MADISON, Wis. — The City of Madison Common Council approved changes to the city’s zoning code that would expand affordable housing options for college students.
The Common Council voted on September 10 to adjust an existing downtown affordable housing height incentive that’s been in place since 2023. The original ordinance allowed new residential builds to add extra floors if 50% of the building’s units are affordable to those who make 60% of Dane County’s median income.
The change to the ordinance approved Tuesday night requires property owners to enter into a Land Use Restriction Agreement with the City of Madison to “guarantee a specified amount of below-market-rate housing for a set period of time”.
According to the City of Madison, the goal was to design housing specifically for students. “Students pay for housing through a combination of loans, grants, and assistance from their families, which makes them ineligible for most housing programs. Additionally, because most students rent by the bed rather than renting a whole apartment, the existing height incentive didn’t fit with the student housing market.”
A recent study commissioned by the City of Madison and UW-Madison found that the average rent for rentals near the UW campus average $1,273 per bed per month, but newer or renovated buildings average $1,575 per bed per month, and properties within one mile of campus average $1,746 per unit.
The City says that with this change to the zoning code now in place, they will “continue to work with UW-Madison to further support the creation of more affordable units for students choosing to live off-campus”.
