The student housing market is expected to make a rebound this fall bringing stronger demand and higher occupancy rates, as well as rent growth. Encouraged by the prospect of fully opened campuses, students have been signing leases in record numbers over the past few months.
As student housing owners prepare for the influx of residents, it’s important to keep in mind the universal trends shaping today’s market. Recent surveys show that 62% of young renters believe apartment technology is an important part of their rental experience.
While some trends change annually, there are important technology trends student housing owners should consider that will help them meet the needs of current and future residents.
Today’s students are digital natives who have always relied on technology. Amenities that used to be considered luxury add-ons are now becoming more commonplace among student housing properties, including smart technology.
As most young renters are used to using technology throughout most of their day, they have come to expect the same from their renting experience. Implementing smart technology such as thermostats and lighting controls give students personalization over their environment and the convenience to do it from a touch of a button. Digital locks and access systems are also beneficial to students in addition to benefiting properties by ensuring resident and staff safety.
To meet the needs of today’s students, property owners need to evaluate their sustainability efforts. Current students are much more environmentally aware than previous generations and expect their renting experience to align with these beliefs. Many campuses are also taking note and are updating older buildings in addition to unveiling state-of-the-art green features to receive the coveted LEED certification.
Through smart technology, student housing owners can implement environmental monitoring systems throughout their properties to help them become more eco-friendly. The same smart technology residents can use to personalize their rental experience can be used by property staff to monitor unoccupied apartments and make necessary adjustments to the HVAC or turn off lights. This helps property owners run more efficiently while lowering operational costs.
Reliable connectivity is a must-have for attracting and retaining student residents. Connectivity allows students to complete their necessary schoolwork and collaborate with peers. It’s also critical in the implementation and function of technology throughout the property. The quickest way to receive negative feedback from residents is to neglect the importance of dependable connectivity.
Having an updated wireless connectivity infrastructure also helps properties quickly adapt to future changes and new resident needs. With the right infrastructure and technology partner in place, properties can stay ahead of the technology curve by ensuring they are consistently able to implement new solutions as the need arises – keeping current residents happy and attracting future students.