Harrisonburg Has A Tremendous Over-Supply of Student Housing for JMU Students


Harrisonburg Has A Tremendous Over-Supply of Student Housing for JMU Students
By Scott Rogers • July 6, 2009
Two years ago there was a relatively even balance between students and housing. Now, as we approach Fall 2009, there will be 822 additional students, and 3,292 additional bedrooms for students. Woah --- did you catch that? An extra 2,470 bedrooms!?! I've written about it before.... The real reasons why so much student housing is being built for JMU students... Jun 09 Understanding the Over-Supply of JMU Student Housing Mar 09 JMU Student Housing Supply & Demand Analysis Feb 09 .... but let me try to clarify a bit more, since the numbers changed just last week. The Students Enrollment Projections Data Source: http://www.jmu.edu/instresrch/project.shtml The total on-campus enrollment for Fall 2007 was 17,428. The total on-campus enrollment for Fall 2009 is projected to be 18,250. Of note, prior JMU enrollment projections showed that there were to be 885 new students between 2007 and 2008. In the end, there were only 536. Of SIGNIFICANT note, prior JMU enrollment projections showed that there were to be 1,500 new students between 2007 and 2009. But approximately a week ago, these enrollment projections were amended by JMU, with current projections now showing an increase of 822 instead of 1,500. Enrollment projections have been significantly scaled back over the next five years because JMU is not receiving enough funding from the state to be able to grow their faculty, staff, campus and degree programs to meet their prior enrollment projections. The Housing The following new housing projects (with the corresponding number of "beds") all make up the 3,292 new "beds" that will exist as of August 2009. JMU Residence Hall (422) Charleston Townes (172) --- with 356 more to come Sunchase (96) North 38 (816) Campus View (192) --- with 476 more to come 865 East (274) Copper Beach (1,220) Urban Exchange (100) The Impact Only time will tell what the impact will be of this over supply of student housing. So far, it has translated into many lease incentives for students, and higher than expected vacancy rates for many apartment complexes. Many student housing developers say that the newest complexes in the closest proximity to a college campus will be the most successful -- so far this seems to be playing itself out here in Harrisonburg, as many new complexes are doing quite well, and some older complexes are having difficulties leasing. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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