Property management data offers important insights into managing different properties in different markets. One type of multifamily housing that often offers unique benefits and challenges is student housing. The demand for off campus student housing is rising in many college towns, making this a more popular investment. In this article, we’ll discuss some of the top cited challenges of managing student housing and how to market these properties.
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Property Management Data: Key Challenges of Managing Student Housing
There are any number of challenges you can face as a student housing property manager. Often, these are unique to the exact location and community. However, there is some property management data on common concerns regarding managing student housing.
For instance, one thing that is a bigger focus than many other multifamily properties is a focus on lifestyle. Some have even said that student housing management is more like hospitality than traditional property management because of this. Students want to live in properties that create a sense of community and offer a certain lifestyle.
Another thing to note is that leasing activity generally happens in a short window, with all activities following the academic year. With a traditional multifamily property, move ins and move outs happen all year round, but with student housing, this all happens at the beginning and end of the academic year. This means there’s a lot of activity condensed into the summer months just before classes start and a lot of move out inspections happen as finals wrap up. This makes timing even more critical than in other types of multifamily properties.
Additionally, because these properties cater to inexperienced renters, it’s important to be quite clear on the rules. Make sure everything is in writing and that you set expectations with every resident. This might include anti-party lease clauses like banning gatherings of over 20 people to protect the property from damage.
Multifamily data also suggests that there may be different amenities that matter for student housing. For instance, most college students have access to a gym on campus and therefore don’t necessarily need this amenity in their communities. However, having study nooks and collaborative meeting spaces can be a huge plus that attracts tenants for student housing.
Multifamily Data on Marketing Student Housing
Since marketing for your property is often concentrated into a very short time period, it’s essential to use the right marketing strategies. You can use apartment market data to understand specifics about your local market and demographic to customize marketing.
However, in general one thing to really leverage is the internet. Internet marketing for student housing can go a long way. After all, many tenants will not live in the area beforehand and may not even visit to look at properties. The internet allows you to connect with people across geographies. Also, young people tend to prefer looking online for everything they need, including housing, so it’s where your target demographic already is.
Top Quality Apartment Market Data from Apartment Data Services
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