For several years, Université de Montréal, HEC Montréal and Polytechnique Montréal have been working on the redevelopment of the Outremont site, located approximately 2.5km from the main campus. The three institutions hired Altus Group to assess the potential for student apartments to be constructed on this site.
The objectives of the mandate included:
- Gain an understanding of the current situation of accommodations available to students. Identify the criteria influencing their choices of location and accommodation type.
- Measure interest in student apartments located on the Outremont campus, by type of apartment (1 open bedroom, 1 bedroom, 2 bedrooms and 3 bedrooms). Build out a profile of interested students.
- Assess the elasticity of the prices for these apartments. Identify (both free and paid) services that may be of interest to students in a student apartment complex.
With the extensive data Altus Group provided, the three universities were able to move forward with the project with a better understanding of the market. The data also enabled them to accurately define the number and type of units to be built in addition to establishing the rents and services to offer. Altus Group is able to draw upon a diverse array of real estate experts to resolve the challenges that confront our clients. Outside of the work we completed for the Montréal Student Apartments, our expertise includes real estate appraisal for all asset classes, financial analysis and modeling, urban land economics, costing specialists, project management, asset strategy, capital planning, market research, demographic analysis, land use planning, management consultation, property tax specialists and geomatics.
Web Survey Submitted to Students, Results Analysis, Estimated Needs (including both the number and types of units), Market Research