Chances are your college apartment didn’t have walk-in closets, granite countertops and a resort-style pool with private cabanas.
But for a growing number of college students, these luxury amenities are becoming the norm.
A kitchen inside one of the 606 bedrooms at Ann Arbor's Landmark high-rise.
Melanie Maxwell | AnnArbor.com
The new Zaragon West student high-rise in downtown Ann Arbor.
Melanie Maxwell | AnnArbor.com
Nationwide, student housing totaling more than 30,000 beds is estimated to be under construction around campuses, the Wall Street Journal reports. Low housing inventory combined with booming enrollment and a demand for luxury are resulting in new high-end developments that rent for top dollar.
“Real estate investors and developers, hungry for new areas of growth, are finding a lucrative and previously untapped market in these areas surrounding college campuses,” the report says.
Similar to the housing trends occurring in Ann Arbor, developers of these new projects are wielding lavish amenities to attract tenants and ensure leasing success.
From free tanning beds and state-of-the art fitness centers to a putting green and Zen garden, these developments have it all. In return, rents can range from $600 per person for a shared unit to $1,500 or more for a single bedroom.
Housing is also becoming an important factor for students deciding among colleges, the report says. For some, it’s even outweighing academics and sports teams.
Read the full Wall Street Journal report here.
Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.