Every year the number of students enrolled in university increases, which has led to the explosion of student property investments. This explosion is also informed by careful strategy like this UK student accommodation investment review, which helps investors know what attracts university students to certain properties over others.
We broke down the amenities in demand by today’s college student market so you can make the most of your student accommodations investment.
Students are usually navigating how to handle finances for the first time when moving out for university. As an investor and property manager, bundling utilities and other services into one bill will attract residents. Students prefer one consistent bill rather than tracking multiple services.
If you can bundle utilities by offering rent, internet, electricity, water, and more in one fee, you will see recruitment and retention efforts improve.
Universities are one-stop shops for students with classes, advising, libraries, and more, all in one spot. If you can make your property another one-stop shop with on-site laundry, gyms, recreation rooms, and study lounges, you will benefit in the long run.
Even just a couple additional facilities can be enough to attract student residents. These additional facilities make students feel like they are getting more for their rent, even if the cost of the investment is already bundled into the fees.
University is a time to try new things and that includes living situations. Student accommodations are unique because room types that would not work with other people work for students.
For example, students are willing to live in shared rooms in order to cut down on expenses. This allows for more residents in one space while sharing a kitchen, bathroom, and common spaces.
Other common room types for students include:
Private rooms with shared common spaces
If your property offers a mix of these room types, you can attract students with each room type preference. This expands your potential client base.
Security and Safety
This amenity is one that will make parents more excited for their students to live on your property. Safety and security standards provide peace of mind to residents and families alike. These standards can be through CCTV security cameras, on-site security guards, and secure entry/exit options. These days, keys are replaced with more secured entry methods, including fob keys, keycards, and more.
On-Site Dining Halls
This amenity goes above and beyond so it’s extra impressive, and not very common. Catered halls present packages with on-site meals, which eliminates the need for students to cook and prepare meals.
With hectic schedules, this might be a winning factor for students looking to find everything in one place. It also adds a sociable element to the site and brings residents together. Forging solid relationships in the living environment can go a long way towards creating a reputation and community that university students want to be part of.
Twenty years ago, the expectation for student accommodation was pretty low. Dorms were designed just to provide, shelter, study rooms, and space for belongings. Now, the expectations are high. Students are demanding more, which means investors have to provide better amenities, dorm types, etc.
Keep in mind the expectations of this generation and university student population in order to attract the right residents.
Student accommodations should prioritise comfort and the lifestyle of the university student. Remember, these university students know one another and will quickly spread your reputation among fellow friends. Sociable environments that cater to the lifestyle of students will bring residents year after year.