Rochester NY home prices seem to be inching upward as demand for housing is slowly increasing, but…it’s probably not from what you think.
No, they’re isn’t a surge in private home ownership in the area but rather a surge in student housing. A recent nationwide survey comprising of students from multiple universities all across the country has revealed that now, more than ever millennials and Gen Z’ers are not interested in living on campus. They would much rather live off campus in their own living spaces. The reasons are mainly freedom but with school shootings in mind, personal safety is now a contributing factor.
This has led to a boom in the student housing business sector as companies like Rochester Smart Student Housing have seen a rise in demand for their housing services. This has led to DeCiantis Real Estate LLC, owner of RSSH, to acquire more homes for the purpose of off-campus student housing, which in turn, has led to an increase in home sales in the Rochester NY area. Simply put, as the demand for student housing increases from today’s college students so will the demand for homes, both new and old increase.
Below is a chart showing a 10-year growth/recovery in Rochester NY home prices. The recent student housing market boom is, in-part, largely to thank for this growth.
The age old idea of college is out the window. Joining fraternities and partying on campus is out the window. Now it’s about “having your own crib” and partying in your own space. At least, this is the sentiment for today’s university students who live off-campus.
“College life in off-campus housing is just more refreshing. I have my freedom to come and go and it’s nice to have my own ‘home’ even if it really isn’t mine. Plus, I don’t have to worry about campus security breaking up a party with my friends,” says one local U of R student who wishes to remain anonymous.
Since the 2008 sub-prime mortgage housing crisis, a multi-year recovery has been effect for housing markets all across the US with some areas fairing much better than others (southern Florida home prices have been skyrocketing). Rochester NY homes have been showing signs of a consistent slow recovery, giving hope to local realtors that a profitable real estate market will once again return to the city.
If this trend continues it could really be the push Rochester NY needs to get it’s housing market back on track.