Is Ithaca NY Becoming Overbuilt? Will There be High Vacancy Rates Soon?

[William Coet]

Ithaca, NY is seeing even more new construction happening (100s of units in the works), despite a large number of projects having happened in the past 10 years.  Ithaca is heavily dependent on the two colleges.

Student rentals are going empty, in particular in the larger and older apartments.

With all of the new construction, is there any existing student rental (or other) that will remain in demand?  Are small-time landlords going to get stuck with less desirable tenants because the new stuff attracts all of the higher quality tenants?

Would be interesting to hear from Ithaca experts!