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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.  

Conclusions/Recommendations

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 conclusions/recommendations include:

  • Optimum unit mix, number and size (number of beds) recommendations
  • A unit and project amenities package competitive with area developments
  • 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.

Supply/Demand Analyses

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 area demographics.

Supply Analysis

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 single-family/double rentals
  • An analysis of on-campus alternatives and housing occupancy trends 
  • 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.

Demand Analysis

  • 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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