A respected Portland, Oregon, executive, Barclay Grayson serves as a senior vice president of BPM Real Estate Group. With a strong industry focus, Barclay Grayson regularly attends events such as The Lodging Conference and Meet the Money and has a strong interest in current real estate trends in Portland and beyond.
One area of resilience in the markets in early 2020 has been the student housing industry. With classes cancelled on many campuses due to the coronavirus pandemic, what occurred was that a sizable number of students decided to remain within their off-campus apartments rather than return to their parents’ residences. This has resulted, on balance, in rent continuing to be collected.
At the same time, privately owned student housing saw a shutdown-related surge in demand, as university-owned residence halls discontinued operations. This sent many students living on campus in search of residential space in the surrounding area. Unlike shared dorm accommodations, off-campus apartments tend to feature private bedrooms and bathrooms, which promotes cleanliness and distance from others.
Universities in the United States are already eyeing fall timelines for reopening physical classes, once significant health risks have diminished. While online education is viable in the short term, it does not take the place of in-person learning. The reopening process is expected to accelerate housing demand in communities with a sizable student population and provide a positive economic boost.