Student Housing Business is the voice of the student housing industry.
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MARKET PROFILE: NORMAN, OK JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 66 Sooner Surge Despite only slight enrollment growth, the University of Oklahoma is seeing a surge of purpose-built student housing. By Scott Reid L Located 20 miles south of Oklahoma City, the University of Oklahoma (OU) in Norman is ranked among the top 50 public universities in the nation by U.S. News & World Report . The school has more than 30,000 students enrolled, more than 2,700 full-time faculty members, and 21 colleges ofering 166 majors at the baccalaureate level. As with many top-tier state universities, enrollment at the University of Oklahoma has been relatively fat for the past 10 years. According to apartment market and stu- dent housing research and analysis frm Axiometrics, OU has averaged 0.8 percent growth since 2000. Enrollment increased in fall 2014 by 0.4 percent, and is projected to increase an average of 1 percent from 2015 to 2020, or 1,400 total new Sooners. Of-campus housing stock continues to grow as more stu- dents want to live closer than before to cam- pus with state-of-the-art amenities. On-Campus Ou First-year freshman students, who must live on-campus at OU, live in the residence halls located at the center of campus and within walking distance to classrooms. Housing and Food Services provides approximately 4,000 beds in the residence halls (Adams, Cate, Couch and Walker Centers), 1,050 beds in the Traditions Square apartments and 275 units at the Kraettli apartments. Two styles of residence halls are ofered, suite-style and community-style, according to Amy Buchanan, director of marketing and communications for OU Housing and Food Services. Adams, Couch and Walker Centers (built in the mid-1960s) feature suite-style rooms, and Cate Center (built in 1949) and David L. Boren Hall within Cate feature com- munity-style rooms with bathrooms at the end of the hall. According to Axiometrics, on-campus hous- ing occupancy was 95 percent in 2014, a sub- stantial improvement from the 87.4 percent in 2013, and well above the average of 90.8 percent from 2000 to 2013. According to the report, occupancy for on- campus housing is expected to remain close to 95 percent from 2015 to 2020. Room and board costs increased in 2014 by almost 10 percent. Room and board cost growth is expected to slow slightly, Axiometrics found, but remain strong at an average of 4.2 percent from 2015 to 2020. "While we do have a limited number of residence hall rooms available to upperclass students, the majority of on-campus housing for this population and our graduate students currently is found in our campus apartments," says Buchanan. "Traditions Square ofers a pre- EdR's The Reserve on Stinson in Norman. nORman, OKLaHOma, maRKET suRVEY Source: Colliers International Student Housing Group Year Built Occupancy Occupancy Prelease Prelease (March 2015) (July 2015) (March 2015) (July 2015) Crimson Park 2005 98% 84% 35% 61% Aspen Heights 2015 N/A N/A 95% 99% Cottages of Norman 2009 95% 95% 60% 84% Avenue 2014 67% 77% 38% 73% Millenium 2015 N/A N/A 25% 73% Reserve on Stinson 2004 90% 75% 36% 79% The Grove - Varsity House 2013 74% 24% 47% University Green 1999 98% 78% 34% 58% Campus Lodge 2004 98% 95% 54% 87% The Edge 2008 100% 90% 32% 65% Vue 2015 N/A N/A N/A 25% Commons on Oak 1995 5% 94% 15% 40% AVERAGE 91% 86% 41% 6 6%