Rockingham County Planning Commission has approved a rezoning request making way for a new student housing complex. This on top of another approval in May. Like many other complexes in Harrisonburg, this one will be corporately owned.
University Place, located on South Ave, was once a popular student housing complex, as was Hunter’s Ridge on Port Republic Rd. With the addition of new complexes these units have turned to low income and Section 8 housing. Students will always move to the “shiny new” housing.
So what does this mean for the condos that are individually owned? The individual investors are not able to command the same rent as newer complexes ($320-360/bedroom vs $425-450/bedroom). While the initial investment is low, +/- $55000 the monthly maintenance fee of $275 is staggering. This same thing makes it near impossible for a parent to purchase a unit while their son or daughter is a student and sell when they graduate.
Ultimately the question is do we really need more student housing or affordable housing.