Calling all Student Housing Experts

I am about to start managing 2 new communities that are right next to a college campus. I have a few rookie questions as I get started in this process since I am new to the student housing arena:

1. I would assume that most students would want to lease from September-June and go "home" for the summer. How do you get around this? Obviously you can't deal with 3 months of vacancy every year, but I just can't see the majority of students signing leases through the summer? Hopefully I am wrong on this.

2. We require a 1 month deposit on all of our apartments and find really high quality residents this way. I imagine this amount would have to be lower for students?

3. What's your most successful advertising? Craigslist, school newspaper, flyers, etc.?

4. Is there anything else I need to be thinking about specific to student housing?

I have plenty of multifamily management experience, but realize that student housing operates a little differently. I am looking forward to any feedback/suggestions you have to offer.

THANK YOU for the help

I'll let some Student Housing pros weigh in, but here's my 2 cents from our company's experience with student housing.

1. You definitely can get a year's lease. That's the only way we take them.
2. 1 month deposit is very fair IMO. We do $500 plus a $250 admin fee.
3. School newspaper and school housing fair has been successful. However, Word of Mouth, Resident Referrals, and Guerrilla Marketing are important pieces to the marketing puzzle.
4. Decide if you're going to lease by the bed or by unit. We do it by unit and it works fine for us. Make sure you get parents to co-sign/guarantee the leases.

Tip: Customer Service is even more critical in student housing if you want to be successful!

Mark answered everything basically the way I would.

I did come across an interesting article this morning that I'll throw into the conversation, though.

“A whopping 64 percent of students at U.S. colleges and universities say they would consider relocating to new housing if their apartment’s Internet speeds were slower than expected, according to a survey of more than 10,000 students across 130 campuses conducted by Dallas-based J Turner Research in partnership with Philadelphia-based Campus Apartments and Memphis, Tenn.-based Education Realty Trust (ERT).”

See linked article: dld.bz/N66S

I manage a student housing property and we handle this situation by offering a summer advantage program. Basically the residents sign an addendum saying the apartment will be vacant for two months, June and July only, they pay 1/2 of thier months rent, and they have to provide proof of being a full time student. We also only offer 12 month leases that run from April to March. This helps us manage the lease expirations. We are able to lease up for the next year during the summer months.

1. Definitly offer the option to do "summer storage" similar to the advantage program we used to even have the residents tunr in their keys to us. They could come back over the summer, but had to get their keys from the office. This was in Texas, so check with legal counsel how they feel the state operates around keys.

2. Students love the new gig in town and thir parents love deals. Think of doing and IPOD, xbox game or other move in special as to waiving a security deposit. Remember the parents are usually footing the bill, so be prepared on move out for damages and trash!! Give your team plenty of turn time!

3.On campus advertising of any sort, resi referrals, and fun stuff like marketing at student bars, tanning salons and local hangouts are the best. But dont foget the tried and true, direct mail and online advertising works. Also check the local school's off campus housing office. Some are great and some well.....

4.Definitly have co-signers (fill out a guarantor form) and be leary of by the bed leasing unless its neccesary in your area. Rent the whole unit and be sure you have a "equal and severaly liable clause." this will protect you in case the roomates decide they dont want to live together anymore!


Student housing is a lot of fun, and a lot of work! Good luck!

It seems based on all the feedback that there are so many people that have expert advice on Student Housing. I would love some! I am working with a community right next to Northern Illinois University. There model is outdated and needs a fresh look. I would love any ideas or other property websites to get the creative juices flowing. I am "older" and the only thought that comes to mind is IKEA.

@Tammy you don't need a model imo. you just need to create a fun place to live. we lease 100% of our units with no model ever at our student properties. service, service, service!

I have worked in a college town for the past five years... the first thing you need to do is get to know your competition. That is honestly the best thing you can do. Every market is completely different and there is usually one community in the area that sets the example for the others and really makes the trends in these type of areas. Once you have figured out who makes the trends you will then know what you can do to be the trend setter!
We do only 12 month leases here except on our studio apartments where we will allow short term leasing no less than 6 months. Studios are slow to rent because of their size but giving prospects the only choice in short term leasing makes them an accomodity.
Find out if your competition is doing short term leasing and find out the premiums... several of them will charge the resident the same amount for a twelve month lease but allow them to stay for 9 months but you lose no money.. for example say your rent is $500.00 a month and the yearly amount would be $6000.00 divide the 6000 by the amount of months they desire to rent and that would be their rental amount... IE: 9 Month lease term would come with a rental amount of $667.00 but if they sign a one year lease they will receive a rental discount of $167.00 you'd be surprised how many students jump on the deal to save $167.00 a month and sign the one year lease!

Never do a no deposit on student housing... mainly because they do have a tendency to be a little rough on the property.. although, I advertise mostly to graduate students where we have been successful in our marketing strategies and we are about 80% grad students which mean less of a headache with noise and damages.

The best marketing advice I can give you is keep it internet heavy... Kids today love the internet and are less personable they want to find the answers they need in a hurry and most of them have already chosen their next place to live before they have even visited the community. Apartment guide has done wonders for us!!

If you need any help at all or have any questions let me know I will be more than happy to help!

The way you advertise and show communities online is more than important. This is the demographic that spends the most time online. They will point their friends to websites and send links to each other about their potential new home. I would be happy to talk to you about the benefits of Video, we create young, edgy videos that appeal to your market.

Turn your model into the Northern Illinois show room. Use university related decorating and make it student friendly. Add some stuffed animals (yes, college kids bring their stuffed animals with them) and fun items that make the student feel at home. Decorate the way they would live. Remember, you aren't conventional housing. Try a rental furniture company that you can co-op with that will fill your model for you and in turn you display their brochures.

Great thread. Student housing is pretty unique. I spend a couple of days up at University Village in Columbus to see for myself. Check out Kim Cory from University Village and Dan Oltersdorf's presentation from Multifamilypro Brainstorming conference.

www.slideshare.net/kimcory/brainstorminghouse-rules-2010

I attended their session and it was spectacular. Hope it helps.