Student Housing: Site Specific Market Study
Our student housing studies provide you with a clear
understanding of how the market will respond to your
site-specific student housing development.
Our conclusions and recommendations for student housing
developments are based on an analysis of the relationship
between existing and projected supply and demand based on a 100%
survey of existing student housing in the Effective Market Area
(EMA), an analysis of campus enrollment trends and an analysis
of the overall area demographics. These
- Optimum unit mix, number and size (number of beds)
- A unit and project amenities package competitive with area
- Projected absorption--at initial lease-up, an overall
average absorption rate and absorption impacted by turnover
if absorption is extended beyond standard lease terms
- When appropriate a discussion of the subject site’s site
and floor plan from a market perspective, identifying areas
where design may hinder market response
- Competitive Analysis. When appropriate, potentially
competitive projects are compared with the proposed project
and analyzed in detail, including a detailed look at floor
plans, entry impact, storage space, unit and project
amenities, and pricing.
- Marketing strategies for the proposed project may be
discussed if appropriate.
Our conclusions and recommendations are based on an analysis of
the relationship between existing and projected supply and
demand based on our 100% field
survey of the Effective Market Area (EMA) and an analysis of
Supply is determined through:
- A 100% field survey of Effective Market Area modern
apartments, with emphasis on the student housing population
of each development.
- When appropriate, a field survey is conducted identifying
other student housing alternatives, including
- An analysis of on-campus alternatives and housing
- Data from the US Census Bureau
The supply of apartments is analyzed to identify rent and
vacancy trends of units by unit type, number of bedrooms, year
built, ccomparability rating, and percentage of student occupancy.
would like a quote for a site-specific student housing study
- A profile of historical and projected enrollment trends is
conducted for the subject institution
- If necessary, telephone or intercept surveys can be
conducted to identify student housing trends and
perspectives on available housing options.
- A comparison of proposed rent to expected market-driven
rent at opening based on a Comparable Rent Analysis. The
Comparable Rent Analysis allows for determination of
market-driven rent for projects of any amenity level by
using a regression analysis to analyze project rent in
conjunction with its Comparability Rating.
- An analysis of step-up/down support for the proposed
project. Our research indicates that the largest single
component of support for any apartment project is apartment
tenants already residing within the EMA, and that most
apartment shoppers will "step up" their rent
payments for housing that they consider to be a value. Our
analysis identifies this step-up support by dollar range and
median. In addition, new targeted developments can represent
a value for tenants paying higher rent for comparable or
inferior units. This step-down support is identified.
- An analysis of potential turnover vulnerability for the
proposed project. Our research indicates that the largest
single source of tenant "drain" from any
development is the apartment communities in the EMA priced
within step-up range of the subject community.
- An analysis of rent gaps. Rent gaps are the differences in
rent between unit types, such as one-bedroom and two-bedroom
units. Rent gaps can be a substantial factor in a project's
initial rent-up. Our analysis identifies the area's median
rent gap, rent gap at the proposed project's Comparability
Index, and rent gap at the proposed project. Rent gap among
product alternatives (such as mix, location, and floor plan)
at the subject site is also evaluated.
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