Ken-Vil Associates

Buffalo,

Student Housing Market Study

In 2006 Ken-Vil Associates was in the process of planning a $93 million renovation of the Kensington Village Apartments in Buffalo, New York. The renovation was designed to create a student community that drew residents from the many local higher education institutions. B&D was retained by Ken-Vil to determine whether there were enough students in the local market to support this investment. Our approach included an area housing market survey, a study of demographic trends, and an analysis of the real estate market dynamics. We applied this information to Ken-Vil’s position in the market and developed a profile to determine the size of the target market in each of the schools. Finally, we determined the capture rates necessary for the project to attain 100% occupancy. We concluded that the project could draw sufficient residents and that the low market capture rate needed to attain 100% occupancy was highly favorable to the project’s potential success. We also made suggestions regarding branding, marketing, and security to further enhance the position of the project.