Housing options continue to be built as Texas A&M, College Station population increases
COLLEGE STATION, Texas (KBTX) - Housing development near campus is on the rise. As you drive around the Northgate district you can see the construction work for complexes at 315 College Main and 401 First Street.
Space has been picked out on First Street for another student housing development to be built.
College Station Planning & Development Services Director Michael Ostrowski says with the growing population of students more places to live has been necessary.
“Our city is probably 40 percent students. As that continues to grow a lot of these developments are there to institute the supply that the demand is being placed on the city,” said Ostrowski.
Right now Texas A&M Real Estate Research Center Economist Jim Gaines says that it’s to early to tell if the demands are going to be met.
“It’s almost impossible to say that the market is saturated or over saturated. It’s a matter of how this is going to play out, some of the other projects that have been announced,” said Gaines.
The city of College Station grows around two to three percent in population each year but the market for apartments has been at a plateau for the last year.
“The occupancy rate is running right about 90 percent and that’s about what it was a year ago so it hasn’t increased it hasn’t decreased,” said Gaines. “Generally you see much more development when the occupancy rate is more like 93,94,95 percent.”
More student housing complexes in the Northgate area are scheduled to open in 2023 and 2024.
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