The Scion Group was engaged by Trent University to conduct a Market and Demand Analysis for housing on the Peterborough campus in Fall of 2018. The analysis came at an important time for Trent University, with the city of Peterborough having a dramatically low vacancy rate for rental apartments, and Trent has had a growing need for first-year student housing. While on campus Scion conducted extensive interviews with campus administrators, faculty members, and local community members. Scion held focus group meetings with students and spent time conducting intercept interviews with students in high-traffic areas to discuss student issues related to housing. Scion and the Housing office launched a detailed survey of students to find out their experiences with local housing on and off campus, preferences for housing, and features related to housing, price sensitivities, and unit types. Scion also discussed some ideas that would make the current and future facilities more attractive and conducive to Indigenous students at the campus as well as the growing international student population.
In Fall 2021, Scion was asked to update the demand study two years into living through the COVID-19 pandemic. It was important for Trent to review their new enrolment projections, adjust suggested demand for housing on campus, analyze the shifts in the off-campus rental market, and check for any modifications among students’ needs and preferences. This Updated Student Housing Market and Demand Analysis will assist in directing the next steps for student housing at Trent, including renovations and potential new builds.
Following all the Market and Demand Study work, the Scion and Hanbury team was tasked to perform a Student Housing Facilities and Financial Analysis, starting in Spring 2022 and completing in early 2023. The intention of this study was to assess and develop a revitalization plan for the communal spaces in the current student residences, develop a plan to address deferred maintenance and provide a financial model outlining the appropriate funding options for the recommended renovations and supporting the overall student housing portfolio. To accurately analyze communal spaces and required facilities’ improvements in campus housing and propose the best financial model, the Team incorporated findings from the Updated Student Housing Market and Demand Analysis conducted by Scion Fall 2021 and utilized the student and campus feedback from the original Student Housing Market and Demand Analysis from 2018. The Team conducted a Visioning and Strategic Objectives Alignment Workshop with key University stakeholders. The Team was also tasked with reviewing the Facilities’ Assessment Reports in order to incorporate any outstanding deferred maintenance into the recommended renovations and financial model. All of the above work resulted in the Financial Analysis, which incorporates Trent Housing’s operational budgets and expenses, estimated renovation costs, and cost projections for deferred maintenance to produce a model that supports operational goals and practices over the next 15 years.
Currently, Scion is already in contract with Trent University to update the Student Housing Market and Demand Analysis in Fall 2023. The University seeks to gain a deeper understanding of the student demand at both Peterborough and Durham campuses for the purposes of creating off-campus partnerships in order to further assist in housing their students.