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| Paul Guyet |
ORLANDO, FL --For the second year in a row UCF encountered special
challenges due to a number of factors:
1) Poor leasing
activity the prior year when approximately
1,200 beds went unrented at both on
campus and off-campus communities and
2) The addition of
two new off-campus communities that produced 2,208 new beds in ultra-deluxe
communities: Plaza
on University and The Retreat.
The result was that over 3,000 unrented and new beds plus
over 15,000 occupied beds needed to be rented for the 2014-2015 school year.
Even with all this new competition, most properties filled
up to an average occupancy rate that is just under 99%. However it was not
without a lot of effort and incentives in the form of one to two months
of free rent, gift cards and waived administrative fees.
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| University of Central Florida, Orlando, FL |
UCF student housing has shown that it is a mature market that
can navigate difficult waters. The good news is that there are no new student housing
communities planned for delivery next year.
There is one conventional apartment complex that will come
on line next year which will have one and two bedrooms. Although it is not planned for students,
because of its location it will attract students.
It is being built behind
the new Publix at Rte. 50 and Woodbury Road. One conventional apartment complex
that caters to students sold last year and there were no sales of purpose built
properties. The Gatherings changed its name to The Quad.
At USF leasing went well and many properties leased to over
95%. The difference between UCF and USF was that USF off-campus housing did not
have to give nearly as many incentives as UCF off-campus housing had to give.
No new properties were built this past year which obviously
helped leasing. Five purpose built properties were sold as well as an older conventional
property on Bruce B. Downs.
The property on
Bruce B. Downs will be demolished and replaced with a new purpose built
property of 180 apartments and 600 bedrooms. It will not impact leasing next
year because it will not open until 2016.
Enrollment is stable at both schools, with total enrolment
at about 60,500 students at UCF and 47,000 at USF. Enrollment at the main campus
of USF in Tampa is about 38,500 students. Both schools leased up their
on-campus housing and sent excess students to “affiliated” off-campus housing.
For a complete copy of the company’s news
release, please contact:
Paul M. Guyet
Student Housing Specialist
Smith Equities Real
Estate Investment Advisors
(407) 422-0704
