New Jersey Institute of Technology

Newark,

Student And Workforce Housing Market Demand Assessment

The New Jersey Institute of Technology engaged B&D in 2015 to prepare a housing market analysis that identified latent demand for student and employee housing. The purpose of this analysis was to assess the current and future housing needs at the Institute and to develop information that would be used in planning for the redevelopment of the Gateway District―the University Heights neighborhood immediately surrounding the campus. The plan was to enliven and strengthen the area with a mix of public and private uses, to include housing, retail, and academic and office spaces. It was intended to serve as the catalyst for creating a 24-hour neighborhood anchored by the institute and Rutgers University, extending to the larger Newark community. Our approach to this project involved focus groups with students and examining the institute’s existing conditions with respect to its student demographic composition, student enrollment trends, existing on-campus housing, and local market area real estate conditions. This data was then used to conduct a detailed market analysis that included an electronic housing survey sent to students, faculty, and staff; an off-campus market analysis; a peer benchmark analysis; and a housing demand model, which projected demand for housing by unit type. Based on the findings of its research and analysis, we projected a net demand for 103 beds. Furthermore, we believed there was an opportunity to reposition existing housing assets to match supply with market demand, which could be accomplished through a multi-step approach including new construction and the renovation of existing halls to de-densify occupancy.