Como, Dinkytown, Stadium Village and Uptown are popular Twin Cities residential neighborhoods for students seeking a place to call home while gaining an education.
June 12, 2014
Riverton Community Housing, owner of Chateau Co-op student apartments, has requested permission to replace the Fourth Street Housing Co-Op apartment building at Fourth Street and 13th Avenue with a six-story, 66-unit apartment building.
Add the advantages of completing a four-year college degree with the benefits of owning your own home during those four years, and some students are coming out way ahead. However, most rent housing over the duration of their studies, creating a market rich with the supply and demand for housing suitable for student needs.
Dinkytown Housing Proposal Meshes Retail Space and Residential Student Housing
According to the Business Journals' July 10 publication titled, Six-story apartment building pitched for Dinkytown, "The plan includes a 2,000 square-foot retail space on the ground level, as well as fitness center and bike room for residents". The proposal is the hot topic on the schedule for the July 14 Minneapolis City Planning Commission Committee meeting.
Rental units that give students the opportunity to live in close proximity to the campus are convenient housing for college students to make a daily commute to classes. Due to the high demand for these units, landlords have been known to over-rent the housing. Even when homes are rundown and in need of the owner's attention to upkeep, once better places are snapped up, the homes still rent out and without much of a price break. The proposed apartments may be more expensive on average, but will offer more attractive and livable conditions.
Minneapolis Homes Selling Near Campus
Historically, Minneapolis real estate sellers, who place their homes on the market within an easy commute to the University of Minnesota campus, find high interest from students if the price point is right. Whichever side of a deal you find yourself on, being on the direct bus route to campus or an easy walk gives Minneapolis home sellers the advantage of negotiating the best price with a strong buyer's interest. With property prices on the rebound and a shortage of housing inventory, Twin Cities residential investors are seeking to make the most of every real estate opportunity!
Concerning the supply of off-campus housing, Niche says, "Lots of amazing options if you don't mind paying a little more. Luxury apartments and more are being built currently. Also lots of houses for rent a little further off campus". Students should anticipate paying $550 a month for a studio apartment, an average of $700 for a one bedroom unit, 2 bedrooms run around $1,200, and for those who prefer sharing a home with several students, 4 bedroom homes are charging an average of $2,000 per month.
According to College Niche, in neighborhoods around the University of Minnesota, here is a sketch on student housing:
Undergrads Living Off Campus
Freshmen Living Off Campus 14%
Average Off-Campus Room & Board $8,412
"Beginning as an initiative to provide University of Minnesota students with affordable housing, Riverton Community Housing focuses on promoting community-oriented and democratically run student housing cooperatives. Managing five buildings, Riverton provides cooperative housing for over 700 students." ~ Community Wealth
Engage the Experience and Skill of a Trusted Realtor
Jenna Thuening endeavors to help parents of students wishing to buy a home to ease the burden's of student housing, find the right home for their son or daughter. With established honest and open communication, she spends one-on-one time with her clients. Through counseling and providing resources for both buyers and sellers, Jenna is a trusted Realtor with answers to housing needs. She has a proven, repeatable process that results in a winning experience for those seeking the right home.
** Download the memorandum: Rivertown to Meet Deman for Student Housing in Minneapolis Minnesota
Serving the Twin Cities metro area for more than 15 years as a Realtor with RE/MAX Results, Jenna Thuening has established a reputation for helping home buyers overcome big hurdles to buying a Minneapolis home and gaining the keys. Call Home Destination at 612-396-7832 if you are seeking to purchase a home in 2014.
Jenna Thuening, a Twin Cities residential Realtor offers real estate news on the demand for student housing in Minneapolis, Minnestos.
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