Originally Posted by Smeagel
If the City cracks down on rental properties in this town your property values are going to crash. What will owners do with houses they can no longer rent to the biggest market in the city?(students) It is simple supply and demand. A new glut of houses on the market and a loss of student renters pushes home prices down. The City should focus on behavior of home dwellers and not screw with the market by excluding people from renting and living where they want. You are digging your own grave and don't even know it.
Not really. There are about 45,000 residents in San Marcos and that is projected to hit 70,000 in 2020 and 100,000 in 2030. There are about 25,000 students at SWT and there have been that many for quite some time.
Of those, 18% live on campus, 31% live in town and 51% commute from other towns. So, there are about 7500 college renters in town. Of those, a large number live in apartments.
In fact, 37% of the housing in San Marcos is single-family. 30% of the housing in San Marcos is owner occupied. That means that 7% of the housing is single-family, but renter occupied.
So, if EVERYONE who rented a house had to move out because of the new regs, 7% of the property would be unoccupied. We both know that is not what will happen. There are plenty of small houses that are rented by two people and many of those who are living 3 or 4 to a big house will either find a way to get by with two or move into a smaller house with just two people. There will also be those who go unreported and undetected, probably the ones who are clean and quiet. So, maybe 2% of the housing would be open.
Of course, these would be the larger houses, so assuming that the renters did not trash them, they might be snatched up by residents looking to move to a bigger home, who in turn might rent their smaller home to a couple of students. Or, they might just be snatched up as a function of the 5% annual growth rate of San Marcos.
Either way, the impact would be a momentary blip on the timeline. All of these numbers are available on the San Marcos website. Check them for yourself if you think I am wrong.