STUDENT HOUSING MARKET STUDY

1
STUDENT HOUSING MARKET STUDY

• Presentation of Findings
• November 14, 2006

2
Executive Summary

• Social aspects, convenience, housing style and
  new facilities are the positives of campus living
• Off-campus vacancy rates are slightly increasing
  though rental rates continue to rise
• One-third of off-campus residents would either
  definitely live in new housing (8) or might live
  in new housing (24)
• The most preferred unit type tested is a
  four-single bedroom suite, though many would find
  a two-double bedroom suite acceptable
• Depending on assumptions used, demand for new
  housing is 460 to 680 beds

3
Methodology

• Focus Groups
• Six groups
• 64 students plus parents of incoming freshmen
• Peer Institution Analysis
• 10 peer institutions
• Integrated Post Secondary Education Data System
  (IPEDS)
• Off-Campus Market
• 22 rental complexes
• Published data
• Student Survey
• Current student survey (551 respondents)
• Prospective student survey (75 respondents)

4
Current Student SurveyDemographics

• Freshmen, sophomores, and juniors somewhat
  over-represented
• Also over-represented are
• Female respondents
• Full-time students
• Respondents younger than average
• Respondents balanced in terms of
• Ethnic group
• Location prior to attending CSUSM

5
Prospective Student SurveyDemographics

• CSUSM is the first choice for 45 of respondents
  with another 39 noting it as their second or
  third choice
• Most would be entering as freshmen and would be
  attending full-time
• Over half would likely live on campus at CSUSM
• The top five other institutions under
  consideration are SDSU, CSU Long Beach, CSU
  Fullerton, UC San Diego, and UC Irvine
• Just over half the surveys were filled out by the
  prospective student (55) with another 37 filled
  out by the parent and student together

6
Peer Institution Analysis
7
Peer Institution AnalysisList of Peers

• California State University, Bakersfield
• California State University, Monterey Bay
• California State University, San Bernardino
• California State University, Stanislaus
• San Diego State University
• Sonoma State University
• University of California, Irvine
• University of California, Riverside
• University of California, San Diego
• University of San Diego

8
Peer Institution AnalysisEnrollment
Source IPEDS
9
Peer Institution AnalysisEnrollment
Source IPEDS
10
Peer Institution AnalysisEnrollment Growth 1996
2005
Source IPEDS
11
Peer Institution AnalysisBed Capacity
Source IPEDS
12
Peer Institution AnalysisBed Capacity
Source IPEDS
13
Peer Institution AnalysisBeds to Enrollment
Source IPEDS
14
Peer Institution AnalysisBeds to Enrollment
Source IPEDS
15
Peer Institution AnalysisRoom Rates
Source IPEDS
16
Peer Institution AnalysisRoom Rates
Source IPEDS
17
Peer Institution AnalysisRoom Rates
Note UC Irvine Board Cost is included with Room
Cost
Note UC San Diego and CSU San Bernardino Board
Costs were not attainable
18
University Housing
19
Focus GroupsPositives of Living In UVA

• Social/developmental
• Meeting and interacting with other students
• Community living environment
• Convenience
• No concern with commuting
• Fewer issues with parking
• Close proximity to campus buildings
• Utilities included in rent
• Individual lease
• Housing style
• Private bedroom
• Kitchen in unit
• Spacious and clean living environment
• New, well-maintained facility

20
Current Student Survey
21
Prospective Student SurveyImportance of
Providing Housing
22
Current Student SurveySource of Housing Costs
23
Current Student SurveyImportance of the
Availability of Quality Housing
24
Prospective Student SurveyUniversity Selection
Criteria
25
Prospective Student SurveyCSUSM Housing
Comparison
26
Current Student SurveySatisfaction with Housing
27
Off-Campus Housing
28
Off-Campus Market Analysis Vacancy Rates
Source Colliers International
ASL Sample 0 - 13 Median of 2
29
Off-Campus Market Analysis Rent Per Square Foot
Source Colliers International
30
Off-Campus Market Analysis Rent Per Square Foot
Source Dividend Capital
31
Off-Campus Market Analysis San Marcos Building
Permits
Source US Census
32
Off-Campus Market Analysis Rental Rates
33
Off-Campus Market AnalysisRents by the Unit
2006
34
Off-Campus Market AnalysisRents by the Bed
2006
35
Off-Campus Market AnalysisConcessions

• Half of the complexes offer specials on at least
  some unit types
• Security deposit reductions
• Discounted first months rent
• Discounts depending on lease term (the longer the
  lease, the greater the discount)
• Lower monthly rent
• Discount with quick decision

36
Off-Campus Market AnalysisUtilities and Lease
Terms
37
Off-Campus Market AnalysisAmenities
38
Current Student SurveyProfile of Off-Campus
Renters

• The majority live in apartments
• 41 live in groups of 2 26 in 3 15 in 4 12
  alone
• 42 in 2BR unit 22 in 3BR 21 in 1BR
• 37 have their own BA, 56
• share with no more than 1 other
• The majority (80) of single students have a
  private bedroom
• 38 have a 12-month lease 21 a month-to-month
  lease (from the beginning of the lease)
• 87 rent their units unfurnished, 10 partially
  furnished, and 3 furnished

39
Current Student SurveyZIP Codes of Off-Campus
Renters
40
Current Student SurveyMedian Rent per Student by
Unit Type Single Students
41
Current Student SurveyMedian Rent per Student by
Unit Type Students w/ Fam
42
Off-Campus MarketComparison of Median Rental
Rates
43
Current Student SurveyReasons for Moving Off
Campus

• 14 of off-campus respondents have lived at
  University Village

44
Current Student SurveySemesters at Univ. Village
vs. Semesters Planned

• Of those that have lived at University Village
• 45 lived at Univ. Village the of semesters
  planned
• 13 lived at Univ. Village longer than planned
• 43 lived at Univ. Village shorter than planned

45
Food Service
46
Focus GroupsGeneral Comments on Food Service

• Most UVA residents do not eat in the Dome
• Distance
• Price
• Limited hours (close at 600pm, no weekend hours)
• Some student interest in meal plan in food
  service especially if location closer to UVA
• Parents believe meal plans should be offered
• Variety of plans
• Optional

47
Current Student SurveyFrequency of Using Food
Services During the Week
48
Current Student SurveyFrequency of Using Food
Services on the Weekend
49
Housing Preferences
50
Current Student SurveyFactors Considered in
Choosing Housing Top 10
51
Prospective Student SurveyFactors Considered in
Choosing Housing Top 10
52
Prospective Student SurveyInfluence of Amenities
on Housing Decision
53
Focus Groups Floor Plan Review 2-Double Bedroom
Semi-Suite

• Four students to one bathroom is a high ratio for
  some, especially with only one shower
• Lack of living area a drawback or a plus
• Appropriate for freshmen
• More attractive than what is offered at other
  state schools

54
Focus Groups Floor Plan Review 4-Single Bedroom
Semi-Suite

• More attractive than previous plan owing to
  private bedrooms
• Concern about student/bath ratio
• Concern about lack of social interaction with
  roommates with private bedrooms and no living
  area
• Appropriate for freshmen

55
Focus Groups Floor Plan Review 2-Double Bedroom
Suite

• Individual sinks and compartmentalized baths are
  attractive
• Dislike traveling through bedroom to get to
  bathroom
• Closets preferred over wardrobes
• Living area a plus
• Lack of kitchen a drawback for some would need a
  meal plan
• Suitable for freshmen, with UVA for upper class
  students

56
Focus Groups Floor Plan Review 4-Single Bedroom
Suite

• Private bedrooms are attractive
• Living area a plus for social interaction within
  the unit
• Bathroom privacy more important than kitchen for
  some kitchenette would suffice
• Compartmentalized bathrooms allow more than one
  resident to use at one time

57
Current Student Survey Unit Progression
58
Prospective Student Survey Unit Progression
59
Current Student Survey Community-Style Housing
60
Current Student Survey Unit Preference
61
Current Student Survey Kitchen Preference
62
Demand
63
Current Student SurveyInterest in Proposed
Housing
64
Current Student SurveyLack of Interest in
Proposed Housing
65
Current Student SurveyTarget Market Calculation
Using 2005 Enrollment
Using 2006 Enrollment
66
Current Student SurveyDemand Calculation
Conservative, Fall 2005

• Uses a 50 Closure Rate

67
Current Student SurveyDemand Calculation Summary

• Fall 2005 Conservative 460 beds
• Uses Fall 2005 enrollment figures and 50 closure
  rate
• Fall 2005 Less Conservative 564 beds
• Uses Fall 2005 enrollment figures and 75 closure
  rate, demand increases 104 beds
• Fall 2006 Conservative 553 beds
• Uses Fall 2006 enrollment figures and 50 closure
  rate
• Fall 2006 Less Conservative 680 beds
• Uses Fall 2006 enrollment figures and 75 closure
  rate, demand increases 127 beds

68
Current Student SurveyDemand Unit Preference
Breakdown
Using 2005 Enrollment
Using 2006 Enrollment
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STUDENT HOUSING MARKET STUDY

• Presentation of Findings
• November 14, 2006