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In the current state of the real estate market, especially in the student housing and co-living sector, it is particularly important that property managers differentiate their properties from other properties on the market. The top way that property managers can make their properties stand out from the competition is by offering services included in the rental price per month.
While it may seem obvious that offering services can be a great way to gain new and high-quality tenants, what services are the BEST services to offer to generate the highest return on investment? Here are the top 4 services we have found are the biggest game changers when it comes to gaining more clients in the student housing market and increasing overall revenue.
1. Close proximity to public transport & universities
In the student housing market, close proximity to public public transport and universities is KEY! A service that property managers can provide to further differentiate themselves from other units is offering a monthly transportation pass as an option to be included in the rent. Having tenants pay more to include a transport pass in their monthly rent and expenses may not provide any new revenue streams, but it does increase rapport and reputation which in the long run may convert to longer staying tenants and referrals from current tenants to new ones.
2. Local amenities– shopping, eating out, culture, recreation
A major way for property managers to attract better tenants is managing properties that are in an area where there is a lot to do. Student tenants are not just looking for a place to sleep and cook their meals, they are looking for a place to be able to go out, have fun, and enjoy their life outside of the classroom. Property managers can even partner with local businesses to offer their tenants discounts, which not only benefits the property manager but the businesses as well. Also, the monthly rent can be higher when units are available in these trendy and high demand areas.
3. Community Events
A huge factor when deciding to live in a co-living or student housing space is the factor of building community with those who are also living in that space. Putting on events in co-living spaces such as game nights, building-wide dinners, or scheduled outings that are all included in the rent can be a huge selling point for a student looking for a place to live.
4. Discounts on subscription services
An innovative way for property managers to diversify their revenue streams is by partnering with other businesses such as meal plan services, grocery stores, furniture rental services, gyms, and other companies to give their tenants discounts on subscriptions to their services. By doing this, the company will pay the property manager to promote their services by giving the tenants a specific promo code, and the property manager may get a small percentage of the profits made off of their tenants using that code.
Considering Affordability
While every tenant wants availability to more services, it is important to consider biggest factor in this sector of tenants is affordability. Especially in the student housing and co-living sector, property managers need to be very intentional when they are deciding what services to offer tenants. If you are spending more money than you are making off of the services you are offering, it may be time to reassess which services are the most important to YOUR tenants. It is essential that property managers weigh this factor when considering what services to offer to tenants, since every situation is different.
