Post on 25-Dec-2021
1. Introductions
2. Process Overview
3. Key Findings
4. Next Steps
Student Housing Analysis
Project Team
2 Years of Experience
Background in Local
Government and Student Life
Facilities
4 Years of Experience
Today’s Objectives
• Project Initiation
• Stakeholder & Focus Group Interviews
• Off-Campus Market Analysis
• Internet Survey
• Demand Analysis
• Development of Concepts for New Housing
• Financial Model Development & Analysis
• Value for Money Analysis
• Project Memorandum
Completed Phase 1 & 2
Phase 3
Key Findings
• Demand exists for approximately 250-300 beds of new student housing among single students
• Majority of demand is among students enrolled part-time and 3+ years
• Bakersfield College students appear to be highly price sensitive, but may be willing to pay for a
convenient and high-quality campus living environment
• Students indicate it is difficult to find housing in the area
• Off-campus housing market provides inexpensive options, but lacks student-focused
properties that are desirable to student renters
Demographics
72% 68%
48%59% 64%
28% 32%
52%41% 36%
One year Two year Three years ormore
I am still a highschool student
Grand Total
Full Time Part Time
Survey Open: 6/18 – 7/3
Total Respondents: 1,075
(4% of Total Enrollment)
Margin of Error: +/- 3% (Target Margin of Error: +/- 5%)
MOE assumes all students were sent the survey
106 486 247 236 1,075Total
Count:
How many years have you been enrolled at Bakersfield?
Part-time students under-represented on survey
2018-2019: 82% of students were part-time
5%
16%
67%
12%
Part Time
Demographics
What is your marital status?
Married / Partnered no children
Married / Partnered with children
Single no children
Single with at least one child
4%9%
75%
12%
Full Time
Average Age by Class
HS Student 19
One Year 23
Two Years 24
Three + 27
Total 24
Female
Male
Non-binary/non-conforming
Prefer not to answer
70%
27%
2%
What is your gender identity?
Males under-represented on survey
2018-2019: 54% of student population was female
Current Living Factors
What were the most important factors you considered in choosing your current residence? (TOP 5)
Factor % Respondents
Total cost of rent and utilities 65%
Proximity to campus/classes 57%
Proximity to family 46%
Safety and security features 32%
Availability of a quiet place to study 32%
Factor % Respondents
Total cost of rent and utilities 70%
Proximity to campus/classes 38%
Proximity to family 38%
Safety and security features 32%
Flexible lease/rental terms 30%
Single w/o child(ren)Married with or w/o children; single with children
Living near campus is not a high
priority for most of these students
Living near campus is important
for the majority
Living Situation
1%
5%
7%
2%
4%
95%
68%
60%
44%
63%
4%
7%
14%
6%
4%
23%
27%
40%
26%
I am still a highschool student
One year
Two year
Three years +
Grand Total
What best describes your current living situation?
I do not have a permanent residence I live with my parents or other relatives
I own I rent
85% of all renters who are single
w/o children live with at least one
other person
51% of married and/or students
with children are renters
Commute Times
4%
18%
28%
24%
6%8%
12%
5%
12%
24%
29%
11%
7%
12%
Less than 5 minutes 5 - 10 minutes 11 - 20 minutes 21 - 30 minutes 31 - 40 minutes 41 - 50 minutes More than 50minutes
Single Students Families
How long is your one-way commute to campus? (Renters Only)
Bakersfield students likely don’t live near campus
Only 3% of renters indicated “walk” as their primary mode of commuting
Current Housing Cost
Utilities Average % Respondents
Cell Phone $100 67%
Internet/Wi-Fi $60 61%
Electric $82 60%
Gas $60 46%
Water $44 27%
Cable/satellite TV $46 26%
Trash $10 10%
Parking $15 8%
Sewer $11 6%
Average Total Utilities Cost $428
20% of renters indicated they do not pay utilities
Average Monthly
Rent Per Person
$404
What is your personal share of monthly
rent not including utilities?
Renters – Single w/o Children; Non-HS Students
Tested Units Monthly Rental Rate Range:
$475 - $1,400 per person
Current Housing Cost
Utilities Average % Respondents
Electric $109 84%
Cell Phone $118 83%
Internet/Wi-Fi $58 70%
Gas $56 68%
Water $65 47%
Cable/satellite TV $89 41%
Trash $46 13%
Sewer $46 10%
Parking $40 9%
Average Total Utilities Cost $627
10% of renters indicated they do not pay utilities
Average Monthly
Rent Per Person
$656
What is your personal share of monthly
rent not including utilities?
Renters – Married with or w/o children and/or Single with children; Non-HS Students
Tested Units Monthly Rental Rate Range:
$1,600 - $2,600 per unit
Housing Challenges
8% 4% 7% 6%
16%
7%
14% 14%
50%
62%53% 54%
26% 27% 26% 26%
One Year Two Year Three Years+ Grand Total
Very easy Easy Difficult Very difficult
How easy or difficult has it been to find
housing in the Bakersfield area?
In the past year have you experienced
housing insecurity?
33%
24% 25%28%
55%60%
67%
60%
13%16%
8%12%
One Year Two Year Three Years+ Grand Total
Yes No Prefer not to answer
The difficulty in finding housing could speak to the tight market conditions and/or
the lack of resources available to students regarding off-campus housing
Future Living Preferences
If Bakersfield built new housing on campus, which five physical in-unit building features would be the most important to you? (TOP 5)
Factor % Respondents
Private (single) bedroom 58%
Private bathroom 56%
In-unit full kitchen 48%
Washer and dryer in the living unit 44%
Parking next to proposed residence hall or
apartment35%
Factor % Respondents
In-unit full kitchen 71%
Private bathroom 62%
Private (single) bedroom 60%
Washer and dryer in the living unit 57%
Parking next to proposed residence hall or
apartment35%
Single w/o child(ren)
While the majority prefer a private bedroom, interest exists for double occupancy units as
evidenced in the demand findings
Single or Married/Partnered w child(ren), Married/Partnered w/o child(ren)
Future Living Preferences
If Bakersfield built new housing on campus, which three personal preferences would be the most important to you? (TOP 5)
Factor % Respondents
Cost 85%
Access to academic resources and
services 58%
Ability to have a pet 33%
Ability to bring my own furniture 33%
Proximity to public transportation 24%
Factor % Respondents
Cost 87%
Access to academic resources and
services 42%
Proximity to child care or child care
resources41%
Ability to bring my own furniture 39%
Ability to have a pet 29%
Single w/o child(ren)Single or Married/Partnered w child(ren),
Married/Partnered w/o child(ren)
The majority of Bakersfield students are cost sensitive
Survey Units Tested: Single w/o child(ren)
Room Type Rental Rate
A. Studio Apt (Single) $1,400 /mo/person
B. Studio Apt (Double) $770 /mo/person
C. 2-Bed / 1-Bath Apt (Single) $1,100 /mo/person
D. 2-Bed / 1-Bath Apt
(Double)$600 /mo/person
E. 4-Bed / 2-Bath Apt (Single) $475 /mo/person
Rates were shown in 2018 – 2019 dollars and assume:
• Furnished units
• All inclusive utilities
A. B. C.
D. E.
Survey Units Tested: Single or Married/Partnered w child(ren), Married/Partnered w/o child(ren)
Room Type Rental Rate
A. Studio Apt $1,600 /mo
B. 2-Bed / 1-Bath Apt $2,400 /mo
C. 2-Bed / 1-Bath Apt $2,600 /mo
Rates were shown in 2018 – 2019 dollars and assume:
• Furnished units
• All inclusive utilities
A. B.
C.
Target Market Groups
TARGET MARKET A: Single Students without child(ren)
• Full-time & Part-time Student Renters
• Rent their current living unit
• Pay at least $400/month/person
• Age 24 & under
TARGET MARKET B: Single or Married/Partnered w/ child(ren), Married/Partnered w/o child(ren)
• Full-time & Part-time Student Renters
• Rent their current living unit
• Pay at least $650/month/person
• Age 24 & under
• Target markets reflect those
students most likely to live in
tested housing options if they
were provided
Occupancy Coverage Ratios
Occupancy Coverage Ratio (“OCR”)
Risk profile for each class level (i.e. occupancy risk the institution is willing to assume to accommodate demand for each target market)
TARGET MARKET A
• Full-time Student Renters
• 1.3 units of demand for every 1 unit supplied
• Part-time Student Renters
• 2.0 units of demand for every 1 unit supplied
TARGET MARKET B
• Full-time and Part-time Students
• 1.3 units of demand for every 1 unit supplied
Current Demand w/ OCR – Single w/o child(ren)
• Demand from only Target Market A
• 3+ year students represent 64% of
demand, while comprising 46% of
the enrollment
Class CohortFall 2018
Enrollment
Capture
Rate
Potential
Demand
1 Year 8,988 1% 63
2 Years 4,702 1% 48
3+ Years 11,839 2% 200
TOTAL 25,530 1% 311
Current Demand w/ OCR by Unit Type - Single w/o child(ren)
• Preference for unit type with lowest cost
• Upper-division students indicate willingness to pay more for privacy (2-Bed / 1-Bath Single)
Class Cohort
Studio
Apartment
(Single)
Studio
Apartment
(Double)
Two-bedroom
One bathroom
Apartment
(Single)
Two-bedroom
One-bathroom
Apartment
(Double)
Four-bedroom
Two-bathroom
Apartment
(Single)
Total
1 Year 0 26 5 5 26 63
2 Years 0 8 0 16 23 48
3+ Years 0 25 51 25 99 200
TOTAL DEMAND 0 59 56 46 149 311
Current Demand w/ OCR – Family Students
• Demand from only Target Market B
• Majority of demand from first-year
family students
Class CohortFall 2018
Enrollment
Capture
Rate
Potential
Demand
1 Year 615 2% 11
2 Years 322 0% 0
3+ Years 810 0% 3
TOTAL 1,746 1% 14
Current Demand w/ OCR by Unit Type – Family Students
• Preference for lowest cost unit type
Class CohortStudio
Apartment
Two-bedroom
One bathroom
Apartment
Three-bedroom
One-bathroom
Apartment
Total
1 Year 8 2 1 11
2 Years 0 0 0 0
3+ Years 0 3 0 3
TOTAL DEMAND 8 5 1 14
Profile of Inventory
Proposed Project Site
Off-Campus Apartments (1-mile radius from project site)
Bakersfield
College
• Total Number of Units / Beds: 1,032 / 1,714
• Average Age: 1971
• Most Recent New Construction: 2008 (8 units)
• Average Vacancy: 5.95%
• No purpose-built student housing
Studio 3%1BR
22%
2BR 61%
3BR 13%
4BR 1%
Unit Type Distribution
Source: CoStar
Rental Rate Comparison
Unit Type Per Person Per Unit
Studio $1,311 $1,311
1BR $804 $804
2BR $482 $965
3BR $336 $1,008
Average $641 $934
Notes:Only two properties (48 units) with studio units in sampleOnly five 4BR units in sample (rent not reported)Source: CoStar
Off-Campus Market Average Monthly Rental Rates
Single No children Families
Unit/Bed Type Per Person Per Unit
Studio Single $1,400 1,600
Studio Double $770 Not Tested
2BR / 1BA Single $1,100 $2,450
2BR / 1BA Double $600 Not Tested
3BR / 1BA Single NA $2,600
4BR / 2BA Single $475 Not Tested
4BR / 2BA single occupancy units account for
48% of Total Demand from single students
34% of demand from single students was in
double occupancy units; Students can rent a
single-occupancy 2BR or 3BR unit in the market
for a much lower per person rate compared to
the tested double occupancy units
Tested Monthly Rental Rates
Notable Property
College View Apartments• Number of Units: 112 (1BR)
• Current Vacancy: 4.5%
• Average Monthly Rent: $595/person
• 1BR not tested on survey
• Tested studio single rate: $1,400
• Proximity: 2 minute walk to campus; adjacent to proposed project site
Bakersfield College Proposed
Project Site
College View Apartments
Future housing would compete with College
View, which rents at a significant discount
relative to the tested units
Student Housing Development Analysis
• Project Refinement
• Program, Site, Campus Integration
• Test Financial Feasibility
• Project Delivery Method
• Self-develop vs. P3
• Value for Money Analysis