The student housing sector starts the school year in a strong position, as preleasing matches last year’s solid performance and year-over-year rent growth has continually outpaced 2022’s historic growth. Student housing is one of the few real estate sectors to be continually resilient post-pandemic, according to the latest National Student Housing Report from Yardi® Matrix, which is now available for download. You can also join the upcoming Student Housing Webinar with Matrix experts on Oct. 25 and gain more in-depth insight. As of August 2023, 94 percent of beds at Yardi 200 universities were preleased, a 3.3 percent increase from the prior month and 0.2 percent behind August 2022. Rents remained flat in August from July at $845 per bed, but year-over-year rent growth of 6.9 percent in August was still well above the historic average for the sector. “As we enter the 2023-2024 school year, student housing preleasing matches last year’s solid trend and year-over-year rent growth has continually outpaced last year’s historic growth, as well as other property sectors,” say Matrix analysts in the new report. “The sector is in prime position to weather a potential recession, with counter-cyclical demand patterns and solid occupancy and rent growth baked in for the 2023-2024 school year.” Strong fundamentals continue to fuel development, and Matrix projects approximately 40,000 new beds to deliver in fall 2023 at Yardi 200 universities, compared to the 27,000 delivered in fall 2022. Solid preleasing and rent growth suggest that much of the new supply has already been absorbed. Read more findings from the latest student housing report. The student housing data set includes over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Known as the “Yardi 200,” it includes all Power 5 conferences as well as Carnegie R1 and R2 universities. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn...

Life for a college student today is much different than it was 20 years ago. Students expect to have the connectivity that they are accustomed to at home. As we dive into student housing tech, one priority is clear: college students demand a fast, reliable WiFi connection. As for Mom and Dad, parents will appreciate the security of electronic locks and cameras, especially when it is their children’s first time off to college. According to a recent article from the National Apartment Association (NAA), for student housing management companies, smart technology offers many advantages: It can alert authorities to danger fasterPeace of mind that no stranger or unauthorized visitor can pick up a key or keycard to get inside the buildingProtect staff by tracking movements in and out of apartmentsSave energy during summer and winter breaks with smart thermostats and alerting if there has been a window left openFree staff from security monitoring to do other tasksDetect leaks in fire and water lines or utility disruptions Security transformation Gone are the days of propping open doors with rocks or losing keys frequently and racking up fines. Smart locks at every entrance mean no more keys or even magnetic cards to carry. Codes are also on the way out since many will share with friends and roommates might not feel comfortable anymore. Bluetooth credentials are the new ways to open doors. Keys, fobs, and codes all can be copied but a Bluetooth credential cannot. Since student housing has a lot more likelihood of damage than your typical multifamily complex, cameras all around the building will also provide security and help staff to see if there was a drunken incident or a pet that is not allowed. Smart doorbells and window security in all units along with a video image of the main entrance intercom on the unit’s touchscreen will benefit for student residents to see who is at the door before admitting them. The window security will alert when a window has been opened and will benefit for winter and summer breaks. Smart locks also allow for contact tracing. “With COVID, once a student or other user reports becoming ill, Servitas LLC can trace his or her movements through the building and alert authorities and other recent users of the same doors and study rooms,” says the NAA article. Smart home shortcomings All the benefits of smart home technology come with some drawbacks as well. Can a building’s network withstand 100% of usage? Students come with myriad WiFi demands such as smartphones and tablets, laptops, TVs, gaming consoles, and more. Student housing property management companies are constantly having to upgrade and maintain bandwidth and equipment, and deal with resident complaints if anything goes down for more than a minute or two. For many years, most companies made eight- to 10-year Internet service agreements; “now I won’t do longer than five years,” says David Braden, Servitas senior VP of operations. Student housing provider Landmark decided a wise choice to handle in-unit tech was a hybrid smart-home hub for each housing unit.  The hub handles devices like unit and bedroom locks, door/window open notification, leak detector, thermostat, smart dimmable light switches and video visitor management. Residents can also customize with items like a smart speaker or smart outlets. Apps are managed through a touchscreen.  Saving time and money Comprehensive software platforms for leasing, rent pay and maintenance requests are saving student housing staff a lot of time and freeing up extra money for other expenses. Students can log into their accounts to sign leases, and select a perfect roommate with a questionnaire that asks compatibility questions. Chatbots are also becoming more common. Artificial intelligence has improved tremendously and can help those who do not take the time to read the marketing website. “In the first quarter of 2022 alone, the bots responded to 52,000 inquiries, saving the company more than 16,000 staff...

Experiences shape our approach to built spaces. In 1992, Hurricane Andrew irreversibly changed building codes in Gulf states. About 20 years later, Hurricane Sandy prompted code and regulation shifts in New York and mid-Atlantic states. While natural disasters are often the catalysts, the pandemic has made its own mark upon built environments. Student housing experts weigh in on the pandemic-inspired trends that are here to stay. They earn their staying power as they increase convenience, improve functionality and appeal to student demands. Modular construction expedites projects, appeals to students Labor shortage, shelter-in-place mandates and leaps in material costs are just a few causes for delayed project completions in 2020. Projects lag even as campus life returns to normal. Stick-built construction may prove too costly and time consuming to meet projected timelines for future projects. Experts believe modular design will become more mainstream in student housing. “While upfront material costs may be similar to stick-built construction, modular can result in significant time savings, allowing developers to catch up on projects that might have been delayed and deliver new projects faster. This is especially beneficial in markets with high labor costs,” says Kelly Naylor, director of interior design and senior partner at BKV Group. Additionally, modular design places sustainability at the forefront of building. Building construction and operation contribute to roughly 33% of global energy consumption and 39% of greenhouse gas emissions, notes Naylor. Modular construction and light steel framing can reduce a carbon footprint by 20%. Student populations vastly support sustainability measures, and green housing will be well received. Improved ventilation makes a comeback Whether conventional or modular construction, air quality has resurfaced as a top priority.In past decades, an emphasis on tighter building envelopes encouraged greater energy efficiency at the expense of natural ventilation practices. A new program by the U.S. Environmental Protection Agency (EPA) combines the efficiency of ENERGY STAR® with improved air quality through Indoor airPLUS for residential properties. Additional building standards also support improved air quality. HVAC systems containing filters with Minimum Efficiency Reporting Value (MERV) ratings of 13 or higher are among best practices, per the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE). To maintain optimal ventilation, the organization recommends the use of CO2 sensors that trigger ventilation purge cycles. Maintaining a higher standard of clean becomes a line item To no one’s surprise, heightened cleanliness standards will remain a priority for the foreseeable future. To promote resident and staff health, student housing providers are implementing hospital-grade electrostatic sprayers to sanitize public surfaces, reports Justin Wybenga, vice president of asset services at GMH Capital Partners. The cleanest surface, of course, is one that no one has to touch. “Many residents are also looking for convenient contactless or concierge-focused amenities,” says Wybenga. “Prior to the pandemic, owners were installing package locker systems and refurbishing buildings with keyless entries, but they have been making significant investments to upgrade amenities with new efficient software like Bluetooth entry for package lockers that has become expected and the norm.” Shared spaces must share the spotlight… Before the pandemic, shared spaces were a staple in new construction. They will continue to be a part of design but play a significantly smaller role, projects Naylor. “For many, studying within their residence or building, rather than on-campus, translated to improved productivity, which they will still want coming out of the pandemic. As designers, we want to facilitate these behaviors by creating spaces within residences and throughout the building where students can focus on academics while feeling connected to the greater community,” she says. Research on the impact of COVID-19 on higher education students that was shared by the University of Nevada concurs. During the pandemic, a higher number of students craved quiet places to study and designated desks. Without access to those resources, they reported “below average satisfaction” with their school and experience. …when students want to share at all Wybenga and his...

Yardi Matrix vice president Jeff Adler presented a look both forward and back for the student housing sector in a webinar held Wednesday, March 3. (Find the presentation materials and recording here.) Despite the challenges of the pandemic over the last year, the sector has held up relatively well. Rents are still increasing – but just slightly. Year-over-year rent growth was 1.3%, with Class B assets taking a larger hit than Class A or C housing. Adler remains very positive on the student housing space, even though preleasing is currently behind its usual pace for Fall 2021. “We do expect the 2021 term to have a surge in enrollment and preleasing activity, but it will probably come late, in April and May, as the vaccine situation clarifies,” he said. That was just one of many insightful takeaways from the presentation. Yardi Matrix produces a quarterly student housing report that summarizes leasing, rent rate, transactions and other trends. The student housing data set includes over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Known as the “Yardi 200,” it includes all Power 5 conferences as well as Carnegie R1 and R2 universities. Schools that have fared best with housing over the last year have been those that are not urban or in states with strict COVID restrictions in place, Adler said. Overall, national university enrollment is down 2.5% this year from a year ago. Currently, preleasing of student housing for Fall 2021 is trending four percent below where it was last year at this time. Preleasing for Fall 2020 ended up five percent behind 2019 numbers. “Large, first tier institutions have done the best, and the top performers are those that have been in states and localities that were open for business (throughout COVID),” said Adler. Universities that have preleasing off to a good start for the upcoming fall term were major public universities in remote areas and some universities near smaller downtowns. That includes schools like Case Western University, the University of New Hampshire-Main Campus and University of Pittsburgh-Pittsburgh campus, which are leading the way as top preleasing performers for Fall 2021. Schools that are falling behind on preleasing include the University of Illinois at Chicago, Brigham Young University and the University of California at Santa Barbara, which are all lagging far from their normal preleasing numbers. As a result of the pandemic, housing providers are seeing higher demand for studios, single bedrooms and bedrooms with their own personal bathroom, Adler said. “Those without bedroom/bathroom parity are struggling (to lease). This may be an issue that continues, where you would have to have very significant discounts to overcome people’s desire not to share a bathroom.” The desire for personal space will also impact on-campus student dorms, which may have to rethink double and triple occupancy situations due to parent and student concerns. “I’m bullish about the whole sector, because dorm capacity just doesn’t work,” Adler said. It also doesn’t seem to matter whether schools are offering fully in-person learning, a hybrid model or all virtual classes. The school simply needs to be open for business in order for student housing demand to remain strong. “Our data showed that they wanted to get out of the house (in 2020) and they did.” Development trends in student housing reflect what life will look like post-pandemic. High performance Wi-Fi, always a must, has become even more important. Apps that allow students to submit maintenance or service requests are trending, as are outdoor/open spaces where students can gather in person. And touchless features, like keycards for building entry or elevator operation, will be more prevalent. Development of new student housing stock is primarily focused in the south and southwestern U.S. and has not been deterred by the pandemic. Investment opportunity in the sector remains strong. Highlights include: Global Student Accommodation Group (GSA) made its...

Despite massive disruption to in-person learning protocols, demand for off-campus, purpose-built student housing remains strong, according to a webinar and a new bulletin from Yardi Matrix. “College students don’t want to live at home. And their parents seem quite amenable, if financial circumstances allow it, for them not to live at home,” said Jeff Adler, vice president of Yardi Matrix, during the webinar. “There’s been a tremendous amount of noise around the sector, but as it relates to the financial performance of off-campus student housing, it is largely unaffected.” The one key factor is that college or university the students are attending must be offering classes in some capacity, even if they are all online. Need for greater social distance between students in on-campus dormitories have been another helpful nudge. “As long as the school is open somehow, for the dedicated off-campus student housing inventory, (the education format) doesn’t matter,” Adler said. “The off-campus student housing industry has shown itself to be really resilient.” Development pipelines also remain strong, with only two planned projects nationwide falling off the radar in the last quarter. Enrollment trends have favored public universities rather than private schools, indicating that students may be looking for more affordable education alternatives given current economic uncertainty. And off-campus housing options provide a more continuous housing option than on-campus dorms, which are more likely to be subject to closures or status changes. Though college enrollment from international students is down due to travel restrictions, those spots in off-campus housing seem to thus far have been backfilled by American students. One caveat is that these are students whose parents’ economic fortunes have likely not been disrupted by the pandemic. And even if no vaccine is available in spring 2021 as expected, purpose-built student housing is expected to continue to do well. “Even if everything goes horribly wrong (with vaccine development), the fact that this year was as good as it was indicates that as long as the school is open in some fashion, it’s a non-event for the off-campus student housing sector,” Adler said. For the 200 colleges and universities the Matrix team analyzed, preleasing of purpose-built student housing was just 3 percent behind that of 2019. “While demand has been volatile on a university-by-university basis, the willingness and desire for people to congregate near their school will likely help the student housing sector steer through these uncertain times,” states the analysis. Preview new technology for student housing providers at the NMHC/InterFace Student Housing Conference, a virtual event taking place Oct. 19-22. Visit the virtual booth to see how RentCafe Student and Yardi Matrix Student will graduate your leasing and management...

The Internet of Things (IoT) has achieved great popularity in the last decade as it increases the comfort and quality of life. A growing number of homes and commercial properties have smart systems controlled by smartphones and microcontrollers through wireless communication techniques. The trend applies to student housing too. A smart strategy can help universities and property managers improve facility management, lower operational costs and enhance student experiences. Millions of students will head to class this fall with tablets and smartphones in tow. All those students are expecting lightning fast Wi-Fi to get the job done on campus and in student housing. IoT is reshaping not only the way students learn, but the way they live. According to Securedge Networks, by 2020 more than $1 trillion will be spent on IoT devices for college campuses across the country. Many universities have implemented smart technology in dorms. For example, Saint Louis University and Arizona State University have installed Amazon Echo Dot devices to help students get information on campus activities. University of Chicago, New York University and University of California, Davis also partnered with Telkonet to help students control the thermostats via a mobile app. According to Telkonet, colleges and universities spend roughly $14 billion on energy expenditures every year. A lot of energy is potentially wasted. Dorm rooms are vacant approximately 70 percent on an average day. IoT as a Service on in Student Housing Most colleges are skeptical when it comes to investing in non-essential technology due to limited budgets. Partnerships can lower project costs. The latest innovation in student housing tech comes from a partnership between Balfour Beatty Campus Solutions and IOTAS (which stands for IoT-as-a-Service). The developer and operator of infrastructure projects for colleges and universities united with the premier smart apartment technology innovator to deliver an integrated smart home experience for students. The partnership targets energy savings, security improvement in residence halls, and marketing to tech-savvy prospects. A few states away, Aspire at Discovery Park offers students the possibility to fully operate and customize their living units via a mobile app. The units feature various smart features including smart lighting, thermostats, outlets, sensors and locks, as well as a full integration of Amazon Echo and Google Assistant. Located in the Discovery Park district of West Lafayette, Indiana, the community ranks as the region’s  first property to include a fully-integrated smart home system installed during construction. The system operates in all 835 units. Currently found in multifamily communities across 40 U.S. markets, the IOTAS system connects residents’ and property managers’ authorized devices to smart home features such as: smart switches, outlets, door locks and thermostats door, humidity and motion sensors leak detection ceilings fans window coverings garage door control A Broader Reach with IoT Students use IoT devices to access homework assignments or to access classes remotely via video conferencing. On the other hand, alerts can be sent for those students skipping classes, which benefits school officials to help those who may be struggling academically. Colleges and universities are also trying to reduce traffic congestions, increase road safety—both for drivers and pedestrians—and lower carbon emissions by jumping into the autonomous vehicle cause. These days, the quality of a student housing community is determined by its tech offerings. Families consider Wi-Fi strength, coverage range, and other tech factors when making a decision on student...

Of the top five most popular social media apps, Snapchat is the most cryptic to navigate and has the shortest content lifespan. Those are two reasons why young adults love Snapchat, and your student housing community can benefit from loving it, too. So Snapchat…Who Cares? Snapchat doesn’t offer traditional menus for navigation. It’s all about exploration and being in-the-know. The small nuggets of content posted by users can disappear in a fewer than 24 hours. If your student housing brand uses Snapchat, you’re demonstrating that you are relevant, timely, and engaging. Your prowess can place you in front of the eyes of more than 130 million students. About 77 percent of college students use Snapchat and they use it often. Nearly 80 percent of users log in into Snapchat daily. On average, they send 34 snaps each day. With your content in the midst of the action, you can make major impressions. How to Use Snapchat for Student Housing The content in Snapchat has a very short lifespan. As such, your posted content may have a quick expiration date. Use snaps to explore limited-time offers at your property. Maybe you take Snapchatters on a tour of an available unit. Perhaps you use the platform to market a move-in promotion. Snapchat provides an opportunity to highlight content with a short shelf life. Snaps are also great for “setting the scene,” depicting what it’s like to live in your neighborhood. Create short videos and pictures of daily life in the community. Excerpts of a resident pool party show the potential for fun and new friends. Residents enjoying sunset on the rooftop deck show to opportunities to relax amidst a hectic class schedule. Take residents behind the scenes of your community through Snaps. Such snaps can be an interesting way to showcase updates at the community that benefit residents. Think of big ticket items like pool deck upgrades as well as small things like seasonal flower installations. Spice it up with a quick Q&A with the crew. Residents may like getting to know people they may see in their community. Community events are perfect Snapchat fodder, especially when you have high attendance. Take advantage of the “crowd surf” feature, which stitches together multiple snaps recorded by users to create one continuous video at events. Let Users Find You Unlike a Facebook business page, your Snapchat profile provides minimal information about your student housing community. In order for prospects to find you, be sure to use geofilters on some of your posts. This creates a way for viewers to identify your location. When residents see your geofilter, they may be encouraged to use it as well. Geotags quickly and easily broaden your marketing reach. Learn more about smart managing and marketing of your community with the Yardi Student Housing...

With spring’s college graduations and early summer’s high school graduations behind us, a whole new generation of renters is coming online. These young renters are bringing new life into the rental market, along with their mobile devices and digital expectations. Born in 1995 and after, the first wave of Gen Z are now in their 20s and chances are, they will be searching for rentals with their smartphones. Are you doing everything you can to attract these tech-dependent prospects to your properties? Trends show that Gen Z doesn’t really respond to traditional advertising, but does read reviews and makes decisions based on them. They spend more time on Instagram than Facebook. They are likely to prefer online chat or texting for communication, and expect to pay for things online. That means rent, too. Here’s some great news: the advanced marketing services of RentCafe Reach are now available to our Yardi Voyager Student Housing clients. Now it’s easier than ever to reach more renters who are searching online for a place to live. What is RENTCafé Reach? Managing your student housing marketing, leasing and resident services from one platform that includes dynamic property websites and smart multichannel marketing tools gives you the greatest competitive advantage. With RentCafe Reach, you can take your targeted efforts even further for the best possible results. How renters find vacancies when searching online (the most popular way) often takes multiple paths. RentCafe Reach is comprised of three distinct services—search engine optimization (SEO), search engine marketing (SEM) and promoted internet listings—working together to make sure your communities are positioned to attract more prospects, no matter how renters choose to search. RENTCafé Reach has a team of property marketing experts who are available to help you with search engine optimization (SEO), pay-per-click advertising (PPC) and enhanced online listings. As a certified Google Partner, we’re ready to optimize your search and lead generation efforts. Because RentCafe Reach integrates with RentCafe and Voyager, you get accurate reporting and complete transparency into your data. SEO & PPC Services The RENTCafé Reach digital marketing team is comprised of Google certified experts in both Google AdWords for paid traffic and Google Analytics for organic traffic. This allows us to use Google as a resource to answer questions and identify future opportunities. Our SEO services include: Optimized on-page content, page titles and meta descriptions Off-page optimization, including business citation and brand management Location data management through our partnership with Yext Regular website health audits and maintenance Monthly reporting, service calls and a dedicated account manager Comprehensive reporting to track results Our PPC services include: Strategic PPC advertising tailored to your goals Campaign management by Google AdWords Certified Specialists Ad targeting based on demographics, location, timing and mobility Ad extensions and landing pages to increase conversions Retargeting campaigns that follow engaged prospects Plus, white hat strategies help our clients improve website performance while actively protecting them against black hat techniques that get flagged by search engines. Get Ready for Gen Z Learn more about end-to-end student housing property management using our single connected solution. From social media marketing and online screening and leasing to text rent payments, you can attract, serve and retain quality new renters who improve your bottom...

Student Housing managers, marketers and exhibitors came together for NAA’s CampusConnex in Orlando, Fl., on February 13-14, 2018 to explore new strategies and get energized to move their careers and businesses forward amidst tech disruption and the latest trends. Yardi returned to this year’s conference as an alliance partner and presenter. “Yardi is excited to be part of CampusConnex, which is a premier opportunity to learn from leaders in the student housing industry and network with peers. Yardi is committed to the industry not only through supporting educational events, but also by offering a single connected solution with mobility for smarter student housing marketing, leasing and management,” said Daniel Campbell, vice president of specialty solutions at Yardi. Conscious Marketing and Simplified Leasing Day one kicked off with an inspiring talk by award-winning marketing innovation expert Afdhel Aziz. Aziz enlightened attendees about how business can be a force for good with more conscious marketing that balances profit with the needs of consumers and communities. Breakout sessions covered a range of topics including partnering with smaller schools and managing online reputation. At the NAA Exposition, more than 100 exhibitors provided a firsthand opportunity to discover the latest innovations in industry-leading products and services designed for student housing businesses. Also part of the Exposition, the Learning Zone offered an intimate setting for valuable education sessions, including a presentation from Yardi’s Jeff Boehm about simplifying the lead-to-lease process by automating every aspect of the leasing lifecycle. And in the 30-minute Speed Networking session, attendees enjoyed quick meetings with multiple industry peers. Coffee and Soapboxes On day two, the first-ever “Coffee on the Quad” kicked off and allowed every student housing geek, technician or innovator to hop up on the soapbox and make their points quickly with a fast-moving slide show. Breakout sessions provided fresh insights on student housing management including approaches to unit renovations, organic search techniques, technology for Generation Z and 40 ways to evaluate operations. The Exposition continued with exhibitor showcases of the best and brightest products and services that promise to move the industry forward. Closing out the conference, humorist and author Jeff Haven dished out compelling insights on how to become the type of leader you want to be, including a roadmap to get there. His focus was on how to communicate more effectively, inspire innovation and create a culture where people are excited to improve. To wrap up two exciting days of learning and networking, there was one thing all attendees already knew how to do: have fun. Yardi hosted an energetic party that featured stilt walkers, a DJ, cigar rollers, an energy and palm reader and a photo area. Stay Connected Learn more about the Yardi Student Housing Suite for a single connected solution with mobile tools and services to better manage and market your student housing properties. And don’t forget to mark your calendars for next year’s event on February...