East Campus Housing

East Campus Housing

Presented by: Melynn Bates Erica Daley Philip Davis Andrea Finley Kristen Jackson

Project DescriptionReview the life cycle costs of owning/operating family housing units.

• Analyze the life cycle costs of the east campus housing units by reviewing current practices of minor and major maintenance.

• Compare operating costs with the projected lease/rental sales of the units over time.

• Project when the units will no longer be financially viable and recommend a timeline for non-use or demolition.

• Conduct a market survey of additional housing rentals in the area for comparison.

East Campus Housing

2013-14 Financial Stewardship Institute

University Housing Mission StatementUniversity Housing is both an educational and a business enterprise of the University of Oregon. The role of University Housing is to support the academic mission of the University through the provision of residence hall and family student housing and related services. University Housing is a self-sustaining, self-liquidating agency of the University (receives no tuition or tax support for its operating budget). The goal of University Housing is to offer the highest quality of basic service at a reasonable cost.

East Campus Housing


Process• Review east campus

plan

• Analyze current finances

• Collect market data

East Campus Housing


Deliverables• Housing analysis tool

• Market analysis tool

• Recommendations

University Housing - East CampusFY 2013 Operating Budget

Revenue $835,123

Personnel $339,112 Services & Supplies $356,737 Debt Service $150,000

Balance before Depreciation ($10,726)

Depreciation Expense $83,995

Ending Balance ($94,721)

Housing Description• Over 60 housing units (1-5 bedrooms)

• Close proximity to campus

• Cats and dogs permitted

• Available to all students

• High demand (wait list)

• Houses located on Villard & 19th are in a permanent low-density housing buffer zone

East Campus Housing


Anticipated Costs within $5,000 of Rent

Low Density Residential

Limited High-Density Residential/Limited

Institutional

Institutional

East Campus Housing Analysis

Address BdrmsCurrent Annual

Rent5 Year Rent*

Average Annual Maint.

5 Year Maint.*

Average Annual Utilities

5 Year Utilities*

Projected Major Maint.

5 Yr Total Anticipated

Costs

1727 Columbia Street 2 10,467 55,020 3,000 15,769 900 4,731 20,500

1728 Columbia Street 3 10,984 57,735 3,000 15,769 900 4,731 20,500 1737 Columbia Street 2 9,176 48,231 3,000 15,769 900 4,731 20,500 1748 Columbia Street 4 12,091 63,554 3,000 15,769 900 4,731 20,500 1753 Columbia Street 3 11,107 58,382 3,000 15,769 900 4,731 20,500 1786 Columbia Street 2 11,107 58,382 3,000 15,769 900 4,731 12,500 33,000 1798 Columbia Street 2 10,148 53,339 3,000 15,769 900 4,731 31,500 52,000 1799 Columbia Street 3 9,779 51,399 3,000 15,769 900 4,731 20,500 1800 Columbia Street 4 12,398 65,170 3,000 15,769 900 4,731 20,500 1804 Columbia Street 2 10,148 53,339 3,000 15,769 900 4,731 20,500 1819 Columbia Street 4 12,608 66,269 3,000 15,769 900 4,731 20,500 1823 E 15th Avenue 2 8,585 45,128 3,000 15,769 900 4,731 20,500 1841 E 15th Avenue 4 11,759 61,808 3,000 15,769 900 4,731 20,500 1660 E 17th Avenue 2 10,148 53,339 3,000 15,769 900 4,731 20,500 1704 E 17th Avenue 2 8,007 42,089 3,000 15,769 900 4,731 15,000 35,500 1690 Moss Street 2 8,733 45,904 3,000 15,769 900 4,731 20,500 1709 Moss Street 3 10,025 52,692 3,000 15,769 900 4,731 20,500 1736 Moss Street A 2 7,503 39,438 3,000 15,769 900 4,731 20,500 1736 Moss Street B 1 6,458 33,943 3,000 15,769 900 4,731 20,500 1741 Moss Street 4 9,717 51,076 3,000 15,769 900 4,731 24,500 45,000 1763 Moss Street 2 10,148 53,339 3,000 15,769 900 4,731 20,500 1787 Moss Street 2 9,496 49,912 3,000 15,769 900 4,731 7,500 28,000 1790 Moss Street 2 10,025 52,692 3,000 15,769 900 4,731 20,500 1795 Moss Street 2 10,332 54,308 3,000 15,769 900 4,731 20,500 1838 Moss Street 2 8,585 45,128 3,000 15,769 900 4,731 20,500 1848 Moss Street 4 12,731 66,916 3,000 15,769 900 4,731 20,500 1873 E 15th Avenue 4 11,759 61,808 3,000 15,769 900 4,731 20,500 1857 E 17th Avenue 4 10,148 53,339 3,000 15,769 900 4,731 20,500 1838 Villard Street 3 11,107 58,382 3,000 15,769 900 4,731 20,500 1848 Villard Street 2 10,148 53,339 3,000 15,769 900 4,731 20,500

AVERAGES: 2.35 10,483 55,103 24,607

Housing Market Analysis• Collected market data for comparable rental

houses.

• Current rent for East Campus Housing units is priced significantly below market rates.

• 26% to 62% below market rate depending on number of bedrooms.

• Rent increases may be appropriate.

East Campus Housing


Housing Market Analysis

East Campus Housing

Current Rent 5% Rent Increase 10% Rent Increase 35% Rent Increase

Bedrooms Market East Campus

% below Market

East Campus

% below Market

East Campus

% below Market

East Campus

% below Market

1 Bedroom 750 554 26% 582 22% 609 19% 748 0%

2 Bedrooms 1,100 790 28% 830 25% 869 21% 1,067 3%

3 Bedrooms 1,629 857 47% 900 45% 943 42% 1,157 29%

4 Bedrooms 1,990 982 51% 1,031 48% 1,080 46% 1,325 33%

5 Bedrooms 2,718 1,028 62% 1,079 60% 1,131 58% 1,388 49%

6 Bedrooms 2,423 N/A N/A N/A N/A N/A N/A N/A N/A

Studio N/A 486 N/A 511 N/A 535 N/A 657 N/A

Rent Increase Analysis

East Campus Housing


Years 5% Increase 10% Increase 35% Increase

1 33,239 66,479 232,676

5 166,197 332,394 1,163,379

10 332,394 664,788 2,326,758

Additional Income if Rent is Increased

Recommendations• Continue to maintain the homes that are

generating sufficient rent to cover expenses.

• Focus major maintenance on the buffer zone.

• Defer maintenance on homes that are likely to be taken off line in the near future.

• Evaluate the possibility of moving homes in good condition to the buffer zone.

• Analyze rent increases annually in order to cover expenses and fund necessary capital improvements.

East Campus Housing


Thank You!

East Campus Housing


Documents

East Campus Housing