Agenda item: (Board Office to complete) USF Board of Trustees February 26, 2009 Issue: Tampa Housing & Residential Education Rates for 2009-10 Proposed action: Approval of the proposed USF Tampa Housing and Residential Education Rate increase for 2009-2010 Background information: In compliance with the Standard practice within the State University System concerning housing rates, a room rate increase is requested in the amounts of 0-8% for on-campus residences. The proposed residence hall fee structure covers: (1) Continued level of services to residents consistent with the past year. (2) Anticipated increase in operating costs due to the opening of the new 1,050-bed Magnolia Suites Project. (3) Increase in the Housing System debt service payments. (4) Increase in cost of utilities. Item 1: 2009-2010 Fall/Spring Rates The University of South Florida Tampa Housing and Residential Education is requesting an approximate 8% rate increase in the following residential housing rates for 2009-2010. The increase has been presented to and discussed with residence hall and student government leaders and shared with the campus newspaper during February, 2009. It was approved by Student Affairs Vice President Meningall. Workgroup Review: Finance and Audit Workgroup Supporting documentation: Housing Rental Rates, Competition, Public University Residential Housing Facilities Rental Rates, Summer Housing Rental Rates, Other Charges Associated with Housing Prepared by: Dorie Paine for Jennifer Meningall (813) 974-5439 1
Hall Proposed Rate % increase Andros Double $4,048.00 8.0% Castor/Beta Double $4,128.00 8.1% Maple Suites Double $4,384.00 8.0% Cypress Suites Double $4,552.00 8.0% Kosove Double $4,800.00 8.0% Andros/Castor Single $5,896.00 8.0% Holly Single $6,256.00 8.0% Kosove Single $6,304.00 7.9% Cypress Single $6,400.00 8.0% Greek Village, 20 bed house $131,430.60 8.0% Greek Village 20 bed house with Chapter Room $135,792.72 8.0% Greek Village 28 bed house $183,999.60 8.0% Greek Village 28 bed house with Chapter Room $188,368.20 8.0% The University of South Florida Tampa Housing and Residential Education is requesting rate increases in various amounts for 2009-2010 in the following halls to realign the rates for equity purposes. Magnolia suites will open in August, 2009 and did not have a rate previously assigned to it. Hall Proposed Rate % increase Magnolia Contract $6,368.00 4.6% Magnolia open over winter break option $6,912.00 1.5% Magnolia Family--through winter break $9,000.00 0% Magnolia Suites Double $4,696.00 0% 2
Item 2: 2009 Summer Rates The University of South Florida Tampa Housing and Residential Education is requesting an approximate 8% rate increase in Summer, 2009 for daily rental rates in the following facilities. Name and Description Proposed 2009 Daily Rental Rates Kosove Double $18.90 Kosove Single $24.85 Andros Double $15.95 Andros Single $23.25 Maple Double $17.30 Holly Single $24.60 Cypress Double $17.85 Cypress Single (suites) $23.25 The University of South Florida Tampa Housing and Residential Education is requesting a new rate for Cypress apartments which has previously not been used for Summer housing. Name and Description Proposed 2009 Daily Rental Rates Cypress Single (apartments) $25.25 Item 3: Other Charges Other charges associated with Housing include an application fee increase from $25 to $50 for 2010-2011. 3
Housing Rental Rates Proposed Academic Year Rate Increase 2009-2010 University of South Florida, Tampa bedroom occupancy Type spaces Current Rate Proposed Rate Increase $ Current Daily Rate Proposed Daily Rate % increase Hall Andros Double double suites 642 $3,748.00 $4,048.00 $300.00 $16.02 $17.30 8.0% Castor/Beta Double double traditional 643 $3,820.00 $4,128.00 $308.00 $16.32 $17.64 8.1% Maple Suites Double double suites 220 $4,060.00 $4,384.00 $324.00 $17.35 $18.74 8.0% Cypress Suites Double double suites 300 $4,216.00 $4,552.00 $336.00 $18.02 $19.45 8.0% Magnolia Suites Double double suites 1050 N/A $4,696.00 N/A N/A $20.07 0% Kosove Double double apartments 178 $4,444.00 $4,800.00 $356.00 $18.99 $20.51 8.0% Andros/Castor Single single suite/ traditional 200 $5,460.00 $5,896.00 $436.00 $23.33 $25.20 8.0% Holly Single single apartments 724 $5,792.00 $6,256.00 $464.00 $24.75 $26.74 8.0% Kosove Single single apartments 76 $5,840.00 $6,304.00 $464.00 $24.96 $26.94 7.9% Magnolia Contract single apartments 330 $6,090.00 $6,368.00 $278.00 $26.03 $27.21 4.6% Magnolia open over winter break option single apartments 150 $6,813.00 $6,912.00 $99.00 $26.82 $27.21 1.5% Cypress Single single apartments 300 $5,928.00 $6,400.00 $472.00 $25.33 $27.35 8.0% Magnolia Family-- through winter break 2 bedroom apartments 11 $9,000.00 $9,000.00 $0.00 $35.43 $35.43 0% Greek Village, 20 bed house double Greek 80 $121,695.00 $131,430.60 $9,735.60 8.0% Greek Village 20 bed house with Chapter Room double Greek 40 $125,734.00 $135,792.72 $10,058.72 8.0% Greek Village 28 bed house double Greek 84 $170,370.00 $183,999.60 $13,629.60 8.0% Greek Village 28 bed house with Chapter Room double Greek 140 $174,415.00 $188,368.20 $13,953.20 8.0% 1
Public Universities Residential Housing Facilities Rental Rates Per Semester Double Bedroom Occupancy Traditional Hall/ Community Bath 2008-2009 rates Single Bedroom Occupancy projected % increase for 09/10 Suite Style Hall Suite Style Hall Apartment Style Hall Florida A&M $2,178 $2,895 TBA Florida Atlantic University $2,655 $3,107 5-5.6% Florida Gulf Coast University $2,154 $2,632 5.60% Florida International University N/A $2388-$2648 $3256- $4776 $3086- $3610 3% $2505- Florida State University $1,950.00 $2210-$2390 $2795 $2,685.00 4-5% $2550- University of Central Florida N/A $2160-$2525 $2,445.00 $3000 4% $2527- $2437- University of Florida $1,968.00 $2342-$2770 $2945 $2650 10-12% $4390- University of North Florida $1,740.00 2195-2475 $4950 N/A 6.20% $2896- University of South Florida $1,910.00 $1874-$2108 $2,730.00 $3045 8% University of South Florida--St. Pete N/A N/A N/A $3,066 10% University of West Florida $1720-$2085 $2,245 $2,295 5% 2
Competition 2008-2009 Rates 4 bedroom apartment facilities Total cost of lease for 234 days Furnished Deposit 4 bedroom apartment facilities Bed/Bath Sq Ft Monthly Cost Lease term Application Fee Move-In Fee $446- Collegiate Hall 4/4 373 $468 12 mths $3,431 Yes $0 $50-$125 Security Dep Avalon Heights 4/4 1791 $540 12 mths $4,154 Yes $0 $50 $200 1st & Last $50 $100 Campus Lodge 4/4 1695 $469 12 mths $3,608 Yes Boardwalk 4/4? $515 7-12 mths $3,962 Yes $225 $35 $100 The Pointe at South FL 4/2 1115 $339 12 mths $2,608 Yes $0 $30 $170 Reflections 4/4 1387 $480 12 mths $3,693 Yes $0 $45 42 North 4/4 1440 $559 12 mths $4,300 Yes $0 $275 $0 $560- The Province 4/4 1563 $570 12 mths $4,308 Yes $200 $50 $0 Monticello on 42nd $545- St. 4/4 1700 $555 12 mths $4,193 Yes $0 $250 $0 Holly 4/2 900 234 days $5,792 Yes $200 $25 $0 Cypress 4/2 979 234 days $5,928 Yes $200 $25 $0 Many complexes have move-in specials which adjust monthly rent, lease terms, and fees. Yearly cost was calculated using lower end of ranges for 12 months (but may waive) 3
Competition 2008-2009 Rates Suite Style Facilities Suite style facilities The Edge Andros Suites Maple Suites Cypress Suites Magnolia Suites Andros Suites # bath sq ft monthly cost lease term Total Cost of Lease for 234 days Furnished Deposit Application Fee Move-In Fee single/2 $745- bath 480 $842 9 mths $5,811 Available $0 $150 $0 double/4 bath 480 $541-638 9 mths $4,220 Available $0 $150 $0 price includes meal plan, which is required double/8 bath 234 days $4,048 Yes $200 $25 $0 double/4 bath 234 days $4,384 Yes $200 $25 $0 double/4 bath 234 days $4,552 Yes $200 $25 $0 double/4 bath 234 days $4,696 Yes $200 $25 $0 single/4 bath 234 days $5,896 Yes $200 $25 $0 price does not include USF meal plan USF meal plan for required students is $3280 4
Competition 2008-2009 Rates Family Style Units Family Bed/Bath Sq Ft Monthly Cost Lease term Total cost of lease for 254 days Furnished Deposit Application Fee Move-In Fee The Falls at New Tampa 2/1 1085 960 7-15 mth $8,017 No $250 $75 $150 Oak Ramble 2/2 1054 $830- $970 7-12 mths $6,931 No $99 $49 $75 St. Croix 2/1 856 $788 12 mths $6,580 No $300 $50/adult $150 The Park at Coventry 2/1 925 $830 7 or 14 mths $6,931 No $200 $175 $0 Lodge at Lakecrest 2/2 1271 $1,100 3-24 mths $9,186 No $500 $50/adult $65/ married cpl $0 Magnolia Hall 2/1 900 254 days $9,000 No $200 $25 $0 Many complexes have move-in specials which adjust monthly rent, lease terms, and fees. Yearly cost was calculated using lower end of ranges for 12 months. 5