If the pandemic highlighted nothing else, it’s that having a great living environment is important now more than ever. But how does this impact student accommodation? What can we expect for developments in the future?
In The Property Marketing Strategists’ recent report (download here), they asked Gen Z students how their living environment impacted their wellbeing. The results provide clear takeaways for student housing providers, and we would like to continue the discussion surrounding one subject in particular.
Flexibility is a must have
With the impact of the pandemic, it’s no surprise that this featured in the report with the statement:
‘Due to the impact of Covid-19, many students - particularly international students - required flexibility in their contracts to accommodate for unprecedented circumstances. Perhaps contracts for short term lets, such as three-month periods, is something we will see more of in the future.’
And we couldn’t agree more! At Staykeepers, we have seen a huge increase in demand for flexible stays in the sector, and here are the many opportunities this offers for student housing providers.
Increased revenue and savings
With unoccupied units, the costs don’t stop when students aren’t knocking at the door. There is council tax among many other expenses, you can click here for a list.
By running flexible stays you can avoid some of the above associated costs and increase your revenue. You can attract and benefit from a different group of students that are seeking flexibility in their accommodation.
Foster a growing community
It’s no secret that filling unoccupied units reduces the risk of anti-social behaviour and provides a space for a healthy community. However, it also opens the doors and introduces students that will then become longer term residents.
Offering flexible accommodation is new to student housing providers and Universities, and although we are heading to short stays as a must have, many are still reluctant to change. With a proactive approach, you have competitive advantage by being ahead of the curve with short stays.
Launching flexible accommodation with ease
Offering short term accommodation in-house can cause headaches, particularly for those on the ground. That’s why Staykeepers helps student accommodation providers by marketing units, as well as handling everything for you from guest communications to cleaning.
Staykeepers also work towards your larger objectives, developing a strategy that's ideal for you. This includes:
Understanding that not every building will have the same requirements, and working with you to accommodate each development’s needs.
Accounting for seasonal changes such as offering short lets only in the Summer.
And even the best plans need to be adjustable, which is why we’re flexible with turning rooms ‘on and off’ for availability.