Last modified on October 1st, 2018
By Elizabeth Millar
The student housing market is sizeable and growing. As students head to college, many will want to be on campus; but others may choose to reside near their school and enjoy having more freedom and privacy. With that in mind, student housing is an important market for property managers to consider. Property management companies in the vicinity of colleges and universities can keep occupancy rates high and turnover low by catering more to students and their expectations.
Is the Future of Leasing Changing?
The future of leasing is changing as many tasks are now handled online. Students looking for a place to live research on websites. In addition to property descriptions and pictures, consider adding a video tour to draw attention to popular student housing amenities. Many student housing properties are also giving students the option to apply and even sign a lease online. Some students want to rent a place only for the months they are in school. The more you accommodate the changing nature of leasing, the more easily you can bring in and keep students during their academic careers.
What Kinds of Properties Are Students Looking For?
Today’s students want more from their properties than those of the past. They are looking for high-quality properties with newer and more modern offerings. They may also want utilities paid and all-inclusive options where they only have to pay one bill. Many of them will want to have privacy, as well, but may find that they need to share with roommates. The more affordable an apartment or other forms of housing are, the more likely students will choose it, as long as it gives them a safe, clean place to live. While some students will be more particular than others and have more money to spend, many will need to watch their budgets carefully.
Which Student Housing Amenities Are Popular Today?
The more amenities the better, as long as they are ones that students actually want and need. For example, a swimming pool may not be on the top of the list for some students but free internet generally will be. Students need the internet for studying but they may not have much time to use the pool. A good rule of thumb for any property management company that is looking to offer more appealing amenities to students will want to focus carefully on things needed to study, spend time with friends, and stay active.
Who Are the New Players in the Market?
With more older students going back to school, there are some new players in the student housing market. Homes are now being marketed to students who have families, and also to those who are older and may want more privacy. In some cases, a group of younger students may also rent a house so they can all live together and split the rent. That can benefit the students and also improve the occupancy rates for owners and companies with rental houses in the area.
What Students Should Know About Housing
Students of any age should know the rules and regulations of student housing in their area. They should also know which companies they can trust for property management so they can choose a safe place that will work for them. Whether they plan to live there for a few semesters or potentially for several years, getting a good place means not having to worry about the stress of moving again. It also means feeling comfortable in the location and not dealing with unsafe conditions or other problems that can arise.
The more students talk to property managers and ask questions, the more they can be assured that they are going to the right places and choosing the right properties. With that in mind, property managers can bring in more tenants and reduce their turnover rate by helping students find what they need to succeed when it comes to housing options.
Comments by Elizabeth Millar
5 Rules to Finding Great Property Management Talent
Appfolio makes it really easy for property management ...
Easy Ways to Manage Risk and Improve Debt Recovery – Webinar Recap
Hi Clay, I spoke with our webinar presenter, and the ...