available to accomadate all students. Plans to expand student housing over the 6 years will be set in motion starting this July. The combined projects will cost $38.5 million and the budget set for these projects is $41 million.
So what does this mean for Investors? Investors rent their properties to a lot of students attending VCU, with these projects underway investors may face trouble in the future when the expansion of the student housing is completed. The suitability of student housing is a competition with investors because of what student housing has to offer.
Investors that do not rent to students, this can also be a downfall because non-students may not want to live in a “college oriented city”, and the more student apartments that are being built, the less room there is for investment opportunities.
Please refer to VCU Keeps Building For more information on the VCU housing projects.
http://actvra.in/bWF
