Stony Brook University - Student Affairs

MARKET ANALYSISBOSTON UNIVERSITY SCHOOL OF MEDICINE – BOSTON, MABackgroundLocated in the heart of Boston, BostonUniversity’s school of medicineprovides its students with a uniqueopportunity to live and workdowntown. Students are in proximityto an international airport, state parks,shopping centers, and much more.Unfortunately, this luxury creates anadded barrier to entry for prospectivemedical students. The cost of rent inthe surrounding area averages $2,000per month per person, adding additional financial pressures to students who already pay inexcess of $40,000 per year for tuition and fees. Due to the high cost of living, administratorsreported that some students either live near the periphery of the city suburb or travel fromdistances as far as Rhodes Island.ProjectThe University plans to open a new 86,000 square feet medical student housing facility adjacentto its medical school on Albany Street. The facility is projected to open by 2010, with anestimated project cost of $40 million: 50% paid by fundraising and 50% from the University.This project is a 104 two-bedroom apartment unit mixed-use facility designed to provide housingfor first-year medical students. Rent will start at $850 per person per month, 58% less than rentalrates in the surrounding area. Depending on the success of this project, the University aims tobuild Phase II, which will yield a 196-unit facility housing medical, dental, and public healthstudents.SummaryBuilding a facility within walking distance from campus creates incentive for Boston Universitymedical students, who no longer will have to contend with lengthy commutes to campus.Stony Brook UniversityGraduate & Professional Student Housing StudyPage 9