- Why Consider Mixed-use Student Housing?
- Mixed-use Student Housing For The New Generation
- The Future Of Mixed-use Student Housing
- Using a Property Management System (PMS)
- Cost For PMS And Its Impact On Revenue
- Most Important Features Of PMS
- Mixed-use Student Housing Ideas
- Key Takeaways
If a student housing project provides more than one use or purpose inside a shared property or development area, it is known as “mixed-use student housing”.
Have you ever thought of a residential building, but with a lot of activities to it? Where people can feel at home while going about so “not so homely” businesses? A mixed-use housing development is when 2 (preferably 3) or more uses are combined in the same property or general area.
The phrase is frequently used to describe developments that blend residential, corporate, and even commercial functions. But it can also apply to institutional and cultural usage, as well as public amenities.
Mixed-use development is generally described as commuter or pedestrian-friendly, as it allows residents to live, work, and buy things in the same area.
Rapid urbanization continues to push property owners and property managers to develop innovative solutions. However, some classic concepts are being resurrected and given a different makeover.
Mixed-use structures and projects have a long history. No longer can a property manager get by with developing a monotonous residential building.
The mixed-use housing development not only conserves resources and valuable space, but also creates communities that merge work, residence, commerce, leisure, transit, and even natural areas for urban residents.
The approach also enables property managers to modify the functions of buildings as society evolves.
Marketing mixed-use student housing or any student housing at all can be tricky but not exactly difficult. The aim of any property owner or manager is to generate decent revenue from their properties.
For college students, mixed-use housing can be very convenient, because of the diversity of their young lives. Let’s delve into the basics of using mixed-use student housing to generate revenue.
Read more: How Does Student Housing Work?
Why Consider Mixed-use Student Housing?
Mixed-use developments are intended to provide a number of benefits, ranging from increased house affordability to improved accessibility between homes and other facilities.
When properly planned, implemented, and designed, a mixed-use project not only merges but also compliments other forms of real estate. There are numerous reasons why mixed-use development projects are on the rise.
Precisely, mixed-use student housing is a great lead generation idea for landed property owners, though some people might argue that it is easy to miss.
Here are a few reasons why mixed-use housing is a good marketing strategy for generating revenue for your student housing properties.
Flexibility Of Mixed-use Student Housing
Flexibility encourages variety and variety is the spice of life. Let’s face it, college students choose to stay off-campus because of the flexibility.
The flexibility of mixed-use student housing perfectly blends work life, school life, social life, and every other aspect of life together.
Students want to be able to grab a cup of coffee around the corner, go to a study area, and cool off at the park while in the same proximity.
As a property owner looking to generate revenue, the flexibility of mixed-use student housing is an advantage.
Diversity Of Mixed-use Student Housing
There are different students from different walks of life in colleges and universities. When college students get offered accommodation on-campus versus off-campus, there are a lot of things that they may consider.
The diversity of mixed-use student housing may give them an obvious choice, and this is great for marketing mixed-use student housing.
They most likely don’t want to get stuck with just the conventional activities that colleges have to offer, despite the difference in people.
The Experience Of Mixed-use Student Housing
The most beautiful thing about mixed-use student housing is definitely the experience.
College students love adventure, and many can’t stand the idea of the musty, routine activities that they might experience in single-use housing.
Mixed-use student housing has a big marketing advantage, due to its encouragement of various experiences.
Mixed-use Student Housing For The New Generation
The new generation likes the benefit that comes with establishing mixed-use areas. They are a highly educated demographic group known for their technological savvy and knowledge of consumer trends.
The convenience of having their employment, home, and entertainment all within walking distance of one another is amazing. It fosters the type of interaction that younger generations have grown to demand from companies and individuals.
The Future Of Mixed-use Student Housing
The cumulative renting speed of student housing neighborhoods is constantly increasing. Some factors are prompting developers and owners to strategize ways to keep their properties competitive and profitable in the long run.
Those wishing to build or buy student accommodation in the future will have to serve the interest of modern-day students. They can do this through facilities, aesthetics, and sophisticated technologies.
Student housing is also progressively being placed at the core of mixed-use buildings that include a mix of industrial, professional, recreational, and other purposes, as part of a larger pattern in real estate.
Mixed-use developments are ideal for student housing, since students, particularly the present Gen Z population, want to rule the world and get in the thick of things.
This approach, coupled with the enhanced community spirit, is still in line with what most college students want out of college.
So, it's not surprising that we're seeing a lot of these mixed-use projects spring up all over.
Also, in this pandemic era, mixed-use student housing is a preferable option. This is because residents don’t have to be all over the place before they get things done. When there is a suspected case of the virus, it can be easily contained in a mixed-use development.
Furthermore, student housing brings together a large number of people who are of the same age demographic.
They have similar habits, making the selection of other categories simple, and also recruiting residents who identify these distinctive demand factors.
Using a Property Management System (PMS)
A property management system is a type of software designed to handle the activities of rental properties.
PMS is a centralized computer system that allows housing property managers to plan, coordinate, and conduct daily activities and transactions.
The use of a property management system assists property owners and managers to promote their properties and cuts down on the workload of the staff.
Marketing mixed-use housing using PMS is effective for many reasons including, accurate/smooth operations, and consistency. The major marketing advantage of PMS is data access and reports.
When you use PMS to generate or store your tenant data, the customer data management function allows you access to contact information. You can use this information to run marketing assignments like sending copies to your tenants.
If you have all your tenant and potential tenants’ information on a PMS system, you can send things like bulk emails to them without leaving anyone out.
You can remind them about the end of the low rate house cleaning service that you’re offering, or the closing of discount on rent.
By making it easy to maintain and examine centralized records from numerous computers and devices, computer reporting systems, and PMS the effectiveness of the housing industry has skyrocketed.
To make operations even easier, PMS systems like Booking Ninjas have been tailored to the demands of the mixed-use student housing industry.
Cost For PMS And Its Impact On Revenue
One-off PMS systems are straightforward. However, the cost of a cloud-based PMS is usually determined by the number of apartments or properties that use the system.
Many PMS medicines feature cost calculators on their websites that might help you work out what to anticipate. Be aware that certain PMS systems will cost extra in addition to the monthly subscription.
Extra charges may include percentage commissions on direct renting, execution fees, and interface fees for connecting to third-party systems, among other things.
Certainly, depending on the type, and cost of your property, we can’t say for a fact that PMS will not take a large chunk of your money.
Even though most high-end property owners use it, it can also be used in municipal communities. There are entry-level property management systems that are really affordable.
However, generally speaking, PMS would always be a good investment and never really be a disadvantage to your revenue.
Most Important Features Of PMS
Property management software is a worthwhile option because it helps you run your mixed-use student housing business more efficiently. If you're not using a PMS, you're missing out on a bunch of conveniences.
PMS Increases the number of people who stay in their homes. It can do this by providing useful options for communicating with residents and increasing participation. College students that are happy are more likely to stay with you, therefore good communication is great for marketing.
They save time and automate operations for marketing your property. You spend lots of time as a real estate manager or owner doing monotonous duties. For marketing productivity, you can reduce the time spent on these daily duties by using property management software.
With a venture as busy as mixed-use student housing, all of your property's records and accounts can be kept in one place with PMS. The finest PMS is simple to use and understand and is good for generating leads and revenue.
Financing and auditing can be simplified using property management systems. A single blunder in accounting can lead to significant loss of time, worry, and even revenue. Track your expenditures, save your bank account details, and enhance your bookkeeping using PMS.
If you offer housekeeping services in your mixed-use student housing, the top property management systems will help manage the activities.
This capability might be as simple as allowing your hospitality workers to track house status and cleanliness, or as complex as assigning particular tasks to cleaning staff.
New property management software solutions allow devices like smartphones to connect to the main system.
Housekeeping employees can update their progress as they go, providing a more recent progress report, and communication with the staff can be simplified.
Your PMS system must have a customer data management component that allows personnel to access contact information, duration of rent, room assignments, etc.
The PMS must be able to manage tenants' loyalty programs and help with promotion. The PMS system can potentially interact with your CRM program to centralize all tenants' information.
Your property management system should also include revenue management capabilities. This can assist property managers/owners and other personnel assess the property performance using success metrics.
A robust PMS system can also provide rate plan control. Simply said, student housing properties will be able to quickly establish and implement accommodation pricing plans, allowing property managers to more effectively adjust to changing demand.
Seasonal changes, community events, as well as other factors may influence these shifts.
Invoice and payment options
Next, a property management system should offer a variety of payment choices. Which should include payment service alternatives for workers as well as payment processing for digital bank card bookings.
The software must also send email confirmation quickly. The system should also be able to generate bills and receipts for tenants, so they may be issued conveniently.
The system should also generate reporting data. Reports based on the most recent data will be easily accessible by other staff.
The software can generate reports on property occupancy rates over the last two years, or even on the effectiveness of a certain channel of distribution.
Financial reports are also required for accounting and tax purposes, as well as evaluation.
Mixed-use Student Housing Ideas
A thriving mixed-use project must often tackle a special problem that necessitates a creative solution. This concept should distinguish the property.
Tenants, particularly in metropolitan areas, are interested in living, working, and playing close by. This necessitates mixed-use building projects to react to unique facilities.
There are various outstanding mixed-use development ideas that can help with convincing college students that your property is the one.
Some of them are outdoor or fitness facilities, green projects, reading or working areas, entrepreneurship, vocational centers, and many others.
Outdoor Or Fitness Facilities?
Outdoor or fitness facilities are a great way to integrate mixed-use housing into your student property. You can spice up your property with a well-equipped gym, or decent basketball court.
College students like to be active and many of them gained admission into college through sports and many other physical activities.
They will be drawn to a student accommodation where they can keep doing their thing without interrupting their academic lives.
Going green simply means putting things in place to protect the environment. People that support green projects or sustainable development are one of the most passionate groups of people in the world.
They want to do everything in their power to support the cause, which also means choosing a “green-friendly” apartment. Apart from lead generation, this idea is also very good for retaining already existing tenants.
Reading Or Working Areas?
The whole reason for college is studying and learning. No matter how much college students socialize or do other things, they will study at some point. The library or reading area is the best place to do that.
Also, since many young people get their first shot at adulting through college and universities, chances are they either have on-site or online jobs that they do to pay their bills.
A working area is a genius idea for situations like this, college students would be drawn to a mixed-use student housing that provides a working area.
Monotonous or single-purpose properties, are risky because you don't receive quite enough value from the property investment. Because real estate is now so valuable, you must make the most of it.
Mixed-use student housing is in high demand because it enables flexibility, diversity, and a wide range of activities inside the setting of a relatively small area.
Because modern-day students demand greater comfort, multi-purpose housing can help attract and retain college students.
Furthermore, to maximize returns and adapt quickly during a potential downturn, investors can broaden their portfolio by combining the more secure category with the higher-risk, higher-reward product category.
Do you know that you can also leverage on a Student Housing Management Software to help you better manage your operations, increase your marketing exposure and boost your revenue. Schedule a call with us to learn more!