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MEMORANDUM

Date: January 26, 2018

To: Housing Directors, California State University System

From: Brailsford & Dunlavey, Inc.

RE: AB990 Off-Campus Analysis

OBJECTIVE

Brailsford & Dunlavey, Inc. (“B&D”) was contracted by multiple California State University (“CSU”)

campuses to assist with the data collection and analysis meeting the requirements of Assembly Bill 990.

AB990 requires each CSU campus to identify the average rental costs of a one-bedroom apartment around

the campus to assist parents and students in understanding costs of living while enrolled at a CSU. The

data collected will be shared by each institution online for public information. Nineteen of the twenty-three

campuses participated in this analysis.

METHODOLOGY

B&D conducted primary and secondary research of the rental housing markets surrounding the participating

campuses. This research included available market data from sources such as CoStar, Zillow, and other

web based sources in addition to B&D’s review of market listings and landlord interviews. Per the

requirements of AB990, the analysis only considered cost data relative to one-bedroom units. Additional

data was collected on vacancy and historical rental rate increases in each market; however, the data points

for both a representative of the entire local rental housing market and not just one-bedroom

apartments. B&D extrapolated vacancy rates related to the one-bedroom apartment inventory. Data

represents a market snapshot as of January 2018. One-bedroom units were analyzed within a three-mile

or five-mile radius of the campus mailing address depending on the scale of the local market (due to the

limited inventory around Humboldt State University an eight-mile radius was used). Rental costs are shown

as an average of monthly costs of properties and as weighted averages related to unit supply for the local

markets around campuses. We view the weighted average to be a more accurate metric as it aims to take

into account the density of the area. A summary table of data for all campuses as well as individual data

sheets for each campus can be found within the exhibits to this memorandum.

SUMMARY OF FINDINGS

The analysis included 1,862 properties totaling 58,015 one-bedroom units within the participating campus

markets. Key data points for the overall analysis include:

The average one-bedroom apartment rental surveyed is $1,411 per month, with San Francisco

($2,446) and Fresno ($796) having the highest and lowest rates respectively.

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The average area of one-bedrooms in the analysis is 667 square feet, with San Francisco (713 sf)

and Humboldt (572 sf) having the largest and smallest respectively.

The average vacancy rate across the participating campuses is 3.8%, with San Francisco State

University (7.3%) and California Polytechnic State University, San Luis Obispo (1.5%) having the

most and least constrained availability respectively.

On average, participating campuses have seen a year-over-year increase in rental rates of 5.8%.

Several campuses such as Sonoma, Stanislaus, Sacramento, East Bay, and Monterey Bay have

seen significant rate increases over the past five years with Sonoma averaging 11% per year.

Although San Francisco has the highest rental rates for one-bedrooms, the rent control laws within

the city mitigate significant price increases.

The chart below lists both arithmetic average and weighted average monthly one-bedroom rental rates and

annual cost assuming a twelve month lease. Detailed information for each campus is included within the

exhibits.

Campus Average

Monthly Rent

Weighted Average

Monthly Rent Annual Cost

Bakersfield $823 $872 $10,464

Cal Maritime $958 $1,318 $15,816

Channel Islands Not Included Not Included Not Included

Chico Not Included Not Included Not Included

Dominguez Hills Not Included Not Included Not Included

East Bay $1,487 $1,721 $20,652

Fresno $753 $796 $9,552

Fullerton $1,355 $1,494 $17,928

Humboldt $760 $808 $9,696

Long Beach $1,291 $1,558 $18,696

Los Angeles $1,259 $1,700 $20,400

Monterey Bay $1,409 $1,413 $16,956

Northridge $1,417 $1,528 $18,336

Pomona $1,037 $1,354 $16,248

Sacramento $978 $1,033 $12,396

San Bernardino Not Included Not Included Not Included

San Diego $1,229 $1,347 $16,164

San Francisco $1,953 $2,446 $29,352

San Jose $1,859 $2,054 $24,648

San Luis Obispo $1,221 $1254 $15,048

San Marcos $1,377 $1,483 $17,796

Sonoma $1,451 $1,678 $20,136

Stanislaus $768 $948 $11,376

Averages: $1,231 $1,411 $16,929

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EXHIBITS

A. CSU Campus Summary

B. Bakersfield

C. Cal Maritime

D. East Bay

E. Fresno

F. Fullerton

G. Humboldt

H. Long Beach

I. Los Angeles

J. Monterey Bay

K. Northridge

L. Pomona

M. Sacramento

N. San Diego

O. San Francisco

P. San Jose

Q. San Luis Obispo

R. San Marcos

S. Sonoma

T. Stanislaus

EXHIBIT A: CSU CAMPUS SUMMARY

California State UniversityAB 990 Analysis for the CSUSummary - One-Bedroom Apartment Rental Market Data

Campus Weighted Average Rent Average Rent/SF Weighted Average Vacancy 5-Year Rent GrowthBakersfield 872$ 1.22$ 3.0% 13%Cal Maritime 1,318$ 1.62$ 3.1% 31%East Bay 1,721$ 2.25$ 3.5% 36%Fresno 796$ 1.12$ 3.5% 22%Fullerton 1,494$ 1.99$ 4.1% 26%Humboldt 808$ 1.43$ 3.6% 21%Long Beach 1,558$ 1.93$ 4.3% 20%Los Angeles 1,700$ 1.83$ 3.1% 23%Monterey Bay 1,413$ 2.19$ 3.9% 36%Northridge 1,528$ 2.04$ 3.8% 30%Pomona 1,354$ 1.59$ 3.5% 22%Sacramento 1,033$ 1.50$ 3.7% 39%San Diego 1,347$ 1.96$ 3.8% 31%San Francisco 2,446$ 2.83$ 7.3% 13%San Jose 2,054$ 2.81$ 5.7% 31%San Luis Obispo 1,254$ 2.15$ 1.5% 30%San Marcos 1,483$ 2.02$ 4.6% 33%Sonoma 1,678$ 2.24$ 3.5% 55%Stanislaus 948$ 1.16$ 2.4% 37%

Average: 1,411$ 1.89$ 3.8% 29%

Mean 1,411$ 1.89$ 3.8% 29%Median 1,413$ 1.96$ 3.6% 30%Standard Deviation 423$ 0.49$ 1.2% 10%Minimum 796$ 1.12$ 1.5% 13%Maximum 2,446$ 2.83$ 7.3% 55%

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Exhibit A.1

EXHIBIT D: EAST BAY

California State University, East Bay Return to: Table of ContentAB 990 Analysis for the CSUOne-Bedroom Apartment Rental Market Data

Campus East BayNumber of Properties 129Radius from Campus 3 MilesAverage Building Age 52Average 1-Bedroom Vacancy 3.5%Weighted Average 1- Bedroom Vacancy 3.5%Average 1-Bedroom Rent $1,487Weighted Average 1- Bedroom Rent $1,721Average 1-Bedroom Rent Per SF $2.255-Year Historical Rent Growth 36%

Apartment Building Address Year Built Vacancy Total 1-Bedroom Rental Rate Square Feet Rent/SF1 Windsor Arms Apartments 23914 2nd St 1970 10.8% 24 9 1,777$ 705 2.52$ 2 - 23920 2nd St 1961 3.8% 8 8 621$ 610 1.02$ 3 Cinnamon Apartments 23924 2nd St 1988 6.2% 29 9 1,850$ 730 2.53$ 4 The Hilltop Apartments 24035 2nd St 1959 8.5% 26 26 1,481$ 535 2.77$ 5 Bentley Place 22525 3rd St 1989 1.6% 68 44 1,872$ 649 2.88$ 6 - 22597 7th St 0.0% 6 5 841$ 538 1.56$ 7 - 184 A St 1932 4.0% 5 5 1,004$ 662 1.52$ 8 - 918-920 A St 1919 4.0% 5 2 1,094$ 437 2.50$ 9 - 22711 Alice St 1952 2.5% 4 4 887$ 400 2.22$ 10 - 22814 Alice St 1952 4.0% 10 10 1,124$ 572 1.97$ 11 Jackson Arms Apartments 24545-24559 Amador St 1961 2.8% 108 80 1,655$ 595 2.78$ 12 Vita Apartments 24607 Amador St 1964 2.7% 34 7 1,321$ 750 1.76$ 13 The Mark 24650 Amador St 1960 13.5% 150 65 1,819$ 546 3.33$ 14 Amador 24660 Amador St 1966 0.0% 142 105 1,612$ 573 2.81$ 15 Solaris Apartments 24661-24667 Amador St 1962 4.1% 68 47 1,801$ 630 2.86$ 16 Amador Village 24080 Amador Village Cir 2000 5.2% 155 80 2,174$ 927 2.35$ 17 Austin Commons 50 Austin Ave 1987 0.2% 208 96 1,254$ 700 1.79$ 18 Eden Apartments 1201-1203 B St 1927 3.6% 25 25 1,686$ 650 2.59$ 19 Riverside Terrace 1754 B St 1960 1.7% 52 34 1,647$ 700 2.35$ 20 Park View Terrace Apartments 495 Berry Ave 1965 2.9% 42 8 961$ 750 1.28$ 21 The Palms 550 Berry Ave 1960 5.0% 44 26 1,725$ 650 2.65$ 22 Berry Tree Apartments 575 Berry Ave 1979 3.5% 34 14 1,849$ 828 2.23$ 23 Lanai Garden Apartments 730 Blossom Way 1962 2.2% 58 58 1,501$ 485 3.09$ 24 The Grove 763 Blossom Way 1958 5.2% 57 57 1,725$ 512 3.37$ 25 - 905-913 Blossom Way 1900 2.0% 5 1 775$ 644 1.20$ 26 Baywood Apartments 31108 Brae Burn Ave 1964 2.8% 100 12 1,750$ 753 2.32$ 27 - 1605 C St 1957 3.3% 3 2 1,183$ 650 1.82$ 28 City View 25200 Carlos Bee Blvd 1975 4.2% 572 356 1,934$ 721 2.68$ 29 Shadow Creek Apartments 22120 Center St 1975 2.3% 48 24 1,906$ 960 1.99$ 30 Creekside Terrace 22154-22172 Center St 1973 3.5% 29 2 1,853$ 760 2.44$ 31 The Cedars 22240 Center St 1970 4.1% 36 16 1,795$ 680 2.64$ 32 Redwood Valley Apartment Homes 22281 Center St 1963 2.4% 108 20 1,895$ 733 2.59$ 33 The Cedars 22302 Center St 1961 1.4% 58 28 1,739$ 665 2.62$ 34 - 20957 Chester St 1970 3.3% 12 2 1,002$ 695 1.44$ 35 - 26588 Chisholm Ct 1966 5.0% 4 2 1,013$ 812 1.25$ 36 - 26596 Chisholm Ct 1966 5.0% 4 2 1,013$ 812 1.25$ 37 Creekwood 22294 City Center Dr 1975 7.5% 309 103 2,028$ 710 2.86$ 38 Hurst Highland Village 29843 Clearbrook Cir 1971 6.7% 148 69 1,931$ 825 2.34$ 39 - 710-782 Cochea Dr 1946 3.8% 8 6 669$ 448 1.49$ 40 Cypress House Apartments 24955 Cypress Ave 1964 0.5% 58 46 1,550$ 600 2.58$ 41 - 25039 Cypress Ave 1962 3.3% 9 8 939$ 630 1.49$ 42 Summit Apartments 25190 Cypress Ave 1965 5.5% 37 19 1,650$ 720 2.29$ 43 Peppertree Apartments 25355 Cypress Ave 1973 1.0% 63 50 1,699$ 677 2.51$ 44 Park Place Apartments 25401 Cypress Ave 1965 3.9% 36 18 932$ 560 1.66$ 45 Valle Verde 1365 D St 1960 1.6% 51 42 1,559$ 900 1.73$ 46 Ridgecrest Apartments 1782 D St 1990 3.3% 99 34 1,869$ 781 2.39$ 47 Bart Spring Apartments 29033 Dixon St 1983 4.7% 34 11 1,906$ 750 2.54$ 48 Mission Bay 29050 Dixon St 1965 1.7% 52 18 1,850$ 788 2.35$ 49 Bart Creek Apartments 29289 Dixon St 1978 4.0% 40 20 1,696$ 800 2.12$ 50 Bart Plaza Apartments 29360 Dixon St 1987 13.0% 20 8 1,851$ 700 2.64$ 51 Cherry Hills Apartments 29536 Dixon St 1993 1.9% 27 2 1,386$ 600 2.31$ 52 - 318 Dumont Ave 1962 3.3% 6 2 1,078$ 800 1.35$ 53 Villa Morada Apartments 1180-1182 E St 1969 5.4% 89 54 1,787$ 730 2.45$ 54 Windsor Apartments 1239-1243 E St 1963 4.5% 20 4 1,549$ 600 2.58$ 55 - 1609 E St 1963 2.9% 7 3 1,097$ 650 1.69$ 56 Leisure Terrace 1638 E St 1974 4.1% 68 18 1,675$ 725 2.31$ 57 - 1672-1696 East Ave 1957 3.1% 13 1 1,332$ 450 2.96$ 58 Fletcher Towers 781 Fletcher Ln 1980 0.4% 52 22 1,086$ 625 1.74$ 59 Spartan Royal 794 Fletcher Ln 1965 5.7% 65 42 1,800$ 621 2.90$ 60 Fletcher Heights 920 Fletcher Ln 1986 3.5% 20 20 1,429$ 600 2.38$ 61 Fletcher Gardens Apartments 921 Fletcher Ln 1989 0.7% 14 14 1,167$ 622 1.88$ 62 Summerwood 21701 Foothill Blvd 1983 3.4% 162 76 1,931$ 637 3.03$ 63 Laguna Pines 20313-20327 Forest Ave 1957 5.7% 14 9 1,653$ 617 2.68$ 64 - 20324 Forest Ave 1965 4.0% 20 10 1,324$ 500 2.65$ 65 - 20668-20670 Forest Ave 1941 2.5% 20 16 1,802$ 514 3.51$ 66 Amberwood Garden Apartments 26100 Gading Rd 1987 3.9% 72 26 1,859$ 680 2.73$ 67 - 26268-26276 Gading Rd 1962 3.3% 12 4 969$ 650 1.49$ 68 Home to The Fairway 548 Garin Ave 1966 0.0% 35 15 1,875$ 810 2.31$ 69 - 331-361 Gresel St 1961 1.9% 16 8 1,070$ 740 1.45$ 70 Villa Grove Apartments 2481 Grove Way 1961 5.5% 38 12 1,539$ 707 2.18$ 71 Heritage Palm Gardens 2494 Grove Way 1956 1.3% 46 46 1,463$ 600 2.44$ 72 - 2762 Grove Way 1973 9.5% 20 16 1,848$ 680 2.72$ 73 Pinecrest 837 Hancock St 1976 2.9% 83 62 1,976$ 765 2.58$ 74 Crestview Terrace 837 Hancock St 1970 3.2% 174 56 1,979$ 771 2.57$ 75 Pacifica Apartments 6 Harder Rd 1946 3.4% 41 41 1,515$ 510 2.97$

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Building Information Units 1-Bedroom Average Rates

Exhibit D.1

California State University, East Bay Return to: Table of ContentAB 990 Analysis for the CSUOne-Bedroom Apartment Rental Market Data

Campus East BayNumber of Properties 129Radius from Campus 3 MilesAverage Building Age 52Average 1-Bedroom Vacancy 3.5%Weighted Average 1- Bedroom Vacancy 3.5%Average 1-Bedroom Rent $1,487Weighted Average 1- Bedroom Rent $1,721Average 1-Bedroom Rent Per SF $2.255-Year Historical Rent Growth 36%

Apartment Building Address Year Built Vacancy Total 1-Bedroom Rental Rate Square Feet Rent/SF

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Building Information Units 1-Bedroom Average Rates

76 Woodlark 44 Harder Rd 1976 2.2% 46 24 1,645$ 750 2.19$ 77 Triangle Garden Apartments 251 W Harder Rd 1961 3.0% 27 16 1,605$ 750 2.14$ 78 Redwood Apartments 320 Harris Rd 1962 5.0% 40 13 1,696$ 470 3.61$ 79 Timberlane Garden Apartments 382 Harris Rd 1988 2.3% 39 39 1,698$ 500 3.40$ 80 Hillcrest Apartment Homes 26970 Hayward Blvd 1991 0.7% 138 69 1,902$ 829 2.29$ 81 Huntwood Terrace 29200 Huntwood Ave 1986 1.9% 104 20 1,885$ 655 2.88$ 82 Parkway Apartments 339 Industrial Pky 1963 12.5% 8 1 1,578$ 700 2.25$ 83 Holiday Manor Apartments 340 Industrial Pky 1977 3.4% 32 2 1,306$ 650 2.01$ 84 Golf Club Manor 375 Industrial Pky 1965 5.0% 40 40 1,503$ 650 2.31$ 85 Golf Club Manor Apartments 375 Industrial Pky 1964 4.8% 40 30 1,513$ 684 2.21$ 86 The Aloha Apartments 250 W Jackson St 1955 3.9% 70 35 1,319$ 581 2.27$ 87 Kelly Green Apartments 2537 Kelly St 1974 4.2% 66 33 1,665$ 700 2.38$ 88 Quail Hill 20800 Lake Chabot Rd 1990 3.4% 96 33 2,000$ 800 2.50$ 89 Linden Street Apartments 22555 Linden St 1963 3.3% 12 12 1,606$ 652 2.46$ 90 Lund Garden Apartments 90 Lund Ave 1981 1.7% 52 6 1,769$ 800 2.21$ 91 - 27070-27086 Manon Ave 1963 0.0% 12 2 933$ 750 1.24$ 92 - 627-637 Marin Ave 1960 2.0% 5 1 1,141$ 700 1.63$ 93 Chateau Andre Apartments 20427 Marshall St 1972 12.6% 22 13 1,716$ 800 2.15$ 94 City Centre 22800 Meridian Dr 2000 3.9% 192 78 2,102$ 760 2.77$ 95 Mission Heights Apartments 28500 Mission Blvd 1968 4.1% 130 67 1,937$ 748 2.59$ 96 Mission Bay Condominiums 28955 Mission Blvd 1988 1.7% 52 18 1,850$ 788 2.35$ 97 - 25198 Muir St 1962 2.9% 7 6 1,293$ 600 2.16$ 98 O'Neil Avenue Apartments 24545 O'Neil Ave 1964 1.9% 32 17 1,385$ 641 2.16$ 99 - 4961 Old Dublin Rd 1940 4.0% 5 3 951$ 700 1.36$

100 Park Orchard 605 Orchard Ave 1964 1.6% 115 36 1,834$ 717 2.56$ 101 Orchard Apartments 825 Orchard Ave 1959 0.0% 50 50 1,047$ 500 2.09$ 102 780 Pinedale Court 780 Pinedale Ct 1952 5.0% 10 6 1,101$ 572 1.92$ 103 - 425 Ranker Pl 3.3% 6 1 1,058$ 650 1.63$ 104 - 433 Ranker Pl 1967 2.5% 4 1 1,058$ 650 1.63$ 107 - 1317 Russell Way 1991 3.0% 10 4 1,200$ 800 1.50$ 108 Parkmead 24900 Santa Clara St 1964 5.3% 80 40 1,845$ 700 2.64$ 109 - 335-337 Schafer Rd 1964 3.3% 18 17 988$ 612 1.61$ 110 Kimberly Apartments 399 Schafer Rd 1962 2.3% 30 20 1,304$ 600 2.17$ 111 Courtyard Apartments 24050 Silva Ave 1969 5.7% 72 39 1,600$ 608 2.63$ 112 - 980-986 Simon St 1953 1.7% 6 4 972$ 625 1.56$ 113 Alden Gate Apartments 27230 Sleepy Hollow Ave 1972 1.3% 24 24 1,718$ 670 2.56$ 114 - 284 Smalley Ave 1954 0.0% 3 1 764$ 680 1.12$ 115 Coral Gardens 605-607 Sorenson Rd 1940 0.0% 113 74 1,607$ 494 3.25$ 116 - 212-220 Sunset Blvd 1991 3.3% 9 9 1,402$ 826 1.70$ 117 Sycamore Plaza 655 Sycamore Ave 1962 0.0% 22 4 1,269$ 750 1.69$ 118 Sycamore Manor 795 Sycamore Ave 1962 3.6% 61 14 1,967$ 600 3.28$ 119 Tampa Apartments 27500 Tampa Ave 1964 0.0% 19 4 818$ 760 1.08$ 120 Metro Six55 Apartments 655 Tennyson Rd 1988 4.8% 183 46 2,114$ 772 2.74$ 121 - 1319 Terrace Ave 1943 2.2% 9 5 978$ 640 1.53$ 122 - 27025 Tyrrell Ave 1963 2.9% 7 1 1,010$ 600 1.68$ 123 - 21718-21734 Vallejo St 1951 3.3% 9 9 909$ 400 2.27$ 124 - 21746-21764 Vallejo St 1956 3.0% 10 9 965$ 400 2.41$ 125 Walnut Hill Apartments 1137 Walpert St 1958 4.0% 133 81 1,778$ 744 2.39$ 126 - 25705 Whitman St 1965 2.5% 4 1 943$ 704 1.34$ 127 Whitman Green 26379 Whitman St 1965 2.5% 188 83 1,890$ 777 2.43$ 128 Garden Park 20928 Wilbeam Ave 1963 0.0% 52 39 1,811$ 650 2.79$ 129 Venus De Milo Arms 22613 Woodridge Dr 1960 2.5% 32 20 1,472$ 575 2.56$

Average: 1966 3.5% 55 28 1,487$ 668 2.25$

Source from CoStar - January 2018

5-Year Historical Rental Rates

Exhibit D.2