Settlement in College Towns
While noise, traffic, and other quality of life issues have not been resolved, some advocates of New Urbanism have led the development of neighborhoods in college towns by specifically capitalizing on their proximity to university life. For instance, some universities have developed properties to allow faculty and staff members to walk to work, reducing demand for limited on-campus parking; Duke University's Trinity Heights development is a key example. In many cases, developers have built communities where access to the university (even if not directly adjacent) is promoted as an advantage.
Student housing is also an important component of college towns. In the United States most state universities have 50 percent or more of their enrolled students living off-campus. This trend, which began in the 1960s, originally meant the conversion of near campus single-family homes to student housing, creating "student ghettos."
Colleges and other developers began building purpose-built off-campus student housing areas in the 1970s in more college towns. The Cotton District in Starkville, Mississippi is an especially well-designed example of such a development. Beginning around 2000 in the United States, nationwide real estate investment trusts (REIT) and publicly traded corporations began developing student housing complexes.
Another notable development since the 1990s is the surge in popularity of retirees relocating to college towns. Retirees are attracted to these locations because of cultural and educational opportunities, college athletic events, good medical facilities (often at teaching hospitals affiliated with medical schools), a low cost of living, and often a pedestrian- or public transit-friendly development pattern. Several development companies now specialize in constructing retirement communities in college towns. In some cases the communities have developed formal relationships with the local institution.
The demand for housing from students, faculty, staff, and retirees has kept college town home prices stable during the housing market downturn that began in 2005.
Read more about this topic: College Town
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