The Student Housing market has been growing and revealed to be a powerful source of profit. Of course, there are secrets which will help you to improve your business.
Don’t miss out on tips incredible from experts in rentals for students!
Read Also: Mid-Term Rentals: In Conversation With Experts!
Student Residences make it better!
It’s well known that when moving to a different country, students like to share and engage and Student Residences make it better. This business model was built to offer comfort and social life. Invicta Residence came to provide this solution in the heart of Porto: quality & community! Now is the time to get the best tips from them!
1. Don’t restrict your business to just one market!
Even though your target might be international students is important to keep the doors open! With Covid-19 the rental market had to adapt and find new directions. Invicta Residence found theirs. Nowadays their occupancy is filled by around 40% Portuguese students and 60% by international students. Redefine your targeting options and promote an international and rich environment! Your tenants will have the desire to book such a place and your occupancy will reach levels like never before!
2. Extra services, extra incomes
Like in every accommodation service is important to provide more than just that. Especially in the student rental market: the easiest, the better. According to the experts, there are some basic services that will create an incredible extra value. First of all, all-inclusive! There’s nothing more important than to offer a price that includes all services. Secondly, think about the big picture: laundry service, bed linens, a welcome kit to make them feel at home. Sounds like added value and also extra income? That’s right!
3. Work with online booking platforms
Look for digital marketing services and give an online voice to your accommodation. As important as having good service is to speak about it. For Invicta Residence is important to partner up with online booking platforms in order to achieve better results:
“The platforms helped with publicity, both for Lisbon and Porto. Platform’s support/sales service and help customers to make decisions. Moreover, strengthens our network, selling power, and brand awareness.”
4. Community Management sells by itself!
Did you invest in a friendly design and ample common spaces? You can do much more with it! With a low budget, you can create simple events to welcome your tenants and, consequently, to increase the number of reservations. In the case of Students Residences activities like “Christmas dinner, cinema, football tournament, ping pong tournament” are part of the strategy.
check out Invicta Residence:
Mid-Term stays for international students in my Hostel? Yes, it’s possible!
That’s right! With the student housing growing and developing, might be your turn to come into the game. Hostels Hub took the risk and the results are surprising. Take a look at a real case of an adaption to the rental model according to the demand in the market.
1. Right target, right occupancy
Hostels Hub is a real success case that shows us all that if you know your clients, your occupancy will be as high as it can get. With 100% of occupancy, they target international students & young professionals who are looking for accommodation in Lisbon just like theirs!
2. Re-adaptation of the rental market, re-adaption of the space
Of course, that does a switch from short-term to mid-term requires adaptation, not only of your business strategy but also of the space itself. Longer stays do ask for fully furnished properties, private bedrooms & bathrooms, a day-to-day kitchen monthly rates with all utilities included, and generous social spaces. But the good news is that you don’t need to change it all! Reserve a part only for longer stays and give it the missing touches.
3. Take advantage of what you already have
Are you ready to know one of the biggest secrets? Not only you will save money to invest in other priorities and also you will provide extra value! If you have already common spaces for short-term stays, your mid-term tenants will be happy to share them! Mix both communities with events, give the best use to the common areas and give them the opportunity to socialize.
Either you operate a Student Residence and you need to give it a second life or either you want to swim into the Student Housing market, this article has the answers! Find real advice, from real businesses! The time to reach higher occupancies & incomes starts now!
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