Investment in student housing swelled in the past decade, reflecting growth in the traditional college-age population that has since ebbed. In 2016, sales of existing student housing peaked at a value of $9.8 billion, up from less than $2 billion in 2010, according to a separate report from RCA.
Amid that growth, a so-called amenities arms race broke out. In a bid to draw students, developers built apartment complexes with deluxe features such as lazy rivers, sprawling fitness centers and decked out common rooms.
