PSU MARKET STUDY: HOUSING AND PARKINGpdx.edu/campus-planning/sites/ · 1 Utilities Adjustments for...

Housing and Transportation ServicesPortland State University

PSU MARKET STUDY:HOUSING AND PARKING

Fall 2008

Downtown Housing and Parking November 2008

November 2008 Downtown Housing and Parking

Table of Contents

Overview........................................................................................................................................3

Housing..........................................................................................................................................4 Methodology...................................................................................................................4 PSU Housing Summary..................................................................................................5 Market Housing Summary..............................................................................................7 Comparison of PSU & Market Housing..........................................................................8 Parking..............................................................................................................................10 Methodology..................................................................................................................10 Comparison of PSU & Market Parking..........................................................................12

Figures

1 Map of PSU Housing and Private Market Housing within 0.5 Miles of PSU..............................62 Rent of PSU, 0.5-Mile Market, CHNW and All Downtown Units.................................................83 Size of PSU, 0.5-Mile Market, CHNW and All Downtown Units..................................................94 Rent/Square Foot of PSU, 0.5-Mile Market, CHNW and All Downtown Units............................95 Map of PSU and Market Parking Facilities...............................................................................11

Tables

1 Utilities Adjustments for Market Units.........................................................................................42 Building Name and Number of Units by Type for PSU Housing Buildings.................................53 Building Name and Number of Units by Type for Surveyed Private Apartment Buildings within 0.5-Mile Radius of PSU...........................................................................................74 Comparison of Year Built...........................................................................................................85 PSU Parking Facilities and Number of Spaces.......................................................................106 Market Parking Facilities and Number of Spaces....................................................................107 Hourly and Daily Parking Rates for PSU, One-Block Market and Three-Block Market.............128 Monthly Parking Rates for PSU Tenants, PSU permit-holders, One-Block Market and Three-Block Market....................................................................12

Appendices

A Market Housing Units Surveyed.............................................................................................13B Parking Comparison................................................................................................................14


In the fall of 2008, Housing and Transportation Services (HATS) conducted a market analysis of private rental housing and off-street parking in the area surrounding PSU campus. The purpose of the study was to assess the market position of PSU’s housing and parking services relative to the surrounding market.

Housing

As the city and university continue to grow, the availability and affordability of rental housing on and around campus will become increasingly important. Market housing data was gathered through telephone interviews with property managers of apartment buildings within 0.5 miles of PSU.

Highlights of the housing analysis include:

PSU rental rates are lower than market units for all unit types;••

PSU studios and one-bedroom units are smaller on average than market units; and ••

PSU one- and two-bedroom units have a lower rent per square foot than market units.•

Parking

There is a high demand for parking both on PSU’s campus and in the surrounding area. Understanding prevailing market parking rates in proximity to campus will assist in management of parking on campus. Parking data was gathered through a walking inventory of privately owned and operated parking facilities within three blocks of PSU.

Highlights of the parking analysis include:

Average hourly parking rates by lot were lower at PSU ($2.71) than rates within one block of •PSU ($3.75) and within three blocks of PSU ($4.16);

Average daily parking rates by lot were lower at PSU ($10.43) than rates within one block of •PSU ($10.78) and within three blocks of PSU ($12.05); and

Average monthly parking rates by lot were lower at PSU ($95 for students/employees and •$133 for tenants) than rates within one block of PSU ($159) and within three blocks of PSU ($171).

Overview

November 2008 Downtown Housing and Parking 4

HousingMethodology

In November 2008, a list of apartment buildings within 0.5 miles of PSU was compiled using a previous market study and walking inventory. Building managers were contacted by phone to collect information about the building’s construction date, number of units, average size, monthly rent, and utilities. This data was compared to data for PSU housing units, as well as to market data from the Norris and Stevens 2008 Summer Rent Survey, which provides apartment data for downtown as a whole.

Weighted averages were used to calculate the mean size, monthly rent, and rent/square foot for both 0.5-Mile Market units and PSU units. For PSU units, size and rent were available for each unit and therefore each unit was equally weighted when calculating overall averages. For Market units, a “typical” unit size and rent was estimated by building managers for each type of unit in a building. Thus, average size and rent for Market units was also weighted by unit, but based on “typical” sizes and rents.

Included in the 0.5-Mile Market units were 488 apartment units managed by College Housing Northwest(CHNW).BecauseCHNWmarketsspecificallytostudentsandisthelargestmanagement company in the survey area, rates were also compared for this sub-group of market units.

Because utilities are included in all PSU units, but are only partially included or not included in most market units, a utilities adjustment was made to the market rental rates prior to comparison with PSU units. The adjustment ranged from $0-$115 for studios, $0-$130 for one-bedroom units, and $0-$150 for two-bedroom units. Adjustments were estimated based on PSU’s annual utilities budgets for various buildings. Table 1 shows the adjustment per utility not included in the price of private units.

The study did not adjust for PSU Residence Life expenses, which are included in rental rates and cover activities and staff support services not provided in private apartment units. Residence Life expenses account for approximately 8 percent of a student’s rent. Additionally, the provision of free Internet and phone service in all PSU units, and cable television in some units, was not taken into account in the comparison between PSU and market units.

Table 1. Utilities Adjustments for Market UnitsUnits Per Unit Per Month Studio 1BR 2BR

Electricity & Gas $80 $90 $100

Water & Sewer $27 $30 $35

Garbage & Recycling $8 $10 $15

Combined Basic Utilities $115 $130 $150


PSU Housing Summary

PSU had a total of 1,386 housing units in Fall 2008. The locations of PSU housing buildings, as well as private apartment buildings surveyed within 0.5 miles of campus, is shown in Figure 1. Table 2 shows the number and type of units for the PSU buildings, as well as the location key for the map. A total of 491 units -- consisting of typical studio, one-bedroom and two-bedroom units -- were included in the comparison with market units. PSU also offers several unit types and by-the-bed contract options not available in the private market. These unit types and contract options were not included in the market comparison but are described below. Unit Types: Sleepers, Suite-Style and Studios/No Kitchen

Sleeperstyleunits,whichshareakitchenandbathroomwithotherunitsonthesamefloor,rentfor an average of $409 per month. Suite-style units, located in Ondine, are units that share a kitchen and bathroom with one other unit and rent for an average of $578 per month. Also located in Ondine are studios with no kitchen that rent for an average of $578 per month.

By-the-Bed Contract Option: Double Occupant Living and Learning Communities (LLC)

A total of 361 units (26% of PSU units) are devoted to students in the Living and Learning Communities (LLC), which include Freshman Year Experience (FYE) and Global Village (an international student sharing a room with domestic student). All freshman under the age of 20 when entering housing are required to live in LLC units, which consist of double-occupant studios that range in monthly rent from $455-$583. Additionally, FYE students are required to participate in an on-campus meal plan. By-the-Bed Contract Option: Double Occupant Non-LLC

PSU rents some studio, suite-style and one-bedroom units as Non-LLC double-occupancy units with by-the-bed contracts. Non-LLC double-occupant studios rent for $470/person/month; double-occupant suite-style units rent for $375/person/month; and double-occupant one-bedrooms rent for $498/person/month.

Table 2. Building Name and Number of Units by Type for PSU Housing Buildings

Housing

Location PSU Building Address Studio Suite-Style 1 BR 2 BR Sleeper Total

UnitsA Blackstone 1831 SW Park Ave. 14 20 5 13 52B The Broadway 625 SW Jackson St. 382 1 383C King Albert Building 1809 SW Eleventh Ave. 64 64D Montgomery Court 1802 SW Tenth Ave. 145 145E Ondine & Annex 1912 SW Sixth Ave. 96* 190 1 287F Parkway Building 1609 SW Park Ave. 10 24 7 13 54G Saint Helen Building 1131 SW Montgomery St. 36 15 51H Stephen E. Epler Hall 1136 SW Montgomery St. 130 130I Stratford Building 1609 SW Tenth Ave. 21 10 31J West Hall (Blumel) 1705 SW Eleventh Ave. 189 189

657 190 260 12 171 1386*Studio without kitchen


Figure 1. Map of PSU Housing and Private Market Housing within 0.5 Miles of PSU

Housing


Market Housing Summary

A total of 1,987 market units near PSU were included the study, referred to as “0.5-Mile Market” units. Only market rate units were included in the analysis; income-restricted and subsidized units were removed from the sample. Additionally, market units with more than one bathroom were removed from comparison since no PSU units have more than one bathroom. The location of surveyed market apartment buildings is shown in Figure 1. Table 3 shows the number of units by type for each building surveyed, as well as the location key for the map.

Housing

Table 3. Building Name and Number of Units by Type for Surveyed Private Apartment Buildings within 0.5-Mile Radius of PSU

Location Building Name Address Studios 1 BR 2 BR Total Units

1 Cambrian* 1129 SW Columbia 23 11 0 342 Carmelita 1232 SW Jefferson 1 15 0 163 The Clay* 1110 SW Clay St. 3 34 1 384 Clifton House* 2031 SW 10th Ave. 6 23 1 305 Cumberland 1405 SW Park Ave. 13 10 0 236 Dori Court 1126 SW 12th Ave. 58 0 0 587 The Gentry 909 SW 12th Ave. 30 30 0 608 Goose Hollow Plaza* 1604 SW Clay St. 0 25 94 1199 Goose Hollow Tower* 1630 SW Clay St. 113 78 32 22310 Grandview 1329 SW 14th Ave. 14 28 3 4511 Harrison Court 1834 SW 5th Ave. 6 11 0 1712 Imperial Arms 1429 SW 14th Ave. 20 21 15 5613 Jeanne Manor 1431 SW 14th Ave. 15 46 6 6714 The Ongford 1417 SW 10th Ave. 54 0 0 5415 Palladian 614 SW Jackson 18 2 0 2016 Park Plaza 1969 SW Park Ave. 19 120 10 14917 Park Terrace 2073 SW Park Ave. 4 45 2 5118 Pine Cone 1025 SW 11th Ave. 0 16 0 1619 Regency 1410 SW Broadway 68 0 0 6820 Southpark Square 1525 SW Park Ave. 20 94 7 12121 The Sovereign 710 SW Madison 44 0 0 4422 Tiffany* 1515 SW 11th Ave. 22 2 0 2423 Village at Lovejoy Fountain 245 SW Lincoln Dr. 5 254 11 27024 The Vue 1717 SW Park Ave. 91 162 46 29925 West Park Place 1415 SW Park Ave. 10 20 0 3026 Westfall 1880 SW Fifth Ave 0 52 3 55

657 1099 231 1987*CHNW


Comparison of PSU & Market Housing

Rent, size, and rent/square foot was compared across PSU, 0.5-Mile Market, CHNW and “All Downtown” units. Results of the comparison are shown in Figures 2-4.

Additionally, the year built was compared for PSU and 0.5 Mile Market units. On average, PSU units are more recently constructed than private Market units within the 0.5-mile study area. The median year built for 0.5 Mile Market units is 1955, compared with 1972 for PSU units. Results of this comparison are shown in Table 4.

Housing

Figure 2. Rent of PSU, 0.5-Mile Market, CHNW and All Downtown Units

$1 124

$1,219

$1,456

$836

$1,112

$852

$1,036

$1,124

$1,022

PSU

$668 $672 $743

$694 CHNW

0.5 Mile Market

All Downtown

Studio 1 Bedroom 2 Bedroom

Table 4. Comparison of Year Built

No. Units % No. Units %1900-1939 695 35% 397 29%1940-1979 752 38% 286 21%1980-1999 540 27% 189 14%After 2000 0 0% 514 37%Total Units 1987 1386

Private Apartment PSU BuildingsYears Built


Housing

Figure 4. Rent/Square Foot of PSU, 0.5-Mile Market, CHNW and All Downtown Units

$2.03

$1.85 $1.82

$1.49

$1.28

$1.54 $1.45

$1.23

$1.47

$1.70 $1.63 $1.61

PSU$1.23

CHNW

0.5 Mile Market

All Downtown


Figure 3. Size of PSU, 0.5-Mile Market, CHNW and All Downtown Units

560

866

589

840

622

842

630

903

PSU

329

438402 409


CHNW

0.5‐Mile Market

All Downtown


Methodology

Parking data was collected in November 2008 through a walking inventory of privately owned and operated parking facilities within three blocks of PSU. The inventory included approximate counts of the number of spaces in each facility as well as rates offered for hourly, daily and monthly parking. A total of 3,771 parking spaces were inventoried for comparison to PSU spaces. For monthly rates, both the PSU “tenant” (non-PSU customers) and student/employee permit rates were compared to the market rate. For hourly/daily rates, PSU does not distinguish between students, employees and other individuals. Figure 5 shows the locations of PSU and market parking facilities, and Tables 5-6 show the name/description, address, and number of spaces in each of these facilities.

One of the primary characteristics of a parking facility, with regard to an individual’s decision about where to park, is proximity to his/her finaldestination.Forthisreason,PSU rates were also compared to privately owned facilities within one block of PSU, a sub-group of the three block area.

Parking

Table 6. Market Parking Facilities and Number of Spaces

Location Building Name/Parking Company Address/Cross StreetsSpaceCount

1 U-Park (surface lot) 1110 SW Columbia and 11th 532 U-Park (surface lot) 1130 SW Market 403 City Center (surface lot) 1401 SW 10th and Clay 624 U-Park (surface lot) 930 SW Columbia and 10th 325 U-Park (surface lot) Park and Columbia 406 1515 Building 1515 SW 5th 1507 U-Park (surface lot) 1600 SW 5th and Market 1208 U-Park (surface lot) 6th and Columbia 269 24-Hour Fitness/PMC Parking 420 SW Clay and SW 4th 5510 Auditorium Park 1400 SW 4th and Clay 108011 Market Center 1600 SW 4th and Market 21612 Small "Private" Lot 2000 Sw 4th and College 7213 Food Carts Surface Lot 5th and College 1114 CH2MHill 4th and Lincoln 14515 U-Park (surface lot) 1800 SW 1st and Harrison 15616 Blue Cross Building 1703 SW 1st 16017 Riviera Plaza 1618 SW 1st 21018 Crown Plaza 3rd and Market 66019 KOIN Center 1st and Clay 30020 City Center (surface lot) 2nd and Columbia 13221 Unitus/Star Park (surface lot) 4th and Grant 36

3756

Table 5. PSU Parking Facilities and Number of Spaces

Location Name Address SpaceCount

A Parking One 1872 SW Broadway 916B Parking Two 1724 SW Broadway 283C Parking Three 1631 SW 12th Ave. 1117D Fourth Avenue Building 1900 Fourth Avenue 395E University Center 527 SW Hall 239F Carpool Lot SW 4th & Montgomery 69G Shattuck 1914 SW Park Ave. 59H Science & Education Center* 2130 SW 5th Ave. 24I Art Building 1990 SW 5th Ave. 38J University Place 310 SW Lincoln St. 238K Joseph C. Blumel Hall SW 12th & SW Mill 159L Ondine SW Fifth & SW Hall 100M Extended Studies Building SW Park & SW Mill 28

3665*Used to be Fifth Ave. Building


Parking

Figure 5. Map of PSU and Market Parking Facilities

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Parking Within a 0.5-mile Vicinity of PSU

[0 0.05 0.1 0.15 0.2Miles

0.5-miles from PSU

Legend

22

1

2

34

5

6

7

8

910

11

1213

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Market Parking

PSU Parking

Legend


Parking

Table 7. Hourly and Daily Parking Rates for PSU, One-Block Market and Three-Block Market

Table 8. Monthly Parking Rates for PSU tenants, PSU Permit-Holders, One-Block Market and Three-Block Market

Comparison of PSU & Market Parking

Results of the parking comparison are shown in Tables 7-8. For PSU spaces available for multiple purposes, averages were weighted using estimates of the percentage of spaces typically used for various types of parking.

Of PSU’s 3,665 off-street parking spaces, 2,807 (77%) are generally used for PSU permit-holders; 593 (16%) are used for hourly/daily parking; 211 (6%) are used for monthly tenant parking; and 50 (1%) are used for various other purposes, such as loading/unloading.

Market parking spaces inventoried within three blocks of campus consisted of 3,771 parking spaces, 573 of which are within one block of campus. Of these spaces, 3,612 (96%) are in locations that have hourly parking available, 3,745 (99%) are in locations that have daily parking available, and 1,831 (49%) are in locations that have monthly parking available. For the market data, averages by lot weigh each location equally. Averages by space for each parking type were calculated using the total spaces available in each location, due to a lack of knowledge about how spaces are typically occupied.

Range Average by lot

Average by space

PSU Tenant $115-$145 $133 $137PSU Permit $94-$99 $95 $95One-Block Market $130-$170 $159 $167Three-Block Market $130-$192 $171 $174

RangeAverage by

lotAverage by

space RangeAverage by

lotAverage by

space

Hourly ($) Daily ($)

PSU 2.00 - 3.00 2.71 2.51 9.00 - 11.00 10.43 9.99One-Block Market 2.00 - 5.00 3.75 4.31 7.95 - 15.00 10.78 12.14Three-Block Market 2.00 - 5.00 4.16 4.36 7.00 - 15.00 12.05 9.29


Appendix A: Market Housing Units Surveyed

Name Address YearBuilt Unit Type #

Units"Typical"Size (SF)

"Typical"Rent

UtilitiesAdjustmt

AdjustedRent

AdjustedRent/SF

Studio 23 403 $563 $80 $643 $1.601BR 11 513 $741 $90 $831 $1.62

Studio 1 590 $695 $115 $810 $1.371BR 15 746 $788 $130 $918 $1.23

Studio 3 375 $577 $80 $657 $1.751BR 34 525 $727 $90 $817 $1.562BR 1 595 $850 $100 $950 $1.60

Studio 6 375 $598 $80 $678 $1.811BR 23 630 $796 $90 $886 $1.412BR 1 1050 $1,066 $100 $1,166 $1.11

Studio 13 350 $650 $115 $765 $2.191BR 10 670 $795 $130 $925 $1.38

Dori Court 1126 SW 12th 1902 Studio 58 375 $530 $75 $605 $1.61Studio 30 400 $730 $65 $795 $1.991BR 30 620 $920 $40 $960 $1.551BR 25 599 $803 $90 $893 $1.492BR 94 871 $927 $100 $1,027 $1.18

Studio 113 465 $595 $80 $675 $1.451BR 78 612 $758 $90 $848 $1.382BR 32 750 $964 $100 $1,064 $1.42

Studio 14 500 $763 $120 $883 $1.771BR 28 625 $825 $135 $960 $1.542BR 3 750 $950 $150 $1,100 $1.47

Studio 6 575 $600 $0 $600 $1.041BR 11 675 $895 $0 $895 $1.33

Studio 20 393 $638 $40 $678 $1.731BR 21 513 $825 $90 $915 $1.792BR 15 793 $1,075 $100 $1,175 $1.48

Studio 15 460 $713 $155 $868 $1.891BR 46 638 $1,088 $180 $1,268 $1.992BR 6 798 $1,450 $210 $1,660 $2.08

The Ongford 1417 SW 10th Ave 1937 Studio 54 458 $730 $135 $865 $1.89Studio 18 463 $653 $80 $733 $1.581BR 2 653 $836 $90 $926 $1.42

Studio 19 426 $710 $115 $825 $1.941BR 120 533 $950 $130 $1,080 $2.032BR 10 1082 $1,628 $150 $1,778 $1.64

Studio 4 412 $685 $105 $790 $1.921BR 45 697 $1,015 $110 $1,125 $1.622BR 2 1169 $1,473 $125 $1,598 $1.37

Pine Cone 1126 SW 12th Ave. 1909 1BR 16 615 $725 $140 $865 $1.41Regency 1410 SW Broadway 1926 Studio 68 225 $530 $95 $625 $2.78

Studio 20 462 $978 $75 $1,053 $2.281BR 94 686 $1,430 $40 $1,470 $2.142BR 7 1096 $1,583 $85 $1,668 $1.52

The Sovereign 710 SW Madison St 1923 Studio 44 455 $675 $0 $675 $1.48Studio 22 340 $562 $80 $642 $1.891BR 2 550 $699 $90 $789 $1.43

Studio 5 474 $850 $107 $957 $2.021BR 254 729 $1,183 $120 $1,303 $1.792BR 11 1039 $1,208 $135 $1,343 $1.29

Studio 91 374 $765 $115 $880 $2.351BR 162 508 $1,035 $130 $1,165 $2.302BR 46 725 $1,307 $150 $1,457 $2.01

Studio 10 350 $670 $115 $785 $2.241BR 20 670 $795 $130 $925 $1.38

Westfall 1880 SW 5th Ave 1910 1BR 52 550 $830 $130 $960 $1.75

*CHNW

The Vue 1717 SW Park Ave 1951

West Park Place 1415 SW Park 1996

Tiffany* 1515 SW 11th Ave 1908

Village at LovejoyFountain

245 SW Lincoln Dr 1990

Park Terrace 2073 SW Park Ave 1945

SouthparkSquare 1525 SW Park Ave 1988

Palladian 614 SW Jackson 1925

Park Plaza 1969 SW Park Ave 1951

Imperial Arms 1429 SW 14th Ave 1917

Jeanne Manor 1431 SW Park Ave 1931

Grandview 1329 SW 14th Ave 1903

Harrison Court 1834 SW 5th Ave. 1889

Goose Hollow Plaza* 1604 SW Clay St 1999

Goose Hollow Tower* 1630 SW Clay St 1972

Cumberland 1405 SW Park Ave 1913

The Gentry 909 SW 12th Ave 1911

The Clay* 1110 SW Clay St 1925

Clifton House* 2031 SW 10th Ave 1962

Cambrian* 1129 SW Columbia St 1925

Carmelita 1232 SW Jefferson 1906

CO

NFI

DEN

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Appendix B: Parking Comparison

Location Parking Facility Address No.Spaces

Hourly Parking

Rate

Daily Parking

Rate

MonthlyRate**

A Parking One 1872 SW Broadway 91 3.00$ 11.00$

C Parking Three 1631 SW 12th Ave. 254 2.00$ 9.00$ 115$D Fourth Avenue Building 1900 Fourth Avenue 40 3.00$ 11.00$ 145$E University Center 527 SW Hall 66 3.00$ 11.00$ 135$G Shattuck 1914 SW Park Ave. 51 3.00$ 11.00$I Art Building 1990 SW 5th Ave. 34 2.00$ 10.00$J University Place 310 SW Lincoln St. 57 3.00$ 10.00$ $135

Total PSU 593

1* U-Park (surface lot) 1110 SW Columbia and 11th 53 -$ 9.50$ 165$2* U-Park (surface lot) 1130 SW Market 40 -$ 7.95$ 169$3 City Center (surface lot) 1401 SW 10th and Clay 62 4.00$ 11.75$ 179$4 U-Park (surface lot) 930 SW Columbia and 10th 32 4.00$ 12.95$ 189$5 U-Park (surface lot) Park and Columbia 40 -$ 14.50$ -6 1515 Building 1515 SW 5th 150 5.00$ 15.00$ - 7 U-Park (surface lot) 1600 SW 5th and Market 120 4.00$ 12.95$ 186$8 U-Park (surface lot) 6th and Columbia 26 5.00$ 13.75$ -9 24-Hour Fitness/PMC Parking 420 SW Clay and SW 4th 55 3.75$ 12.75$ -

10 Auditorium Park 1400 SW 4th and Clay 1080 4.00$ 11.50$ 174$11* Market Center 1600 SW 4th and Market 216 5.00$ 15.00$ -12* Small "Private" Lot 2000 Sw 4th and College 72 4.00$ 11.95$ -13* (surface lot) 5th and College 11 - - 130$14* CH2MHill 4th and Lincoln 145 4.00$ 12.00$ 170$15 U-Park (surface lot) 1800 SW 1st and Harrison 156 4.00$ 10.50$ 160$16 Blue Cross Building 1703 SW 1st 160 2.00$ 7.00$ -17 Riviera Plaza 1618 SW 1st 210 5.00$ 12.00$ - 18 Crown Plaza 3rd and Market 660 5.00$ 15.00$ -19 KOIN Center 1st and Clay 300 5.00$ 15.00$ - 20 City Center (surface lot) 2nd and Columbia 132 5.00$ 11.75$ 192$21* Unitus/Star Park (surface lot) 4th and Grant 36 2.00$ 8.25$ -

Total Market (3 blocks) 3771

*Market Parking within 1 block of PSU**PSU rates reflect tenant rates. PSU permit holders' rates range from $94-$99/month.

PSU

Mar

ket (

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ocks

)

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