In case you didn’t know, we got lots of housing options in our town. So many that local kids play games about where each apartment complex is located. We got so many rentals that the entire town should put a big for rent sign in the middle of town. The sheer volume of rental housing stuns people at first. The softness of the market 20-30 years ago drove investors to turn everything into a rental. This also included adding another unit or bedroom onto every existing place that might interest a college student. That model was unsustainable. Then the big dogs started moving in….
Old Apartment Complex
Most of these places seem old. They are, but there wasn’t much else when they first went up. Each time there was a large apartment complex being built, Ohio University also seemed to be involved. At least with several of them. Either way, the need for proper housing plagued the area. Ironically, it still does in several pockets of older buildings in constant demand. But that’s the way the cookie crumbles. The places in the best spots seem to be either expensive dumps or very expensive with all the creature comforts. Most of these older places look live they have erred on the side of personal equity draws and extending differed maintenance.
Newer Versions
Few and far between, newer means the aforementioned 20-30 years old. Smaller 10-15 bedroom places have popped up, but only a couple with 25 or more bedrooms have entered the market. The lack of easily developable land in the area often drives this statistic. Too many people recognized the need for more housing. Anymore, we will be surprised if another apartment complex finds a way into this town. Most people think their property deserves more money than reality dictates. You will find that problem everywhere.
