Construction has started on a new crop of student housing rentals in the Syracuse area.
Nationwide there are an estimated 115 million housing units, but real estate experts predict that millions more will be needed to keep up with rising demand in the years to come. And as Americans increasingly choose to rent rather than buy, luxury apartments are a big draw for real estate investors.
Already, these new Syracuse apartments are in the news and creating a buzz for students all throughout the Central New York area.
University Student Living, LLC has announced that a 126-unit, 363-bed student housing development will be built on the 505 on Walnut area of downtown Syracuse. The company has recently demolished a medical office building and a retail shop to gain space for the new housing unit, which will be a crop of three, six-story apartment towers with raised courtyards in between them.
The whole development will cost about $46.4 million to build. There will be plenty of different options for students to choose from including furnished studios and one, two, three, and four bedroom apartments. Interestingly enough, these apartments will be leased by the numbers of beds occupied, rather than the unit itself. For example, if there are only two students in a four-bedroom apartment, they will only need to pay rent for two people rather than cover the full cost of the unit.
Students will be able to enjoy completely furnished rooms, gated and controlled access parking, full-sized kitchens, private bedrooms, washers and dryers in every unit, a fitness center, study lounges around the development, a cafe, shuttle service to campus, and an interior dog wash station.
The 505 on Walnut development is the third for University Student Living, LLC — they have one other property near the Rochester Institute of Technology and another near the University of Buffalo.
According to Syracuse.com, the development company is excited to continue to spread their influence across New York State. Joe Coyle, president of University Student Living LLC explains:
“New York state presented partnership opportunities that were well-suited for our company. We have been very pleased with the success of our two other student housing developments in New York.”
The apartments will be ready for students August 2018.