Gen eneral Session: on: N NMHC R C Research h – Co Compar arative A Anal nalysis of the Cost of Ho Hous using O ng Options ons f for Studen udents Chris Bruen Assistant Director, Research NMHC
Co Compar aring t g the he Co Costs o of On- Cam ampus an and Off-Cam ampus us St Studen ent H Hou ousing Chris Bruen Assistant Director, Research NMHC #NMHCstudent @ApartmentWire
Res esea earch Q h Ques uestions 1) 1) How How do t o the e fol ollow owing g Stud uden ent Hous Housing op option ons d differ i er in v val alue ue? • Off-Campus Purpose-Built Housing • Off-Campus Student-Competitive Housing • On-Campus Residence Halls • On-Campus Apartments
Res esea earch Q h Ques uestions 1) 1) How How do t o the e fol ollow owing g Stud uden ent Hous Housing op option ons d differ i er in v val alue ue? • Off-Campus Purpose-Built Housing • Off-Campus Student-Competitive Housing • On-Campus Residence Halls • On-Campus Apartments 2) W ) Within eac each h hous ousing typ ype, e, what fac actor ors h have t e the gr e grea eatest influen uence on e on per er-bed ed r rent nt le levels ls?
Compiling ng Da Data • Off-Campus Purpose-Built Housing Axiometri trics, s, a R RealPage Company ny • Off-Campus Student-Competitive Housing • On-Campus Residence Halls NMHC MHC • On-Campus Apartments
On-Ca Campus D Data Col Collect ection
Variables es I Incl cluded Annual Per-Bed Rent Region Number of Students per Bedroom Rural-Urban Spectrum Number of Students per Unit Distance from Campus In-Unit Bathroom Configuration Private vs. Public School Living Room (on-campus only) Presence of Ethernet (on-campus only) Square Footage per Student (off-campus only) Presence of Full Kitchen Washer/Dryer In-Unit (on-campus only) On-Site Fitness Center
Uni niver ersi sities es R Repr epres esented Universi sity ty Nam Name City Ci Sta tate te Ty Type Boone NC Public Appalachian State University Auburn AL Public Auburn University Baylor University Waco TX Private Charleston SC Public College of Charleston Florida International University Miami FL Public Tallahassee FL Public Florida State University Statesboro GA Public Georgia Southern University Louisiana State University Baton Rouge LA Public Raleigh NC Public North Carolina State University San Diego CA Public San Diego State University Tuscaloosa AL Public University of Alabama Tucson AZ Public University of Arizona University of Florida Gainesville FL Public Ann Arbor MI Public University of Michigan Oxford MS Public University of Mississippi University of Missouri Columbia MO Public South Bend IN Private University of Notre Dame University of Oklahoma Norman OK Public Pittsburgh PA Public University of Pittsburgh Austin TX Public University of Texas at Austin University of Wisconsin - Madison Madison WI Public Kalamazoo MI Public Western Michigan University
Tot otal D Dataset Number of Floorplans by Student Housing Type 5,000 00 4, 4,000 00 3,0 ,000 00 2,0 ,000 00 1,000 00 0 Stude dent nt-Compe petitiv ive Purpose-B Pur -Bui uilt A Apart rtme ments On- On-Campu pus Re Resid idence nce On- On-Campu pus A Apa partment nts Apar artm tments Halls lls
Tot otal D Dataset • Off Off-Cam Campus P s Purpose ose-Built ilt 2,550 Floorplans at 22 22 Universities • Off Off-Campus mpus Stude udent-Com Competi titi tive e 4,615 Floorplans at 22 22 Universities • On On-Campus mpus Reside dence H Hall 771 71 Floorplans at 22 22 Universities • On On-Cam Campus s Ap Apar artm tmen ents s 114 114 Floorplans at 8 Universities
On-Ca Campus H s Hou ousi sing h had the Lowest A Average A Annual R Rents Average Annual Per-Bed Rent by Housing Type $14, $1 4,00 000 $1 $13,09 093 $12, $1 2,00 000 $10 10,965 65 $1 $10, 0,00 000 $7, 7,717 $8,0 8,000 $7,05 $7 056 $6,0 $6 ,000 00 $4, 4,000 00 $2,0 2,000 $0 $0 On- On-Campu pus A Apa partment nts On- On-Campu pus Re Resid idence nce Purpose-B Pur -Bui uilt Stude dent nt-Compe petitiv ive Halls lls
Issues es I In I Inter erpreting g Thes ese Si e Simple e Aver erages es 1) The floorplan as the unit of observation. 2)Compositional differences between housing types.
Room oommates es Mor ore e Com Common O On-Campus pus Floorplans by Number of Students per Bedroom 100% 0% 90% 0% 80% 80 70% 0% 4 o or M r More re 60% 0% 3 ( 3 (Tr Trip iple le) 50% 50 40% 0% 2 (Doub 2 (D uble) e) 30% 0% 1 ( 1 (Single) 20% 0% 10 10% 0% On-Ca Camp mpus Re Resid idence Ha Hall ll Purp rpose-B se-Built Stu tudent-C ent-Competi etiti tive
Students Ca St Can Sa n Save e by L Livi ving g With R Room oommates es Average Annual Rent per Bed by Students per Bedroom $12, 2,000 $10,000 $8,0 ,000 On-Ca Camp mpus Re Resid idence Ha Hall ll $6,00 000 Off-Ca -Campus P s Purp rpose-B se-Built $4,00 000 $2, 2,000 $0 $0 1 (Singl 1 ( ingle) 2 (Doub 2 (D uble) 3 or or M Mor ore
Community Ba Com Bathr hrooms Com Common A Amon ong D g Dor orms Floorplans by In-Unit Bathroom Configuration 100% 0% 90% 0% 80% 80 70% 0% 60% 0% Pri rivate te 50% 50 Sha hared red 40% 0% None ne 30% 0% 20% 0% 10% 10 0% On-Ca Camp mpus Re Resid idence Ha Hall ll Purp rpose-B se-Built Stu tudent-C ent-Competi etiti tive
Floorplans ans w w/ I In-Unit Ba Bathr hrooms M Mor ore e Expen ensive Average Annual Rent per Bed by In-Unit Bathroom Configuration $16, 16,00 000 $14,000 00 $12, 2,000 $10,000 None ne $8,0 ,000 Sha hared red $6,00 000 Pri rivate te $4,00 000 $2, 2,000 $0 $0 On-Ca Camp mpus Re Resid idence Ha Hall ll Purp rpose-B se-Built Stu tudent-C ent-Competi etiti tive
Most st O On-Ca Campu pus Do Dorms Do Do Not Ha Have L e Living R Rooms On-Campus Residence Hall Floorplans 23% In-Uni In-Unit L t Living ng R Room
[Purpose-Built] A Apartments C Clos oser T To Campus pus M Mor ore E Expens nsive Average Annual Per-Bed Rent by Distance from Campus (miles) $16, 16,00 000 $14,000 00 $12, 2,000 $10,000 Pu Purpo pose- se-Built $8,0 ,000 Studen dent-Co Compet petitive ve $6,00 000 $4,00 000 $2, 2,000 $0 $0 Less ess than 0 0.5 m 5 miles es 0.5 t to 1 m 1 mile ile More tha han 1 n 1 m mile ile
On On-Cam ampus R Residence Ha Halls, s, S Student-Competitiv titive Apartments F Apa Foun ound to R o Rent a at a a Premium t to P o Pur urpose-Bui Built Dependent Variable: Natural Log of Annual Per-Bed Rent Stu tudent H ent Housi using ng Type Per-Bed R Rent Premiu mium 9% Stu tudent ent-Competi petiti tive e Housi sing ng (rel (relati tive to e to pu purpo rpose se-bui uilt) t) 9% On-Campus On us Resi esidence ence Hall (rel (relati tive to e to p purp rpose se-bui uilt) t) -26% 26% On On-Campus us Apartm rtmen ents ts (rel (relati tive to e to p purp rpose se-bui uilt) t)
Rents Were Hi e High gher er In M More U e Urban an A Areas as Per-Bed Rent-Premium (Relative to Urban Areas) 60% 0% 56% 50% 50 52% 40% 0% 30% 0% 35% 20% 0% Very ery Larg rge Ci e City ty U Urb rban 10 10% Rura ral 0% -14% -10% -10 -17% -18% -20 20% -30 -30% On-C -Camp mpus us Pur Purpose-B -Bui uilt Stude dent nt-Compe petitiv ive
Off ff-Ca Campu pus, R Rents T Tende nded to be o be Lower W With Roommates Per-Bed Rent Premium by Number of Students per Unit (Relative to 1) 2 3 4 or M 4 o r Mor ore 0% 0% -5% -5 Purpose-B Pur -Bui uilt -10% -1 Stude dent nt-Compe petitiv ive -15% -1 -20% 0% -25% -2
Ren ents T s Ten ended ed to b be e Lower W r With Bed edroom-mat ates Per-Bed Rent Premium by Number of Students per Bedroom (Relative to 1) 2 3 o or M r More re 0% -5% 5% On-C n-Campus -10 -10% Purp rpose-B se-Built -15% -15 -20 20% -25 25%
Souther ern S Schoo ools T s Tended To B Be Les ess E s Expensi sive Per-Bed Rent Premium for Southern Universities (relative to the Midwest) On-C -Camp mpus us Purpose-B Pur -Bui uilt Stude dent nt-Compe petitiv ive 0% -5% 5% -10% -10 -15 -15% -22% 2% -20 20% -23% 3% -25% 5% -25 25% -30% -30
Proximity t to Cam ampus, Squar are F Foot otag age e Linked ed t to Hi High gher er Rents Per-Bed Rent Premium For Square Footage, Distance From Campus 15% 5% 10% 10 10% 5% 5% 7% 0% Pe Per Mi Mile le O Off Ca Camp mpus -5% 5% Per 1 er 100 S 0 Sq. F q. Ft. t. -10% -10 -10% -17% -15 -15% -20 20% Purp rpose-B se-Built Stu tudent-C ent-Competi etiti tive
Ot Other On On-Cam ampus P s Prem emiums O s Obser erved ed Per-Bed Rent Premiums for On-Campus Housing 40% 0% 30 30% 28% 8% 30% 0% 20% 0% 14% 4% 10% 10 8% 8% 10 10% 0% -10 -10% -20 20% -30% -30 -40% 0% -35% 5% On-C -Camp mpus us Pri rivat ate In-Unit Ba t Bath throom om Wa Washer/ r/Dry ryer I r In Livin iving g Room In In Et Ethe herne net Apar artm tment Univ niversit ity Unit nit Unit nit In Inclu clude ded
On On-Ca Campus us M Model el Ha Had L d Least E Expl plana natory P Power
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