Student Services

6 Smart Housing Tips

By Erica Rascón on Sep 9, 2015 in News

We are seeing dozens of headlines each month that herald the arrival of another luxury student housing community. These ultra-posh accommodations can cast a rather unglamorous shadow on nearby aging properties with fewer resources. If you find yourself in the shadow of the shiny new community down the street, don’t fret. Instead, use that energy to implement creative solutions for attracting student renters.

While you might not have the newest property on the block, there is still a pool of quality renters who are in need of your services. Identifying, developing, and marketing those services will be your keys to success.

Value Many students are priced out of newly constructed housing, which will send them your way as an alternative. It’s up to you to shine brighter than other listings in their price bracket. Instead of free rent and waiving fees, aim for investments that provide long-term convenience and value. Bundling trash services and utilities with the rent creates a quick, easy payment setup that young adults appreciate. Including appliances with the unit (especially a washer and dryer) is a quick way to add value and convenience for cash-strapped youth.

Location

Proximity to campus is priceless for students, allowing them to save money on transportation costs and save time. Be sure that your digital presence, print materials, and social media “about” sections include your proximity to local campuses. In high traffic places in the building, post transit schedules and a map of local stops.

Responsive Staff

Young renters expect online resident services: online leasing, online bill pay, and online maintenance requests are just a few of the conveniences that you can offer to tech-savvy youth. Going digital will allow your team to process applications quickly and efficiently. Conveniently, online services will also free up your staff’s time for more important matters.

Take a peek at any property review website and you’ll find that many resident complaints stem from negative interactions with staff. Each negative review about your staff is a prospect that may turn away! Here is where interpersonal training translates to cost savings in the long run. Take the time to coach your onsite staff on resident retention through communication. These tips can help diffuse conflict and improve online reviews.

Sense of Community 

Students crave social acceptance and social comforts. Facilitate a welcoming atmosphere by making the most of your existing communal spaces. Not sure what students want in their hub? Ask them. Social media is a priceless tool when it comes to figuring out what students want. They’re willing to tell you! While you will get some extravagant responses (like rooftop lounges with infinity pools) a few reasonable responses can point you in the right direction. Students will appreciate that you ask for their insights and take action to make changes.

Parking

First, consider transforming your parking spaces into an asset. Such services add value to renters while increasing your profitability. You may also consider designated parking for guests and residents. Residents can rest assured that no matter how many guests a neighbor may have, residents will have access to parking close to their units.

Extended Family

On campus housing rarely allows pets, giving you a competitive advantage. Implementing a pet policy can be a terrific feature for young renters who may want to bring their furry companions from home, or would like companionship in their new abodes.

You have plenty that you can offer students without undergoing a costly remodel. It’s simply a matter of identifying, developing, and marketing your strengths in a way that appeals to your student renters.

What services have you offered to attract student renters to your established property?