A Student Housing Analysis in the City of Auburn, Alabama Danter & Associates

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A Student Housing Analysis in the City of Auburn, Alabama Danter & Associates Auburn City Council October 16, 2018 Kevin A. Cowper, Assistant City Manager / Chief Operating Officer 1

Available Student Housing Types Purpose Built Student Housing Market Rate (Conventional) Apartments Non-Conventional Student Housing Rentals On-Campus Housing Fraternity Houses 2

Purpose-Built Student Housing Privately constructed, owned, and managed multifamily developments with individual leases or leased by-the-bed. Floor Plan Furnished Utilities Amenities and Activities 3

4

Purpose-Built Student Housing Properties Units Beds Vacancy Rate 2013 Danter Report 15 2,714 7,701 8.1% 2015 Danter Report 16 2,798 7,984 5.1% 2018 Danter Report 18 3,190 8,964 2.9% 316 Bragg opened 2014 160 Ross opened 2016 The Evolve opened 2017 5

6

New Purpose-Built Student Housing Property Name Year Opening Number of Properties New Units Total Units New Beds Cumulative New Bed Increase Total Beds Fall 2018 18 3,190 8,964 The Standard Fall 2019 19 219 3,409 683 683 9,647 191 College Fall 2019 20 127 3,536 465 1,148 10,112 Twin Cities Fall 2019 21 83 3,619 244 1,392 10,356 Uncommon Auburn Fall 2020 22 220 3,839 609 2,001 10,965 The Union Fall 2020 23 147 3,986 499 2,500 11,464 7

Zoning map Urban Neighborhood West Bed Density Building Height Parking East of N Donahue 255 75 1.1 spaces per bedroom West of N Donahue 255 50 1.1 spaces per bedroom 8

photos 9

Rebuilt The Landing Strip Apartments on Magnolia Av. Refurbished Little Henry s Apartments on Magnolia Av. 10

Market Rate (Conventional) Apartments Existing Market Rate (Conventional) Apartments Year Properties Units Vacancy Rate 2012 50 5,742 5.3% 2015 47 5,298 4.3% 2018 46 5,295 1.4% Approved Market Rate (Conventional) Apartments Spring Lake 270 Units Greystone on Samford 230 Units Demolished Market Rate (Conventional) Apartments Property Year Demolished Beds Magnolia Arms Apartments (demolished for Browncrest phase 2) 2016 45 Hyatt House Apartments (demolished for storage warehouses) 2016 69 Castilian Apartments (demolished for AU parking lot) 2016 16 Campus Crest Apartments (demolished for Evolve) 2017 50 Carolyn Apartments (demolished for public parking lot) 2017 24 Greywood Apartments (demolished for Uncommon Auburn) 2018 90 11

Non-Conventional Student Housing Rentals Single Family Rentals Duplex Developments Townhome Developments Condominium Development Mobile Home Parks 12

Non-Conventional Student Housing Rentals Cottages The Boulevard on Harper Street Cottages at Donahue on North Donahue 13

Non-Conventional Student Housing Rentals Academic Detached Dwelling Units 14

Auburn University On Campus Housing Auburn University On-Campus Housing Residence Halls Beds The Quad 945 The Hill 1,400 The Village 1,665 South Donahue 415 Cambridge at Auburn 300 Total 4,725 There are 23 fraternity houses with capacity to accommodate 1,800 fraternity men. Sorority women occupy designated sorority halls in The Village. 15

Auburn University Enrollment Year Enrollment Increase Incoming Freshman 2012 25,134-3,852 2013 24,864 (270) 3,726 2014 25,912 1,048 4,592 2015 27,287 1,375 4,902 2016 28,290 1,003 4,529 2017 29,776 1,486 4,836 2018 30,440 664 4,783 16

Purpose-Built Student Housing Demand Year Student Housing Properties Units Auburn University Enrollment On- Campus Beds Net Enrollment Market Demand Beds Market Penetration Potential Market Demand 2012 15 2,714 25,134 5,468 19,666 9,833 7,701 39.2% 2,132 2015 16 2,798 27,287 5,468 21,819 10,910 7,984 36.6% 2,926 2018 18 3,190 30,440 4,725 25,715 12,858 8,964 34.9% 3,894 2019 21 3,619 30,440 4,725 25,715 12,858 10,356 40.3% 2,502 2020 23 3,986 30,440 4,725 25,715 12,858 11,464 44.6% 1,394 17

Purpose-Built Student Housing Demand Factors Auburn University Enrollment Number and type of students (undergraduate / graduate) Socio-economic characteristics On-Campus Housing Walkability Market Penetration Market Absorption 18

Other Trends and Considerations Demand for conventional apartments for young professionals Demand for senior rental housing Non-Conventional Student Housing Cottages Academic Detached Dwelling Units Refurbishment of existing apartment properties in walkable area Step-up support 19

Questions

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