Newman Development Group

Binghamton,

Student Housing Market Study — Binghamton, NY

In 2009 Newman Development Group retained B&D to conduct a market analysis to determine if sufficient demand existed for new student housing in Binghamton. The study examined two potential sites and we were tasked to analyze existing and future conditions with respect to the on- and off-campus markets, quantify demand for the proposed projects, establish unit-style preferences, and determine interest in amenities. Our scope of work included: meetings with key stakeholders; focus groups and interviews with students; an off-campus market analysis of housing conditions; a Web-based survey to define demographic characteristics; and a student housing model to project demand for housing. Our work revealed needs in one-, two-, three-, and four-bedroom configurations. We were retained again in 2011 to update the analysis and refine rental rates. As a result, the 371-bed, $20 million Twin River Commons opened in August 2012.