They say that sharing is caring. Turns out, sharing is also a great selling point for your student housing community. By integrating the share culture into your student property, you can reap the benefits of this growing economic sector. The sharing economy flourishes worldwide. Its convenience and innovation has won over millions of users. According to PWC research,  83 percent of respondents say the sharing economy is more convenient and efficient than conventional methods of shopping, transportation, and completing tasks. Share practices are already active in your student housing community. Why not capitalize on their success? No- and Low-Cost Solutions You don’t have to spend a lot of money to bring collaborative consumption to your student property. These low-cost solutions are a great place to start: By 2025, the rideshare economy will have an estimated cumulative worth of over $335 billion. Show that you are adapting to the times. Designate an area in your community for rideshare pick-up and drop-off. Mark this area with signage using the rideshare service provider logos, such as Lyft and Uber. If your property has a security gate, place the designated area outside of the gate. This results in fewer guests with gate access codes and shorter lines at the callbox. Make rideshare services easy to access from your property website. True, most users will hail a ride using their smartphone app. The link on your property site, however, shows prospects and residents that you are responsive to their needs and interests. Market the desirability of your location by highlighting food delivery services available in your community. Doordash, Uber Eats, and GrubHub delivery services are popular with young adults. A community share forum creates a sense of cohesion and support within your student housing property. The forum can serve as...

The City of Toronto has proposed new regulations for the short-term rental market. The proposed changes will affect owners of short-term rentals, rental agencies such as Airbnb, as well as hospitality and multifamily specialists. The City of Toronto is the first Canadian city to draft policy for this sector of the hospitality industry. Hosts and renters alike have known that regulations for the short-term rental market were inevitable. According to an Ipsos Public Affairs survey, 74 percent of Toronto residents believe short-term rentals should be permitted with some regulations. The Need for Change Several factors contribute to the need for new legislation regarding short-term rentals. Four issues top The City of Toronto’s list of motivating factors. Housing Shortage Population growth has outpaced the construction of new homes in Toronto, resulting in a housing shortage and affordability crisis. CMHC Rental Market for 2015 reports that a healthy vacancy rate is about 3 percent. Toronto’s vacancy rate is 1.6 . The lack of supply directly affects affordability. The Brooke Amendment to the 1968 Housing and Urban Development Act established a standard that is honored throughout much of North America. The Amendment stipulates that allotting more than 30 percent of household income towards housing is a measure of housing unaffordability. The City of Toronto cites the following CMHC data: 28 percent of owners spend a third or more of their income on housing, while 44 percent of renters spend 30 percent or more. The City of Toronto is exploring the connection between the short-term rental housing and the shortage of available housing stock. Hospitality Plateau EX26.3, a document that details the proposed regulations for short-term rentals, provides an overview of the proposed changes. It states, “Growth in the short-term rental market may be one of the factors...

Nestled in the tech hub of the city of San Francisco, AirBnb has achieved widespread global success since its founding just 8 years ago. Beginning with a simple living room turned “bed and breakfast” in a last-minute attempt to pay rent, Brian Chesky and Joe Gebbia are now operating a global company worth over 30 billion dollars. As a pioneer in the use of home-sharing, AirBnb took advantage of the recession in 2008, when many people were looking for cheaper alternatives to expensive hotels when traveling. Notably, AirBnb has gained recognition amongst millennials with its unique, quirky, and anti-corporate image. With the recently popularized “Experiences” feature, people are able to pursue this very sense of adventure that AirBnb’s image offers. According to research released by AirBnb itself, most millennials prioritize traveling over settling down and buying a home. millennials say that they are allocating more money into travel than they did a year ago. Experiences allows users to participate in activities or excursions that are led by local hosts, who give them a personalized view into their city and communities. Experiences can range from just a couple of hours to an itinerary stretched over multiple days, the latter of which are called immersions. These experiences could include physical activities such as hikes or surfing lessons, dining, or even workshops. For now, the Experience feature is only available in select cities. In the United States, the only cities with experiences available are Detroit, Los Angeles, Miami, New York City, Portland, San Francisco, and Seattle. Globally, users are able to choose experiences in Africa, Asia, Europe, and Australia. 8 out of 10 people surveyed in the UK, US, and China, say that the best way to learn about a country’s culture is to experience the country...

Have you used Airbnb yet, either as a vacationer or a person renting out your home? According to the site, there have already been 60 million users, so chances are you have. I mean, I haven’t, because I like getting my towels cleaned every day and stealing hotel-branded pens, and also I think I would get creeped out when surrounded by some stranger’s family pictures while I’m trying to go to sleep, but, what can I say, I’ve always been a rebel. And it’s not just single-family homes that are being rented out. Now multifamily is slowly, tentatively exploring the possibility of maybe getting in on the Airbnb action, as MHN recently reported. As a property manager, should you allow residents to participate in Airbnb or use the service yourself for vacant units? Lets look at some pros and cons. Con: There might be security issues. The people coming in and out of your community through Airbnb won’t necessarily have the same checks you give your potential residents. In fact, you’ll probably know nothing about them. You don’t know who they’re inviting to visit them either. This could lead to some safety concerns. Pro: It’s an appealing perk for residents. If your community allows for Airbnb rentals, if a resident wants to go on a long vacation or if they need to break their lease a little early, it could be an option for these residents. Then they wouldn’t have to worry about paying their lease for a month they weren’t there, or losing a security deposit. Which would definitely lead to good word of mouth about your community. It could even be marketed as an “amenity” at your community. Con: Speaking of amenities, Airbnb-ers might hog the actual amenities. People who are renting the apartments for a vacation are probably...