Life University (“Life U”) first engaged Scion Advisory Services in January 2023 to conduct a comprehensive Student Housing Market and Demand Analysis. The study identified opportunities to enhance on-campus housing options, particularly for the University’s Doctor of Chiropractic students, who represent the largest cohort. Key findings included strong demand for Life’s Village Retreat (graduate housing) and fluctuating occupancy in The Commons (undergraduate housing). In March 2024, Life U re-engaged Scion to update the demand analysis to reflect shifts in enrollment trends, housing preferences, and proposed unit configurations.
Scion’s updated analysis incorporated survey responses from over 500 students, stakeholder meetings, and an evaluation of the off-campus housing market. The survey tested new unit types, including traditional doubles, semi-suite doubles, and studios. Results indicated a preference for semi-suite units among undergraduates and graduate students, and studios for Doctor of Chiropractic students. While on-campus housing maintained strong demand, affordability emerged as a critical factor, with many students indicating price sensitivity to proposed rates.
Scion also evaluated the alignment of the proposed 500-bed housing project with current and projected demand. At the Tier 1 rates tested, demand supported the proposed development, though a 10% rate reduction increased total demand by over 30%. These insights emphasized the importance of competitive pricing and the potential for slight adjustments to the unit mix.
The updated analysis affirmed the feasibility of Life U’s proposed development, which would increase the housing portfolio by 75%. The recommendations emphasized optimizing affordability, closely monitoring enrollment trends, and potentially adjusting the unit mix to align demand with available inventory. The analysis provided Life U with a robust foundation for moving forward with pre-development efforts, ensuring the project supports the institution’s goals of enhancing the student experience and attracting diverse cohorts.