UNIVERSITY OF MARYLAND COLLEGE PARK S TU D E N T H O U S I N G M AR K E T AN ALY S I S J u n e 2 0 1 7
AGENDA J u n e 2 0 1 7 Planning Process Underpinnings & Implications Recommendations Next Steps
PLANNING PROCESS P R O J E C T O B J E C T I V E S Quantify unmet demand for undergraduate on-campus housing Identify off-campus market dynamics that will impact the UMD housing system Understand the demand for Fraternity and Sorority housing and recommend a program that satisfies their need In the context of the 2014 Housing Master Plan, provide recommendations that allow UMD to position its housing assets to satisfy housing demand and have the greatest impact on the advancement of the University
PLANNING PROCESS S T U D E N T H O U S I N G M A R K E T A N A L Y S I S Strategic Asset Valuation Demand Analysis FinancialAnalysis Student / Parent / House Corp. Survey Demographic Analysis (Over 3,100 respondents) Project Definition & Housing Strategy Existing Conditions Analysis Focus Groups (60+ Participants) Off-Campus Analysis
PLANNING PROCESS S T U D E N T H O U S I N G P L A N N I N G Get the Asset Right Acquire Capital Advantageously Operate to Maximize Institutional Interest
PLANNING PROCESS S T R AT E G I C A S S E T V A L U E A N A L Y S I S C R I T E R I A Inclusion Curriculum Enhancement • Housing for all first and second-year • Direct integration of living-learning students, and transfer students programs • Housing for all fraternity and sororities • Enhanced & increased living-learning who desire to have a chapter house programs • Housing continuum discipline Market Responsive Financially Prudent • Unit mix • Occupancy Coverage Ratio (OCR) increases with age • Competitive amenities • Debt Coverage Ratio (DCR) 1.0:1 to 1.2:1 • Differential pricing • Public-private partnerships (P3’s) should • Housing market supplement be considered where appropriate
UNDERPINNINGS & IMPLICATIONS
UNDERPINNINGS & IMPLICATIONS T H E U M D R E S I D E N T L I F E S T O R Y Campus Housing is an Undergraduate Academic profile of integral component of the Enrollment has grown students has UMD Experience for 1 st 13% since 2007 increased and 2 nd year students Students’ housing Housing has been Significant demand decision is driven by 100%+ occupied for additional proximity to classes, with an average housing cost, and a quiet waiting list of 538 environment. since 2012 Off-campus market UMD needs to does not fully meet develop housing Unmet Demand students needs that aligns with for 1,400 beds market demand in a multiphase program Active off-campus market targeting UMD students with 2014 Housing an additional 500+ Master Plan Demo. units under + Reno. decreases construction bed count by 1,894
UNDERPINNINGS & IMPLICATIONS D E M O G R A P H I C A N A L Y S I S 28,462 4.20 Total undergraduate Avg. incoming first year enrollment for fall 2016 student high school GPA (Increase of 5%) 94% Five year average freshman retention rate (Increase of 3%) 85% Average six year graduation rate 13% Increase in Demographic data provided by University of Maryland 12% Increase in transfers (increase of 5%) undergraduates since 2007 since 2007
UNDERPINNINGS & IMPLICATIONS I M P O R T A N C E O F R E S I D E N T L I F E & S AT I S F A C T I O N 67% Housing was an important factor in decision to attend UMD 74% Of Respondents indicated on-campus housing was at least satisfactory when compared to other institutions On-campus satisfaction is impacted by the aging facilities while off-campus satisfaction is impacted by the lack of community and residential experience.
UNDERPINNINGS & IMPLICATIONS I M P O R T A N C E O F R E S I D E N T L I F E & S AT I S F A C T I O N Living on campus… 60+ 88% Helped me adjust to life at UMD 81% Introduced me to new friends Number of Engaged Students who Believed 76% Provided me a sense of community Housing was Enough of a Priority to Attend a Focus 76% Made it easier to be involved in campus life Group Session 75% Provided me with a safe, secure “I wish housing was environment available all four years” 71% Provided me with convenient living options near classrooms -Student Survey Comment Enhanced my overall 70% experience “ I would have loved to live 66% on campus this year, but I Made me feel like a Terp was waitlisted for housing and not offered housing 64% Provided me with opportunities to get involved until after I signed my lease.” 60% Had a positive influence on my academic performance -Student Survey Comment
UNDERPINNINGS & IMPLICATIONS I M P O R T A N C E O F R E S I D E N T L I F E & S AT I S F A C T I O N Satisfaction Living Learning Programs are key to the UMD residential experience
UNDERPINNINGS & IMPLICATIONS H O U S I N G S A T I S F A C T I O N Cambridge 87% 74% Leonardtown 82% Of on-campus South Hill 81% residents are satisfied with Denton 79% their living Ellicot 77% conditions North Hill 62% Satisfaction Level of Students Living on Campus by Community 77% 64% Proximity to UMD Campus Size of Unit Satisfaction Proximity to UMD 70% 61% Size of Bedroom Level of Factors Amenities for Students Total Cost of 67% 39% Physical Condition Rent + Living on Campus Utilities 67% Access to Fitness Facilities programmanagers.com
UNDERPINNINGS & IMPLICATIONS F R AT E R N I T Y & S O R O R I T Y L I F E Living in a Chapter House Provided… 93% Sense of Community 85% Safe and Secure Environment 83% Enhanced Overall Experience at UMD 80% Introduced Me to New Friends 74% Provided Opportunities for Leadership Development 69% Cost Effective Living Option programmanagers.com
UNDERPINNINGS & IMPLICATIONS E X I S T I N G H O U S I N G P O R T F O L I O 7 Residential Communities 9,475 Denton UMD Owned Beds Ellicott Community Cambridge Community Community 2,899 P3 Beds 1,272 F&SL Beds North Hill Community Fraternity South Hill Row Community Dining/Community Facilities Traditional Semi-Suite Full-Suite South Suite / Apartment Campus Apartment Commons Graham Fraternity & Sorority Crackers programmanagers.com
UNDERPINNINGS & IMPLICATIONS E X I S T I N G H O U S I N G P O R T F O L I O Gross Square Feet Residential: 3.5M Non-Residential: 10.8M Average Building Age Residential GSF Residential: 57 25% Non-Residential: 41 Non-Residential GSF Average Building Renovation 75% Residential: 24 Non-Residential: 26 New Construction Value* Residential: $170M Non-Residential: $198M * New Construction value is replacement cost
UNDERPINNINGS & IMPLICATIONS E X I S T I N G H O U S I N G P O R T F O L I O Campus housing is an integral component of the UMD student experience. Students’ awareness of functional obsolescence of UMD housing facilities presents a potential occupancy risk for the future. The dynamic off-campus market is influencing students’ housing preferences and expectations. “ “ Many halls need to be remodeled, My experience overall with “ they are so old, and bathrooms housing on campus is that it Current dorms, while livable, are ugly and disgusting… Also air was fairly poor (low quality, are below par. The price is high conditioning during the summer broken elevators, old for living in conditions that are would be a nice addition… This buildings - bad AC) and cramped, and old. dorm has potential of being really expensive. When something Renovation/new buildings would ” nice because it's in a nice location is more expensive you greatly improve this problem. on south campus, but since it's so expect a certain level of ” ” old it's hardly pleasant. quality.
UNDERPINNINGS & IMPLICATIONS F U T U R E H O U S I N G Reasons for Moving Off Campus Factor Percent More living space 61% Access to my own kitchen 60% More cost effective 58% More privacy 57% Ability to live with or near friends 53% Fewer rules and regulations 47% Better living unit amenitites 44% Better physical condition of the building 34% Better wireless Internet access 31% To live in a quieter environment 31% More convenient location 30% More convenient parking or public transportation 21% My preferred on-campus living accomodations may not be available 18% Better security/safety 16% Better maintenance and housekeeping services 16% To satisfy my parent's/family wishes 16%
UNDERPINNINGS & IMPLICATIONS O F F - C A M P U S M A R K E T A N A L Y S I S Surveyed 8 purpose- built properties 2-mile radius from campus Average rent is $823 - $961 / month / student Nearly all require 12-month lease Amenity-rich market Low vacancy rates 1,075 units in the 7,125 pipeline – not purpose- built student housing Beds Available Within 1.6 Miles of Campus
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