Dorm Construction Lifts Central Massachusetts Housing Prices
Boston housing construction is growing at its fastest pace in nearly 20 years. The Boston Globe partially attributes the surge in new properties to a growing demand for dorms. Emerson College recently began constructing a new 380 bed dorm on Boylston Street. Other colleges in the Boston area are beginning construction on new dormitories. The new construction is expected to lift housing prices in Boston, Shrewsbury and other parts of Central Massachusetts.
Dorm Construction Picks Up
City officials recently reported that dorm construction has picked up significantly over the past year. Universities throughout the city have begun construction on over 1,200 different dorm rooms. This is the highest level of construction on student housing in the past eight years.
Mayor Martin J. Walsh is enthusiastic that dorm construction has increased so much. He believes it is necessary to meet the needs of college students and stimulate the housing market in other areas.
“This is a big part of our overall plan,” Walsh told the Boston Globe. “The more student housing we can build, the better.
Impact on the Shrewsbury Housing Market
The new dorm rooms will meet the growing demand for housing for the growing number of students in Boston colleges. The construction of these dormitories is also having an impact on communities outside of these universities. Housing prices throughout Central Massachusetts are starting to rise as dorm construction continues.
The construction is going to have a number of positive impacts on the rest of the community. Creating more university housing will make Boston an even more attractive city for prospective college students, which will stimulate the local economy and boost job creation.
Efforts to construct more on campus housing will probably extend to other parts of the city. Many students have difficulty securing dormitory space, which drives many upperclassmen to seek off campus housing. Boston officials will be able to create more housing in other parts of the city to address the growing need for student accommodations.
We would be open to a plan in a non-downtown neighborhood that would help get students out of private housing,” the mayor said.
However, many Boston residents are likely to be turned off by the high housing prices in other parts of Boston. They may decide to rent properties in Shrewsbury and other cities that allow them to commute. This is likely to drive up housing prices throughout Central Massachusetts.