Student housing can actually increase their long-term tenant occupancy by allocating a portion of their apartments to short-term rentals. This will help to keep the units full and also generate additional revenue. The short-term rentals can be marketed to tourists, business travelers, and other visitors who are looking for a convenient and affordable place to stay. By having a mix of long and short-term residents, the student housing complex will be able to increase net operating income.
Why student housing should offer short-term rentals
A benefit of offering short-term rentals is that this gives tenants the opportunity to try out accommodations before signing a long-term lease. They can see first-hand what it's like living there and helps to increase long-term tenants within student housing buildings. For the guest, it helps to reduce the risk that would otherwise be associated with signing up for a long-term lease.
"Thank you for your hospitality and kindness. The location is very good. The place suitable for me as new student come to Dublin to stay as temporary before find a permanent house. I love to stay here again someday and the place very recommended."
Other types of guest that may be interested in short term rentals
Landlords can also take advantage of students studying for short courses and business travellers. These groups of people are often looking for a place to stay for a short amount of time and if you are offering a short term rentals you can also attract these types of guests. Short term rentals are a great way to maximise the revenue that you can make on your property, and they also help to fill any spare units in the building.
t Staykeepers, we leverage technology and proprietary algorithms to create the best short term rental listings in your area. We maximize both revenue and occupancy for short term leases with our dynamic pricing technology. We improve your net operating income by optimizing the short term rental component of your student housing property.
We work with our clients on a long-term basis, and have helped many student housing properties not just increase their tenant occupancy rates by allocating a portion of their apartments to short term rentals but also improve asset valuation. We have helped our clients increase daily rates by up to 80%, which has a tangible impact on asset value.
Working with student housing across geolocations, we understand the needs and requirements of student housing providers and can help you optimize your property so that it is attractive to key demographics.
If you are ready to take your student housing property to the next level, get in touch with us today to learn more about how we can help you achieve your goals!