Student Housing Advisory Services PRESENTAT I ON OF F I NDI NGS BOT W ORKSHOP No v e mb e r 2 0 t h , 2 0 1 9
Introduction – Brailsford & Dunlavey Inspire. Empower. Advance. 440 1,00 $35B 500+ 26 > Years of Higher education College + In completed higher Student housing 0 experience in clients University Projects education projects delivering campus facilities life solutions 2
Planning Process Overview 2019 2020 September October November December January 2 9 16 23 30 7 14 21 28 4 11 18 25 2 9 16 23 30 6 13 20 27 Project Initiation SAV Session & Work Session Demographic & Enrollment Analysis Off-Campus Housing Supply Analysis Survey Implementation & Demand Analysis Predictive Modeling Survey Duration Decision Support & Documentation Concept Socialization & Approvals On-Campus Board of Interim Kickoff Trustees Presentations Meeting of Findings 3
Key Questions 1. What are Valencia’s strategic housing objectives? 2. What housing demand exists at each campus and how flexible is demand across campuses? 3. How should Valencia’s off-campus market and national best practice influence decisions about housing? 4. If demand exists, how and where should Valencia pursue on-campus housing? 4
Key Findings 1. Valencia seeks an asset to enhance the student experience and the campus environment while minimizing financial exposure to the College. 2. There is sufficient demand for housing at either West or East campuses, but not both and only under certain conditions. 3. Apartment-style units align with student preference and Valencia’s strategic priorities. 4. On-campus housing would be most competitive with rents in the East Campus apartment market, but fills a larger gap in service on West Campus. 5
Integrating Housing with Valencia’s Strategic Priorities FIVE-YEAR IMPACT PLAN & STUDENT HOUSING PROSPECTUS › Support the long-term growth of international student enrollment › Create community and promote personal connection for new students › Promote a learning environment and enhance student experience › Prepare students for the university experience 6
Strategic Framework Target Market, Unit Typology, + Financial Accessibility + Quality Programmatic Requirements Reconciliation Financial Performance + Institutional Will › › › On-campus housing should target non- Housing should be competitive with the Housing must be feasible without local students, with particular emphasis overall Orlando market. significant financial support from on international students. Valencia and occupancy risk to the › Housing facilities should reflect existing College should be mitigated. › Housing should not rely on robust campus quality standards and serve as › quality-of-life facilities; off-campus long-term assets. Operation and management should services & amenities should support align with existing expertise and may on-campus residents. be contracted to external partners where efficiencies exist. › Academic co-curricular engagement is › the highest programming priority; on- Housing is not seen as a source of campus housing should serve the revenue for the College, but must fund campus through inclusive programming reinvestment in housing assets. & multipurpose spaces. › Alternative financing strategies should be pursued. 7
Survey Response Demographics PROCESS & METHODOLOGY 4,742 Complete Responses The survey received statistically a significant response rate, yielding a 1.4% margin of error at 95% confidence interval: 9.0% 8.0% 7.0% Margin of Error 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Survey Responses 8
Rental Rates and Unit Types Tested Semi-Suite Full Suite 2 BR / 1 BA Apt. 2 BR / 1 BA Apt. 4 BR / 2 BA Apt. Bedroom Occupancy Single Single Single Double Single WEST Monthly Rate $700 - $800 $850 - $950 $1,125 - $1,225 $740 - $840 $975 - $1,075 CAMPUS EAST & OSCEOLA Monthly Rate $780 - $880 $940 - $1,040 $1,225 - $1,325 $830 - $930 $1,100 - $1,200 CAMPUS Full Suite 4 BR / 2BA Apt. 4 BR / 2BA Apt. Bedroom Occupancy Single Double Single EXISTING $960 $860 $1,060 DOWNTOWN Monthly Rate CAMPUS 9
Who is Valencia’s Audience for Housing? PROCESS & METHODOLOGY Identifying Valencia's Target Market Group › Target Market Group – Students 100% who are most inclined to pursue on- campus housing: 85% ⎼ In-person students (not online-only); ⎼ Single (without children); 67% ⎼ 18 – 24 years old; 58% ⎼ Renting in the off-campus market; ⎼ Do not live with their parents / relatives; ⎼ Pay $600+ / month in rent; ⎼ Express interest in on-campus housing 21% 10% › Occupancy Coverage Ratios 6% 5% ⎼ Favor younger & international students Total Survey In-Person Single (w/o 18 - 24 years Renting off- Don't live Pay $600+/mo. Would be Responses children) old campus w/family in rent interested in on-campus housing 10
Flexibility of Demand PROCESS & METHODOLOGY › B&D tested demand for key populations and flexibility across campuses and unit-types: International Target First-Choice First-Choice Market Campus Unit Type Group Domestic Second-Choice Second-Choice Campus Unit Type 11
Housing Demand by Campus SURVEY FINDINGS & DEMAND › Demand exists for a potential project at West & East Campus; Osceola Campus exhibits insufficient demand to move forward. West Campus Demand: East Campus Demand: Osceola Campus Demand: 323 beds 684 beds 62 beds 319 118 120 106 87 79 65 53 35 26 20 15 15 12 0 Semi-Suite Full Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Semi-Suite Full Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Semi-Suite Full Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT (Single) (Double) (Single) (Single) (Double) (Single) (Single) (Double) (Single) 12
Demand Is Flexible Across Campuses SURVEY FINDINGS & DEMAND › Potential demand for on-campus housing at a specific campus expands when students are allowed to select a second choice. West Campus Demand: East Campus Demand: Osceola Campus Demand: 557 beds 813 beds 136 beds 365 211 158 130 129 100 96 70 63 49 46 33 29 21 7 Semi-Suite Full Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Semi-Suite Full Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Semi-Suite Full Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT (Single) (Double) (Single) (Single) (Double) (Single) (Single) (Double) (Single) 13
International Student Demand SURVEY FINDINGS & DEMAND › Domestic students comprise the majority of demand; international student demand (approx. 113 total beds in 2019) would not support a project independently. West Campus Int'l Demand: East Campus Int'l Demand: Osceola Campus Int'l Demand: 75 Beds 17 Beds 21 Beds 29 13 8 3 13 8 8 8 6 1 4 4 4 2 1 1 Semi-Suite Full-Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Semi-Suite Full-Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Semi-Suite Full-Suite 2 Bed / 1 2 Bed / 1 4 Bed / 2 Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT Bath APT (Single) (Double) (Single) (Single) (Double) (Single) (Single) (Double) (Single) 14
International Student Demand SURVEY FINDINGS & DEMAND › Valencia’s current international students have a slightly harder time finding housing, but otherwise profile similarly to domestic students. Was it challenging to find and secure housing while attending Valencia % in Satisfied with College? 18-24 Age Current Average Average Rent Commute Range Housing 71% International $737 20 min 69% 75% 81% $720 20 min 74% 71% Domestic 29% 19% Domestic International No Yes 15
First- and Second-Choice Demand by Campus SURVEY FINDINGS & DEMAND › Not all unit-type configurations are market competitive and meet Valencia’s strategic priorities. The College must decide how it wants to meet housing demand. West Campus Demand: East Campus Demand: 557 beds 813 beds 400 365 400 350 350 300 300 250 250 211 200 200 158 129 130 150 150 100 96 70 100 100 63 49 50 50 0 0 Semi-Suite Full Suite 2 Bed / 1 Bath APT 2 Bed / 1 Bath APT 4 Bed / 2 Bath APT Semi-Suite Full Suite 2 Bed / 1 Bath APT 2 Bed / 1 Bath APT 4 Bed / 2 Bath APT (Single) (Double) (Single) (Single) (Double) (Single) 16
Student Preferences SURVEY FINDINGS & DEMAND › Students in the Target Market Group are predominantly seeking apartment-like amenities and lease terms. Top Priorities for New Housing Preferred Lease Term Amenity Preferences (Frequency of Use) 65% Private (single) bedroom Convenience Store 56% 31% 75% 61% 12-month lease 55% 65% In-unit full kitchen Computer Lab 50% 37% 72% 23% Academic year 29% 55% Private bathroom Study Lounges 45% 39% 66% 9% No preference 55% 8% Convenient location Community Kitchen 42% 29% 46% 7% Washer and dryer in the living 52% I do not know Tutoring Space 29% 41% 7% unit 44% 0% 20% 40% 60% 80% 0% 10% 20% 30% 40% 50% 60% 70% 0% 20% 40% 60% 80% 100% West East West East Daily Weekly Monthly Never 17
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