Rental restrictions were placed on some properties near St. Thomas University because of complaints from neighbors about noise and other problems associated with a large number of rental properties near the University. There are some folks who believe that the restrictions will hurt property values in the area. Funny how that all works. You would think that if rental properties are really a nuisance putting restrictions on them would increase property values.
Yet it seems that anytime we restrict the use of property the value of that property goes down . . . we shall see. Maybe it is just a matter of marketing. Who knows maybe people will pay more to live near a college campus if they don’t have to live next door to the college students.
The area that is affected by rental restrictions is bounded by St. Clair, Snelling, Marshall and Fairview Avenues.
There is an ordinance requires that any new student rentals within a certain area be at least 150 feet from other rentals. Rentals are defined, as one- and two-unit homes in which there are three to four students renting in each unit. Existing rentals are grandfathered in and won’t be affected. Current landlords can register with the city.