Virtual school, like many other services that have transitioned online, is significantly impacting the student accommodation market. Traditionally, students would either live at home, stay in a dormitory, or find student accommodation on campus. However, with the shift to online learning, many students are opting to stay at home, as their classes can be conducted from any location with WiFi. This shift has led to a decreased demand for traditional student housing.

So, how can the student accommodation sector rebound from this economic downturn?

First, property managers and accommodation providers may need to pivot their offerings to cater to the changing needs of students and their families. This could involve enhancing the appeal of student accommodations by integrating high-speed internet, dedicated study areas, and other amenities that support remote learning.

Additionally, accommodations can focus on providing flexible lease options that align with the unpredictable nature of academic schedules. Offering short-term leases or semester-based contracts can attract students who are unsure of their future plans.

Moreover, creating a community-oriented environment with virtual events and networking opportunities could help maintain the social aspect of student life, even if students are not physically on campus.

By adapting to these new trends and focusing on what students need for their virtual education experience, the student accommodation sector can find new opportunities for growth and recovery in this evolving landscape.

For starters, recognizing that the number of students booking accommodations is down is crucial. If you remain unaware of this shift, you may miss the opportunity to adapt your strategy effectively. While it’s evident that more students will be staying at home for the next few semesters, there are still those who are undecided about whether to choose accommodation over living at home. These students represent a valuable target audience.

To address this, focus your efforts on appealing to these undecided students. Highlight the benefits of staying in your accommodation, such as dedicated study spaces, high-speed internet, and a conducive environment for remote learning. Additionally, emphasize any unique selling points that set your property apart from others, such as flexible lease options, enhanced safety measures, or exclusive amenities.

Engage with this audience through targeted marketing campaigns and personalized outreach. Consider offering virtual tours, special promotions, or incentives for early commitment to make your accommodation more attractive. By addressing their concerns and showcasing the advantages of your property, you can better position yourself to capture the interest of students who are weighing their options between staying home and securing a dedicated study space away from home.

These students are the ones who have the option to move out, but are a little hesitant given the current situation. So what does this mean? Well for starters, if these students are worried about COVID-19 transmission and your current protocols, I would say it is in your best interest to run through your current protocols and see if they need updating. If you believe they are sufficient, then make sure that you are actively advertising the fact that your facilities, common areas, etc. are very well maintained. Because, at the end of the day, parents are usually the deciding factor on whether or not a student will be moving out.

If you’ve gone through your protocols, and are now actively advertising, feel free to peak at what other accommodations are offering their students. Figuring out what areas you’re currently lagging behind in can only give you better insight to what you need to improve on. If you have any questions about student accommodations, or if you are a student, feel free to share your thoughts with us at contact@ensoconnect.com.

For those of you currently attending a post-secondary institution such as college or university, you may have moved out of your parents’ house and into either on-campus or off-campus housing. One common issue with off-campus accommodations is that you might be required to sign a one-year lease, even though you’ll only be on campus for eight months of that lease term. This leads to the question: what can you do with your rental during the four months when you’re not there?

One effective solution is to explore short-term rental options. By subletting your apartment or renting it out on platforms like Airbnb, you can offset some of the costs associated with your lease during the months you’re away. This not only helps you manage your rental expenses but can also provide a valuable service to travelers looking for temporary accommodations.

Another option is to consider working with a property management company that specializes in student rentals. These companies often have strategies in place to handle leases for students, including subletting or temporary rentals, which can simplify the process for you.

Additionally, you could reach out to your college or university’s housing office for advice. They may have resources or recommendations for students in similar situations or offer temporary housing solutions for other students.

By taking these steps, you can make the most of your off-campus rental and alleviate the financial burden of an unused lease.

Things to watch for with your short term rentals

Luckily there are a few easy ways to reclaim your lost rent money. The first, and easiest, is to have a friend or someone you know move in when you’re away. Posting on school social media accounts is a really easy and effective way to spread the word about a vacancy of a campus property. One downside is that most students will be in the same boat as you and are also looking to sublet their properties too. So, what now?

Well, if you have read any of our previous blogs, you would know that we are a big fan of short term rentals, and ways to make use of rental properties. So in our opinion, if asking around doesn’t work, your next best option is to turn your student accommodation into a short term rental. Before you go this route (or any for that matter), you should ask your landlord about what they are most comfortable with, as at the end of the day they are responsible for the property. If you’ve gotten the approval from your landlord, then let us move on to the next step.

When you’re subletting your room, or turning it into a short term rental, you are going to have to be as transparent as possible with what the environment of the property is. If you are going the STR route, anyone can rent your room, so you’ll want to disclose anything that would disrupt their stay. Disclosing if your roommates are noisy, or if there’s anything wrong with the property, will help your future tenant get a better picture of what they’re getting themselves into. Also, with short term rentals, you will want to make sure that everything is in working order so that when your guest does end up staying there, they won’t be disappointed.

At the end of the day, subletting your apartment or turning it into a rental can prove to be a mess, but if you’re transparent with your landlord, I’m sure they will be understanding with any solution you come up with. If you have any questions regarding how to fully transition your property into a STR or if you’re curious about what a STR entails, feel free to email us at contact@ensoconnect.com.