Posted by Randy -IL- on April 06, 1999 at 17:22:33:
Perhaps the University won’t develop the residential area but a private investor will?
There is a certain area in a nearby town where this sort of thing happened. About ten years ago this area with very high traffic count was just a regular neighborhood (some rentals, some owner occ.) Eventually, nearly all the houses along the busy street were rezoned for small business. Now the same landlords who were renting to college students now rent to lawyers, doctors, psychologists, etc for high visibility office space. It’s my guess that the rents went up too!
I think the higher traffic and close proximity to things like strip malls and other student draws will help raise the rent. At least thats true in my area.
Is it a big house? Maybe you can strike a deal with the athletic director at the school to house the hockey team. I know it sounds crazy but in college towns the students will pay (IMHO) outrageous rents to be nearer to the action. Imagine how much the team members would pay to be that close to the arena. True, they may break things but you have their deposits and the U. officials to look after their behavior!