When Your Student Housing Property has Water Intrusion and Mold,
the Last Man Standing Could Be the Loser!
An increasing number of legacy buildings, including aging student housing complexes, are experiencing water intrusion and mold-related damage that can be traced back to fundamental design and construction defects. The buildings have experienced water intrusion that, in many cases, results in hidden damage to the structure.
While there may be some signs of the water intrusion inside the student apartments, the damage may not be obvious to the management firm. Unfortunately, by the time the damage is found, the statute of limitations for original designers and contractors is long gone. As a result, the buck often stops with the liability insurance of the current student housing management firm. This firm will be considered the last man standing.
Regardless of where the root problem originated, management firms are being held responsible for these defects if they haven’t taken steps to protect themselves. Managers of older student housing complexes who find themselves in this precarious position should understand the ways to manage their risks.