Modern day student housing properties are far removed from the types people used to watch in many traditional, classic movies. However, it also does not mean that student living quarters are just like any other conventional apartment communities. The design, development and management of student housing projects are pretty different from typical residential apartments. These differences make owning and operating student housing projects a bit too challenging for some, while others may consider it to be more rewarding. Companies like Nelson Partners have also cropped up over the years that specialize in developing, acquiring and managing high quality, purpose-built off-campus student housing throughout the U.S.
One of the biggest differences between student housing projects and conventional apartment buildings is the level of operational intensity demanded by the residence base and the academic calendar. Owing to the specific needs of the students involved, student accommodation properties generally require a larger, specialized staff when it comes to the management of the facility. Tenant interactions are a lot heightened when it comes to student housing as well. Students and even their parents expect contact to be present on site throughout the day to help them out with any issue they might be facing. Student housing operators additionally often hire students who live at the facility itself and can address after-hours issues. The presence of students who double duty as on-site employees helps in cutting down behavioral problems among the students in many situations. Students would be in the best position to properly understand the problems faced by their peers and help them out with them.
Most conventional apartment buildings tend to have a single contact per unit. But as student housing lease by the bed, their requirement invariably is higher. They might deal with more than five hundred people for a 200-unit property. Unlike conventional apartment communities where move-ins takes place throughout the year, student housing property move-ins aligns with the new school term. The marketing plans for a purpose-built housing property meant for student accommodation have to be ready to go almost immediately after move-in is completed so that they can start filling up units for the following school year. The single move-in date of such properties not only impacts leasing, but also contributes to the make-ready process and resident check-in. The effort involved in getting units ready for move-in is quite significant.
On the other hand, in most cases, conventional multifamily operators are able to handle make-ready and turn in-house as move-ins are spread out. When it comes to managing student housing projects, a lot of important duties are to be carried out in terms of leasing, marketing, event planning, and emergency management. These duties are best handled by companies like Nelson Partners. This company is based in San Clemente, CA, and specializes in student housing properties throughout the country. Their staff can effectively handle responsibilities associated with operations management, marketing and leasing, accounting services, human resources, staff training and tenant management.
