The Future of Student Housing

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Travis Vencel, principal at Trinitas and former member of the City of Bloomington Plan Commission gave a presentation on trends in student housing at the 2012 Inter-City Visit to Bloomington, IN.

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The Future of Student Housing

  1. 1. National Trends in Student Housing Inter-City Visit to Bloomington, Indiana September 10, 2012
  2. 2. Off Campus HousingNational DemandsUsing data from the U.S. Department of Education and the U.S.Census Bureau between 2000 and 2010 (the last decade) therewas a 38.7 percent increase in enrollment in public universitieswhich led to a 21.4 percent growth in the number of studentsliving off campus.Only five states (California, Florida, Hawaii, Maryland and Utah)have been able to provide enough additional dorm beds tomaintain dorm residency levels against growing enrollments. Student Housing Business, 2012
  3. 3. Competitive MarketsPopulation 2010: 76,500 80,500 92,000 143,000 295,800 2030: 100,000 108,200 110,000 207,800 351,800Percentageof renters 2010: 55% 65% 77%* 43% 45%Most frequentmode oftransportationafter theautomobile Walk Walk Walk Bicycle Walk
  4. 4. Competitive MarketsCommunityPopulation: 76,500 80,500 92,000 143,000 295,800 Growth Rate: 17% 10% 9.4% 21% 13% (last 10 years)University Enrollment: 29,000 42,500 45,000 30,000 27,000 Growth rate: 19% 14.5% 10% 29.5% 13% (last 10 years)Student populationas percentage 2010: 38% 53% 49% 21% 9% 1970: 50% 69% 49% 39% 10%Beds: 8,900 15,651 17,000 8,700 6,434% of students: 30% 37% 38% 29% 24%
  5. 5. Off Campus HousingDemand for off campusUsing the 21.4% number that creates the following demands on off campusmarkets that compare with Chapel Hill and Bloomington campuses. Chapel Hill, UNC – 21.4% = 4,000 students Bloomington – IU - 21.4% = 6,000 students State College – PSU 21.4% = 6,000 students Fort Collins – CSU – 21.4% = 4,500 students Lexington – UK – 21.4% = 4,000 students
  6. 6. Off Campus HousingDemand for off campusUsing the 21.4% number that creates the following demands on off campusmarkets that compare with Chapel Hill and Bloomington campuses. Chapel Hill, UNC – 21.4% = 4,000 students 2,228 Bloomington – IU - 21.4% = 6,000 students 6,385 State College – PSU 21.4% = 6,000 students Fort Collins – CSU – 21.4% = 4,500 students Lexington – UK – 21.4% = 4,000 students
  7. 7. Competitive MarketsChapel Hill, NC University enrollment 29,000 University growth rate 2000-2010 19% Enrollment increase since 2000 4,100 Housing: Halls/Dorms 36 Beds (including Greek) 8,900 % of student body 30% Increase since 2000 1,872 Off campus demand 20,100 Off campus demand increase since 2000 2,228
  8. 8. Competitive MarketsChapel Hill, NC University enrollment 29,000 University growth rate 2000-2010 19% Enrollment increase since 2000 4,100 Housing: Halls/Dorms 36 Beds (including Greek) 8,900 % of student body 30% Increase since 2000 1,872 Off campus demand 20,100 Off campus demand increase since 2000 2,228
  9. 9. Competitive MarketsBloomington, INUniversity enrollment 42,500University growth rate 2000-2010 14.5%Enrollment increase since 2000 5,424Housing: Halls/Dorms 21 Beds (including Greek) 15,651 % of student body 37% Increase since 2000 -961Off campus demand 26,849Off campus demand increase since 2000 6,385
  10. 10. Competitive MarketsBloomington, INUniversity enrollment 42,500University growth rate 2000-2010 14.5%Enrollment increase since 2000 5,424Housing: Halls/Dorms 21 Beds (including Greek) 15,651 % of student body 37% Increase since 2000 -961Off campus demand 26,849Off campus demand increase since 2000 6,385
  11. 11. Competitive MarketsEnrollment and Population 190,000 180,000 170,000 160,000 150,000 140,000 130,000 Enrollment / Population 120,000 110,000 100,000 Monroe County Population 90,000 IU Enrollment 80,000 70,000 Tippecanoe County Population 60,000 Purdue Enrollment 50,000 40,000 30,000 20,000 10,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year
  12. 12. Competitive MarketsEnrollment and Population 190,000 180,000 170,000 160,000 150,000 140,000 130,000 Enrollment / Population 120,000 110,000 100,000 Monroe County Population 90,000 IU Enrollment 80,000 70,000 Tippecanoe County Population 60,000 Purdue Enrollment 50,000 40,000 30,000 20,000 10,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year
  13. 13. Competitive MarketsEnrollment and Population 190,000 180,000 170,000 160,000 150,000 140,000 130,000 Enrollment / Population 120,000 110,000 100,000 Monroe County Population 90,000 IU Enrollment 80,000 70,000 Tippecanoe County Population 60,000 Purdue Enrollment 50,000 40,000 30,000 20,000 10,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year
  14. 14. Competitive MarketsEnrollment and Population 190,000 180,000 170,000 160,000 150,000 140,000 130,000 Enrollment / Population 120,000 110,000 100,000 Monroe County Population 90,000 IU Enrollment 80,000 70,000 Tippecanoe County Population 60,000 Purdue Enrollment 50,000 40,000 30,000 20,000 10,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year
  15. 15. Off Campus HousingNational Trend to By Design As a result of the additional pressure for off campus housing for students we have seen pressure put on our core neighborhoods surrounding campuses nationwide. The result has been By Default Student Housing.
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  27. 27. Off Campus HousingBy Default Student Housing•More than one person per bedroom•Often only 1 bathroom per unit•Inadequate parking facilities•Lack of private and public spaces (Porches, rear yards, etc).•Access/Safety issues (ingress-egress)•Close to campus and other amenities•Adjacent to owner occupied properties•Absent or not on site management
  28. 28. Student Housing National Trends
  29. 29. Off Campus HousingNational Trends By Design Student Housing started in the 1990’s, when investors saw an opportunity to provide specialized housing for University Students. 2 and 4 bedrooms typically with 2 bathrooms Large living spaces (kitchens and living rooms) Amenities, pools and clubhouses Larger complexes on multi-family land far from campus
  30. 30. By Design Student HousingWhat is it today? •Residential product designed for a University related population that reflects the social trends of today’s University communities. •Residential product designed for the 18-26 year old, (born 1986-1994).
  31. 31. By Design Student HousingWhat is it today?University student population likes to live together. Dorms have been on campus for years. Large homes and Fraternities/Sororities. Freshman required to live on campus. Universities strive to create a community. Universities can’t house all students.
  32. 32. By Design Student HousingWhat is it today?Social trends of today’s University population. Socially conscious development. Low impact on the environment. Energy efficient design and construction. Community activities – engaged management staff. Sustainability – walkable, pedestrian friendly. – recycling programs. – access to public transportation.
  33. 33. By Design Student HousingWhat is it today?Residential product designed for the 18-26 year old. Born between 1986-1994. Grew up in the 1990’s and 2000’s. Suburban homes with large living areas. Private bedrooms and bathrooms. Cell phones, cable television, high speed internet. Country club and athletic club memberships.
  34. 34. By Design Student HousingWhat is it today?Design Residential product. a. 1,2,3,4,5 and 6 bedroom dwelling units. b. Full kitchens and laundry facilities. c. Fully furnished dwellings. d. Large living areas. e. Private bedrooms and bathrooms. f. Cable television and high speed internet services. g. Fitness center with athletic club quality. h. Clubhouse – internet, gaming, TVs, Study Rooms, etc. i. On site management staff that are engaged with residents.
  35. 35. Location is key to real estateLocation, Location, LocationIn most university communities there are 2 options Downtown – Expensive land Downtown – Higher construction cost Downtown – Near campus Downtown – compact urban form Suburban – Commute to campus Suburban – Low density Suburban – Higher infrastructure/services cost Suburban – Less expensive land
  36. 36. Off Campus HousingNational TrendsUrban Products: •Mid rises 25-50 units/ac 75-150 beds/ac Parking for 25-75% of beds •High rises 35-100 units/ac 100-300 beds/ac Parking for 25-50% of bedsSuburban Products: •Townhomes & Flats 12-20 units/ac 36-60 beds/ac Parking for 100-110% of beds •Cottages 10-12 units/ac 40-60 beds/ac Parking for 100-110% of beds
  37. 37. Off Campus HousingNational TrendsProducts:Examples
  38. 38. By Design Student Housing Bloomington, IN 223 Units 690 Beds 2,3,4 Bedrooms 65% Parked (35% on site)
  39. 39. By Design Student Housing Madison, WI 264 Units 476 Beds 1,2,3,4 Bedrooms 20% Parked
  40. 40. By Design Student Housing Raleigh, NC 149 Units 550 Beds 2,3,4,5 Bedrooms 100% Parked
  41. 41. By Design Student Housing West Lafayette, IN 193 Units 731 Beds 2,3,4,5 Bedrooms 100% Parked
  42. 42. By Design Student Housing West Lafayette, IN 193 Units 731 Beds 2,3,4,5 Bedrooms 100% Parked
  43. 43. By Design Student Housing Indianapolis, IN 261 Units 675 Beds 1,2,3,4 Bedrooms 63% Parked
  44. 44. By Design Student Housing Indianapolis, IN 261 Units 675 Beds 1,2,3,4 Bedrooms 63% Parked
  45. 45. By Design Student Housing Richmond, VA 270 Units 691 Beds 1,2,3,4 Bedrooms 73% Parked
  46. 46. By Design Student Housing Richmond, VA 270 Units 691 Beds 1,2,3,4 Bedrooms 73% Parked
  47. 47. By Design Student Housing Richmond, VA 270 Units 691 Beds 1,2,3,4 Bedrooms 73% Parked
  48. 48. By Design Student Housing Madison, WI 359 Units 669 Beds 1,2 Bedrooms 25% Parked
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  65. 65. Student Housing Where do we go from here?
  66. 66. Future of off Campus Housing•The pressure will continue. Core neighborhoods Older multi-family products Development of new products•Continued demand for quality product. Bedroom bath pairs Amenities, Amenities, Amenities Full line of services included
  67. 67. Future of off Campus Housing•What Can Communities Do? •Understand the demand over the next 20 years. •Understand the market product demand. •Set goals and policies for accommodating demand. •Through policies and ordinances •Appropriately locate density •Appropriately incentivize development •Anticipate the need for services
  68. 68. Future of off Campus Housing•Bloomington •Growth Policy plans of 1999 and 2002 •Focused on preserving core neighborhoods •Focused on compact urban form •Focused on more residents in the downtown •UDO- zoning ordinance: •Density in the downtown •Unrelated adults in core neighborhoods •Mechanism for increased density •Identified areas appropriate for growth
  69. 69. Future of off Campus Housing•Bloomington •Results “1991 and 2002 plan helped to stop the trends of student dominated neighborhoods” Tim Mueller, Bloomington Planning Director 1977-1995. “Higher density in the downtown, close to services” Tom Micuda, Bloomington Planning Director “Party Houses have decreased in neighborhoods” Lisa Abbott Director of HAND
  70. 70. Thank You Travis Venceltvencel@trinitas-ventures.com

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