Owens Community College

Toledo,

Student Housing Market Analysis, Financial Analysis, And Management Advisory Services

Owens Community College hired B&D in 2014 to analyze a potential student housing development on the school’s Toledo-area campus. The college did not have on-campus housing at the time, but nearly half of its enrollment was comprised of degree-seeking students who were interested in living on campus. Several on-campus sites were available for the desired housing, although the college was prohibited by state law from developing, owning, or operating student housing on its own. The first step in our work plan was a strategic asset visioning session held with the college’s working committee to establish strategic drivers, goals, and a vision for the potential project. Student focus group sessions were then conducted to broadly understand current conditions and housing preferences and to gain qualitative information that was used to develop the ensuing student survey. Approximate rental rates for the proposed housing were obtained through a financial analysis to determine whether the project could be financially self-sufficient, and a market analysis was conducted that included the off-campus rental community. Using the data gathered from these analyses, we prepared a demand model that projected student demand by bed type, and a preliminary site assessment was performed to determine the project’s feasibility based on results from the demand model. The study revealed demand for approximately 300 apartment-style units of on-campus housing, enough to move forward with the proposed project. We recommended developing the housing in two phases, allowing for adjustment of demand after the first phase, if needed. Risk mitigation issues were analyzed, and an implementation schedule was designed to ensure that the project met all design, construction, management, and occupancy milestones with appropriate review and approval periods.