Stony Brook University - Student Affairs

MARKET ANALYSISrates were not nearly as affordable as University apartment rates.ComparisonStudioOne-bedroom Two-bedroom Three-bedroomSingle Double Single Double Single Double Single DoubleAverage University Apartment Rental Rate N/A N/A $1,170 N/A $609 $406 $570 $380Average Off Campus Residential Home Rate N/A N/A $1,271 $635 $881 $440 $782 $391Variance b/t University and Residential Home Aprt. - - 9% - 45% 8% 37% 3%Average Off Campus Apartment Rate $1,074 $587 $1,429 $765 $959 $529 $816 $458Variance b/t University and Off Campus Aprt. - - 22% - 57% 30% 43% 20%The off-campus housing analysis also found that a significant number of students are rentingresidential homes because of their convenience and affordability. Students often shared the costof rent with several of their peers. Sixty-three units in the Stony Brook, Port Jefferson, St. James,Smithtown, Setauket, and Head of Harbor regions were used to compile data on rental choicesranging from 1-bedrooms to 5-bedrooms. Rental rates for three-bedroom homes were lessexpensive than one-, two-, and four-bedroom homes. This could be due to the oversupply ofsuch unit type in the market as some apartments also offer three-bedroom units.Region 5 Bedroom 4 Bedroom 3 Bedroom 2 Bedroom 1 Bedroom TotalStony Brook N/A $838 $767 N/A N/A 6Port Jefferson N/A $700 $944 $808 $1,233 10St. James $735 $718 $700 $843 $1,150 15Smithtown N/A $592 $768 $992 $1,200 21Setauket N/A $750 $863 N/A $1,500 9Head of Harbor N/A $600 $650 N/A N/A 2Average $735 $846 $782 $881 $1,271Even as an economic crisis persists with both credit and mortgage issues at the forefront, rentalescalation for both Nassau and Suffolk counties has commanded the rental market. The chartbelow depicts the rent escalation in Suffolk County within the past seven years. The currentbreakdown displays an average rent escalation of 1.3% for all unit types. The variance for allapartment unit types is 6.8%, also helping to reflect the increase in median home price, whichexperienced a 6.1% change per year and a 42.8% variance. Additionally, the number of buildingpermits has seen a reduction of -8.6%, noting the inability of developers to obtain credit in thecapital markets in today’s volatile economy.Suffolk County 2002 2003 2004 2005 2006 2007 2008 VarianceAverageChangeper YearAverage Apartment RateStudio $804 $868 $916 $933 $857 $889 $910 13.2% 1.9%One-bedroom $1,018 $1,166 $1,103 $1,074 $1,130 $1,102 $1,107 8.7% 1.2%Two-bedroom $1,323 $1,429 $1,411 $1,420 $1,465 $1,500 $1,469 11.0% 1.6%Three-bedroom $1,782 $1,704 $1,806 $1,756 $1,720 $1,731 $1,825 2.4% 0.3%Median Home Price $267,000 $316,000 $355,000 $397,450 $410,000 $410,000 $381,324 42.8% 6.1%Number of Building Permits 4,384 3,217 3,397 5,183 2,573 2,126 - -51.5% -8.6%Stony Brook UniversityGraduate & Professional Student Housing StudyPage 6