Student Housing Conference Preview: Atlantic Coast Conference
"The Atlantic Coast Conference comprises a diverse group of public and private schools; large urban, mid-size city and rural locations. Student housing activity reflects those differences.
A total of 18,311 beds are scheduled for delivery between now and Fall 2016, of which 14,960 will be in privately owned, purpose-built properties. Six of the 15 ACC schools account for 82.3% of the new beds. And one of those six schools, Florida State, is delivering 30% of the total for the entire conference.
We’re including the University of Notre Dame, since the Fighting Irish are independent only in football these days and competes in the ACC in all other major sports.
On the other hand, absolutely nothing in student housing is being added at two urban-core universities, and three other schools have fewer than 400 beds coming on line in the next three academic years.
As the chart above indicated, more beds are being delivered throughout the conference this year than in the following two years combined – though projects planned for Fall 2016 opening might still not be publicly known.
This year’s addition of the University of Louisville gives the ACC another school in which the privately owned student housing (POSH) pipeline is strong.
Florida State: Champs in Football and Student Housing
The Florida State University Seminoles, behind Heisman Trophy-winning quarterback Jameis Winston, will attempt to defend its national football championship this season, the first of the College Football Playoff, which replaces the Bowl Championship Series. Whether the team makes to the title game in January in Arlington, TX, or not, there is no dispute that FSU is the champion of Atlantic Coast Conference student housing construction.
As mentioned earlier, FSU’s 5,484 beds expected for delivery from now to Fall 2016 is 30% of the total number of beds being added in the conference. Also, the Tallahassee university is one of only three ACC schools adding university owned student housing: The 862-bed Dorman Complex and the 693-bed Deviney Complex are expected to open in 2015 and 2016, respectively.
Though Florida State froze enrollment in 2008, the number of students has been creeping up. Axiometrics forecasts 2014 enrollment to be 41,012, almost 2,500 more than in 2008. That enrollment figure is expected to increase to 42,775 when this year’s high school freshmen are ready to go to college in Fall 2018.
One might wonder, though, whether FSU needs all this new student housing. While university owned housing is expected to be at 100% capacity this fall, POSH occupancy – including both purpose-built and student competitive properties – is forecast to be 90.0% when students move in this August.
Though another month remains for students to rent off-campus rooms before the school year starts, preleasing rates in June 2014 are down from those of June 2013. The prelease rate at properties near FSU was 68.5% in June 2014, compared to 70.7% one year earlier.
Effective rent growth, on the other hand, was stronger in June 2014 than June 2013, though both were in negative territory at -0.6% in June 2014 and -1.1% in June 2013.
Rents per bed usually decrease in price as the school year approaches and landlords try to fill beds.
Varied Approach at Big-City Schools
The ACC has six schools located in urban areas, three in major markets and three in secondary markets. One major-market school and one secondary-market institution have many new private, purpose built properties, while the others have very little in the pipeline.
The one similarity among all six of the urban schools: No university owned housing is expected in the next two years.
The University of Louisville and Georgia Tech University in Atlanta are Nos. 2 and 3, behind Florida State, in number of beds expected to be delivered between now and Fall 2016. The bulk of both universities’ beds will be available in Fall 2015 or 2016.
Meanwhile, the University of Miami (Florida) and the University of Pittsburgh have nothing in the pipeline, which is not entirely surprising. Both The U – which has the most confusing logo in college sports – and Pitt have a lot of commuter students who live at home, in conventional apartments or in homes of their own.
Duke, UNC Not Building Much
When Duke University and the University of North Carolina meet on the basketball court, the noise in the arena is deafening. The news from student housing developments at the nearby Research Triangle universities is not.
Neither school is building new university owned residence halls, and the total of 1,251 beds opening at the rival institutions is fewer than the number of Duke students camping out in front of Cameron Indoor Stadium the nights before student tickets for Blue Devils home games go on sale.
Two purpose-built properties with a total of 867 beds are opening at UNC in Chapel Hill, while one 384-unit project is opening at Duke in Durham, NC, which requires all students to live on campus their first three years.
So, the Tar Heels win a low-scoring contest.
The Atlantic Coast Conference is an amalgamation of different types of schools and locations that aren’t even along the Atlantic coast in some instances. (Notre Dame? Pittsburgh? Louisville?). Student housing trends also vary among these schools, but the trends are spread among private/public and location lines.
Though, just like in football, Florida State is dominant."
On the other hand, absolutely nothing in student housing is being added at two urban-core universities, and three other schools have fewer than 400 beds coming on line in the next three academic years.
As the chart above indicated, more beds are being delivered throughout the conference this year than in the following two years combined – though projects planned for Fall 2016 opening might still not be publicly known.
This year’s addition of the University of Louisville gives the ACC another school in which the privately owned student housing (POSH) pipeline is strong.
Florida State: Champs in Football and Student Housing
The Florida State University Seminoles, behind Heisman Trophy-winning quarterback Jameis Winston, will attempt to defend its national football championship this season, the first of the College Football Playoff, which replaces the Bowl Championship Series. Whether the team makes to the title game in January in Arlington, TX, or not, there is no dispute that FSU is the champion of Atlantic Coast Conference student housing construction.
As mentioned earlier, FSU’s 5,484 beds expected for delivery from now to Fall 2016 is 30% of the total number of beds being added in the conference. Also, the Tallahassee university is one of only three ACC schools adding university owned student housing: The 862-bed Dorman Complex and the 693-bed Deviney Complex are expected to open in 2015 and 2016, respectively.
Though Florida State froze enrollment in 2008, the number of students has been creeping up. Axiometrics forecasts 2014 enrollment to be 41,012, almost 2,500 more than in 2008. That enrollment figure is expected to increase to 42,775 when this year’s high school freshmen are ready to go to college in Fall 2018.
One might wonder, though, whether FSU needs all this new student housing. While university owned housing is expected to be at 100% capacity this fall, POSH occupancy – including both purpose-built and student competitive properties – is forecast to be 90.0% when students move in this August.
Though another month remains for students to rent off-campus rooms before the school year starts, preleasing rates in June 2014 are down from those of June 2013. The prelease rate at properties near FSU was 68.5% in June 2014, compared to 70.7% one year earlier.
Effective rent growth, on the other hand, was stronger in June 2014 than June 2013, though both were in negative territory at -0.6% in June 2014 and -1.1% in June 2013.
Rents per bed usually decrease in price as the school year approaches and landlords try to fill beds.
Varied Approach at Big-City Schools
The ACC has six schools located in urban areas, three in major markets and three in secondary markets. One major-market school and one secondary-market institution have many new private, purpose built properties, while the others have very little in the pipeline.
The one similarity among all six of the urban schools: No university owned housing is expected in the next two years.
The University of Louisville and Georgia Tech University in Atlanta are Nos. 2 and 3, behind Florida State, in number of beds expected to be delivered between now and Fall 2016. The bulk of both universities’ beds will be available in Fall 2015 or 2016.
Meanwhile, the University of Miami (Florida) and the University of Pittsburgh have nothing in the pipeline, which is not entirely surprising. Both The U – which has the most confusing logo in college sports – and Pitt have a lot of commuter students who live at home, in conventional apartments or in homes of their own.
Duke, UNC Not Building Much
When Duke University and the University of North Carolina meet on the basketball court, the noise in the arena is deafening. The news from student housing developments at the nearby Research Triangle universities is not.
Neither school is building new university owned residence halls, and the total of 1,251 beds opening at the rival institutions is fewer than the number of Duke students camping out in front of Cameron Indoor Stadium the nights before student tickets for Blue Devils home games go on sale.
Two purpose-built properties with a total of 867 beds are opening at UNC in Chapel Hill, while one 384-unit project is opening at Duke in Durham, NC, which requires all students to live on campus their first three years.
So, the Tar Heels win a low-scoring contest.
The Atlantic Coast Conference is an amalgamation of different types of schools and locations that aren’t even along the Atlantic coast in some instances. (Notre Dame? Pittsburgh? Louisville?). Student housing trends also vary among these schools, but the trends are spread among private/public and location lines.
Though, just like in football, Florida State is dominant."
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