Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Student Housing 2.0 - What Will The Future Of Student Housing Look Like?

Student Housing 2.0 - What Will The Future Of Student Housing Look Like?
While it’s difficult to predict the future, one thing is for certain – the student housing market will continue to grow. How exactly it will grow and evolve is something a bit more difficult to predict.   By looking at current and forecasted trends, it is possible to paint a picture of what the future might hold for the student housing industry. Here are a few predictions being discussed.   The amenity race will come to an end.At some point, purpose-built student housing professionals will simply run out of ideas when it comes to one-upping the competition with unique amenities. They will also identify some luxury amenities that aren’t attracting residents and determine the additional cost may not be worth it. Campus Advantage agrees, and predicts that the end of the amenity war is in sight. Campus Advantage stated that location is the most important amenity; far more important than the bells and whistles stuffed into luxury buildings. Student housing centralization will be the focal point.This point should come as no surprise. With location being the most important aspect of student housing for developers and students alike, we’ll continue to see centralization around campuses. Housing located miles away from campus will become increasingly less desirable as more properties become available in close distance to campus. Many college and university towns are now seeing high-rise purpose-built student developments being built and it is enabling a higher volume of students to live near campus. Axiometrics demonstrated that there is a direct correlation between proximity from campus&......
Continue reading
4471 Hits
1 Comment

Student Housing Wants and Needs

Student Housing Wants and Needs
This week marks a special time for many college students: the beginning of the fall semester. Students may be feeling the pressure of getting all their books, supplies, and living essentials in order, especially if this is their first time away from home. One aspect that many may overlook or not spend enough thought on is exactly where they’re going to live. Students may be unfamiliar with the area and unsure of what to look for in a student housing community. Many have already made their living arrangements but there’s still an opportunity for “late registrations.” Here are the top things students look for in a community. Proximity to Campus Students will seek communities close to campus. However, these communities fill up and are more than likely completely leased. On the flip side, don’t count out students who are seeking a good deal on rent. If your community can’t offer a short distance to campus, make up for it through affordable rent. Students will trade a longer commute for savings in the long run. Student Room Sizes College dorms can be the equivalent of living inside a closet. That’s why many seek off-campus housing. Students need room to study in peace; there’s nothing worse than having a roommate playing video games three feet away from you while studying for the big exam. They also desire privacy; that’s why they’re interested in an off-campus community. Show students how you can provide space and privacy and you’ll have an upper hand. Furnished Spaces Think about this from a student’s perspective: the less they have to move,......
Continue reading
934 Hits
1 Comment

Changing Real Estate Investment Trends: Why Investors Are Suddenly Rushing Into Students Housing

Changing Real Estate Investment Trends: Why Investors Are Suddenly Rushing Into Students Housing
A couple of years ago, investing in student housing was only a reserve for investors who had the tenacity to take on the risks associated with student renters. A bulk of property owners increasingly considered this group of tenants substantially riskier compared to regular renters. Recently however, the tables have turned in favor of both students and real estate investors, mostly because student housing is now considered a resilient asset class with the capability to remain profitable even in a depressed macro-economic environment. Interestingly, it’s not just in the US. The trend spreads across other countries, particularly in prime study destinations like Canada and the UK. The State in The U.S. In the U.S, for instance, investors and developers are mostly attracted by the demand trends for U.S. higher education. According to 2015 statistics by the National Center for Education Statistics, there are more than 20.2 million college and university students in the U.S. Although there’s almost a half a million year-over-year decline compared to the 2012 attendance figures, there’s an overall 4.9% increase compared to the same period in the fall of 2000. This population, as predicted, will grow to 24 million by 2022, with the echo boomer generation enrolling in greater numbers, and increased interest in U.S. colleges among international students. These numbers, coupled with the fact that institutions are currently facing funding challenges in expanding on-campus accommodation facilities, has created a great opportunity for private off-campus housing to serve unmet demand. The exceedingly growing college population is providing a stable suppl......
Continue reading
2538 Hits
2 Comments

How Apartment Communities Can Cash In On The Pokemon Go Craze

How Apartment Communities Can Cash In On The Pokemon Go Craze
Nostalgia can be incredibly powerful; that certainly has been demonstrated with the release of Pokemon Go in North America!   Pokemon Go isn’t just for kids either; baby boomers, millennials and Gen Z’s are all playing, which has attracted the attention of business and marketers. While coffee shops, cafes, and bars appear to be the first businesses to catch on to the marketing potential of Pokemon Go, other industries are watching and taking note.One realtor in Victoria, BC has already started to utilize Pokemon Go to lure interest into a home for sale. He’s not the only one doing this either; there are reports from San Francisco, Cincinnati, Williamsburg and more with realtors and renters using Pokemon Go in their marketing strategies. Student housing is an industry that could cash in on this opportunity in a few different ways.  1. Pokemon Go Lease Promotions:Some student housing properties are on the (poke)ball and have already launched Pokemon Go related marketing campaigns. Take RezOne Waterloo, for example. They are currently running a promotion where level 17+ Pokemon Go players can get a $200 Visa gift card when they sign a lease. Another example is The Hub at Columbia, where they are incorporating Charizard into a ‘hot summer deal’.Considering the bottom line is most important in apartment marketing (signing leases), it takes some brainstorming on how to employ Pokemon Go marketing strategies that generate ROI and lead to signing leases.   2. Catch-‘Em All Resident Party:   Credit goes to Axiometrics for coming up with this one – hosting a Catch-‘Em All resident party. Normally, a successful and engaging re......
Continue reading
1440 Hits
0 Comments

Why You Should Host a Pokemon Go Community Event

Why You Should Host a Pokemon Go Community Event

We all know the benefits of having apartment-wide events. They make residents feel a sense of community, which in turn makes them more likely to renew their leases and give good reviews of the apartment. And you can use images in your advertising and social media to attract more potential renters. Plus, they’re fun.

So, why not spice things up?

And, unless you’ve been living under a Pokeball, you know that the hottest smart phone game right now is Pokemon Go. It was recently released, and people are projecting that it might even become more popular than Twitter

Read the entire blog: Why You Should Host a Pokemon Go Event

Continue reading
1197 Hits
0 Comments

Gentrification & Student Housing

Gentrification & Student Housing
A curious urban shift has been taking place in college and university towns across North America, as student renters are overtaking residential neighborhoods near campus. This odd phenomenon is becoming known as ‘student housing gentrification’ – the process by which luxury student housing is causing an increase in property values and rents, while simultaneously transforming neighborhoods and urban community lifestyles.  This social change is somewhat of a double-edged sword. On one hand, these new high-end and high-occupancy student housing communities are delivering much needed better quality accommodations to a growing body of students. On the other hand, these student housing communities are creating what some refer to as a ‘student ghetto’ and making it much less desirable for families to live in these areas.    This draws us to the question, what exactly is the problem with student gentrification?At the core of the student housing gentrification problem, the opposition often rests on three main arguments. In many cases, one, two or all three of these arguments are invoked whenever student housing developments start popping up. Community groups often meet student housing developers with resistance, often citing the following concerns.  1. It turns family neighborhoods into student ghettos:  As is the case with the ‘McGill University Ghetto’, many critics of student housing gentrification fear that the proliferation of student housing will create student ghettos. They are typically characterized by neighborhoods that were once occupied primarily by families, are primarily now composed of rental homes for students. They are most commonly found in areas directly surrounding the campus. Very ......
Continue reading
1235 Hits
0 Comments

Is There Such A Thing As Too Much Student Housing?

Is There Such A Thing As Too Much Student Housing?
Week after week, a new article is published by media outlets claiming there is too much student housing.  When a few high-rise student housing buildings go up in a city, they are often met with community resistance. Most times, there isn’t substantial evidence or quantitative proof to dispute such developments. If a market does actually have too much student housing, investors would not build in that area. Investors do an extensive amount of research, looking at the current supply, demand and future trends, before breaking ground.   As of right now, according to Axiometrics (a leading source for student housing market research), there is definitely not an oversupply of student housing nationwide and the market is healthy overall. Axiometrics has repeatedly demonstrated evidence that there is not an oversupply of student housing.Here’s a look at two examples of cities which have been named as having too much student housing at one point.  Waterloo, Ontario – University of Waterloo & Wilfrid Laurier UniversityThis is likely one of the best known cases in Canada, as Waterloo has been dubbed the student housing capital of Canada. Dozens of articles came out between 2014 and 2015 citing an oversupply of student housing and forthcoming problems for landlords and the city. One article claimed there were already 32,000 student housing units in the city, with 7,000 more planned; but only 31,000 students seeking housing. These numbers would make it look like a problem, but as Peter Taylor from Maclean’s said, “Repeat after me: this is not a problem.” Taylor goes on to explain that building more student ho......
Continue reading
1651 Hits
0 Comments

2 Mistakes Student Housing Communities Make With Utilities (And How to Fix Them)

2 Mistakes Student Housing Communities Make With Utilities (And How to Fix Them)
Managing a student housing community comes with unique challenges. Beyond managing residents who have never lived on their own before, student properties have more operational complexities than a typical multifamily community. Take managing utility expenses, for example. What do property managers have to do to recoup these costs from students? There are two common mistakes student communities often fall prey to. The first is padding the price of rent to include utility expenses. Apartments that include utilities can be a good way to entice students. But predicting consumption and the ever-changing costs of these utilities is a guessing game that often ends up shortchanging the property manager. Another common pitfall is offering students a “utility allowance,” which caps the amount of utilities the rent will cover. Students are then billed back for any overage beyond their allowance. It might sound like a reasonable solution, but the amount of work this entails can be overwhelming for a property manager. Let’s say that a 500 unit community receives 1 invoice per unit from each municipality (water and electricity/gas). That’s at least 1,000 invoices every month that must be analyzed, billed back to residents, and then paid to the utility company. Student properties that rent by the bed instead of by the unit see an even bigger workload in this process. Most student housing property managers will tell you that their time would be better spent on anything else. This is why utility expense management solutions are becoming so popular among the student housing s......
Continue reading
1290 Hits
0 Comments

Breaking Down The Student Housing Stereotype

Breaking Down The Student Housing Stereotype
  Popular culture and film has a funny way of influencing the public’s opinion on practically any topic, student housing included. Let’s go back as far as 1978 when the film Animal House was released. This iconic film gave viewers a taste of fraternity style living, albeit an inaccurate representation. This depiction of student living and accommodations would be reiterated time and time again in practically every college movie released since 1978. The residence in Animal House would contribute to what we see today as the student housing stereotype. This label is one in which student accommodations are often negatively perceived; over-crowded, single-family dwellings in shoddy condition and ill-maintained, which are inhabited by young troublemakers who are a constant source of neighborhood disturbances. This is the basis of the student housing stereotype; an outdated misrepresentation of student living that has been reinforced over time.   The student housing industry has been fighting an uphill battle, as it modernizes and tries to distance itself from this inaccurate label. The problem is that the general public often sees student housing as a bad thing, which is why student housing developments are often met with protest from local neighborhood groups. Student housing is sometimes seen as being intrusive and is unwelcomed in family neighborhoods, as residents fear it will change their area for the worse.   What these local groups fail to realize is that new and modern student housing isn’t anything like the preconceived ideas they may have in their mind. In fact, most purpose-built student housing is built......
Continue reading
1266 Hits
0 Comments

Why Online Reviews Matter A Lot In Student Housing

Why Online Reviews Matter A Lot In Student Housing
Perhaps one of the most empowering elements of the Internet is the ability to give every single consumer a voice. Consumers now have the ability to have their voice heard by millions, with little to no effort. Ever since the introduction of Yelp in 2004, there has been an increasing importance for online reputation management in virtually every industry.It’s now common practice for consumers to seek out reviews online before ever purchasing a product or service. This holds particularly true when it comes to the apartment rental market. According to SearchEngineLand.com,apartments are the second most impacted industry by online reviews. Now more than ever, renters are seeking out online reviews when deciding where to live. Consider some of the statistics below:   92% of consumers read online reviews. 87% of consumers would not consider using a business with an average rating of 1 or 2 stars. – Search Engine Land 46% of renters look at ratings and reviews when searching for an apartment – Satisfacts 88% of people trust online reviews more than personal recommendations – Appfolio  Consumers are putting a lot of trust into online reviews, which is making it increasingly important for student housing providers to have an online reputation management plan in place. This is especially true when it comes to managing an online presence on Google.   More often than not, students will use Google as their primary search engine; it’s often where they’ll search for student housing information. This is important because Google shows online reviews directly in search results.   As an illu......
Continue reading
2537 Hits
0 Comments