As the current crop of student-focused high-rises has completed its first semester, the Tippecanoe County Student Rental Report, an annual report that helps dictate the future development in the city, has decided to put a “pause” on similar future developments.
The report finds details of Purdue’s student growth and on- and off-campus living statistics and reports an increasing demand towards the urban core of West Lafayette, Chauncey Square, with less demand around the periphery of the city’s limits. Here are our key takeaways.
- The Purdue student population grew 4.4% from last year going from 41,573 to 43,411.
- Of the 14,213 Purdue University Housing bed spaces (13,625 on-campus, 588 off-campus) 13,968 are occupied (13,490 on-campus, 478 off-campus).
- Purdue University Housing has a 1.7% vacancy rate.
- Of the 29,443 students living off-campus (in Fall 2018), 3,379 lived in fraternity, sorority or cooperative housing.
- Purdue issued 4,641 “C” permits for eligible students in Fall 2018, an increase of 331 permits from the year before.
- West Lafayette’s average vacancy rate across four-and-a-half years is 1.83%.
- The urban periphery of West Lafayette averaged 2.68% vacancy rate (across the same 4.5 year range) which is up from 2.53% in last year’s report.
- The urban core of West Lafayette averaged .98% vacancy rate (across the same time range) which is down from 1.27% from last year’s report.
With a lower vacancy in the urban core of West Lafayette, undergraduate-student-oriented, multi-family housing projects will be encouraged in the core.
The report found that lower vacancies in the core area, while similar to last year’s data, continue to support the “responsible urban densification of the near-campus area while discouraging dramatic increases in large, undergraduate-student-oriented, multi-family expansion in the periphery.”
However, the report says that after the recent push from West Lafayette to increase the student housing options in the area, the city decided to put a pause on future “large-scale, student-oriented residential units” until vacancy data became available.
With such data now available, the report recommends that the pause continue until the West Lafayette Downtown Plan is adopted. The plan is expected to be adopted in early 2020, according to the report.