NEW CONSTRUCTION IN STUDENT HOUSING WATERLOO (CON’T)
LONDON
HAMILTON
HALIFAX
MONTREAL
OSHAWA
These are the images of recently constructed purposed built rental apartments from out-of-town. Cities like Toronto and Montreal have well-established universities with large student populations, but George Brown College has a higher portion of students who have grown up near these campuses, and commute from their parents homes. On the other hand, 20% of the students attending McGill University come from outside of Canada, and have large disposable incomes and a need for luxury student accommodations.
Approaching the Community
developments, and prepare information for public meetings in order to address the concerns of local residents. Being open to the community response not only helps you to identify and meet demand, but helps build your brand as a good neighbor. Finally, whatever you build, build well. Low quality product will age quickly and lose its market position. Amenities in line with a condominium lifestyle will help attract the best student tenants paying the highest rents. A well-built, secure facility will also help with the parents’ peace of mind. Building high rise or low rise, concrete or woodframe depends on the target city or town. A mid-rise development is more appropriate in a suburban town like Barrie whereas high rise developments make more sense in Toronto and Montreal. Student housing is a specialized marketplace requiring specialized knowledge to provide the best rate of return. However, the rapid growth of this marketplace and the quality of the clientele offers many opportunities for a developer willing to take the time to learn the nuances of the marketplace.
IN BUILDING STUDENT HOUSING, IT’S IMPORTANT TO BUILD RELATIONSHIPS WITH THE COLLEGES AND UNIVERSITIES YOU BUILD NEAR. THEY ARE PROVIDING THE BULK OF YOUR MARKET.
In building student housing, it’s important to build relationships with the colleges and universities you build near. They are providing the bulk of your market, and they can help you lease up your product through word-of-mouth advertising, or even distributing pamphlets to students as they arrive. Some communities have also had an antagonistic relationship between student communities and local residents, with disputes going before city council. Keep the public informed about your
“ROCK has always been a great supporter of the FRPO. They know almost every
significant player in the industry. ROCK has taken enormous steps to educate people about the opportunities of new apartment construction, which many weren’t yet aware of. We can all learn more about this industry from Rock.
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Vince Brescia, Former President & CEO, Federation of Rental Housing Providers of Ontario (FRPO), President of Wyse Meter Solutions Inc. THE ROCK NEW APARTMENT CONSTRUCTION REPORT 43