To generate a high Return Of Investment from student accommodation, it’s essential to market your properties in a way that’s relevant and as visible as possible to the students you’re trying to target.
Thanks to high university enrolment rates, the UK student housing market is on track to reach £53 billion in 2021, and the demand for accommodation remains consistent despite the recent crisis.
9 to 12 month leases are especially sought-after, and, with the right strategy, a student property can often present a lucrative opportunity with a higher yield than private rent.
List your property on a dedicated student accommodation platform.
Although listing your student properties on a general real estate platform sounds like a good idea, you might not find too many tenants this way. When looking for a place to stay, most students go straight to specialised online platforms, so failing to list your property here may lead to many lost opportunities. In terms of traffic, although niche platforms generally attract fewer visitors, the leads you get are much more relevant, which means you could find a tenant a lot faster.
Establish a strong social media presence.
Specialised real estate platforms are a great starting point for landlords. However, no student housing marketing strategy would be complete without mentioning social media. With the average student age now being between 18 and 23, students fall into Generation Z, whose use of social media has been documented many times.
According to a recent study, up to 99% of Gen Z-ers have social media accounts, which they use not only to consume content and chat with friends but also to interact with brands and look for products and services. To attract as many potential tenants as possible, establish an online presence on their favourite platforms – Facebook, Twitter, and Instagram – and leverage the power of social media ads to maximise visibility.
Tailor your marketing messages.
The key to successful marketing is knowing your audience’s needs and wants and drafting promotional messages that resonate with them. In the case of student properties, landlords need to know what students look for in their home away from home and highlight those features in ads and listings.
Some of these features may include:
- High-speed Internet. A fast Internet connection was important before, but now that online classes are becoming a mandatory part of Uni life, you cannot hope to appeal to students without it.
- Online facilities such as paying the lease online and sending maintenance requests without meeting with the landlord face-to-face.
- Affordability. Job security is less common among students, so you have to focus on low lease rates and low utility costs.
- All-in-one package. Students prefer convenience, so it’s a good idea to offer them a complete package that includes rent, utilities, TV, and Internet.
- Sustainability: young consumers care about the environment and will make sustainable choices whenever possible. If your property has eco-friendly features, don’t hesitate to advertise them.
No matter how you decide to market your student accommodation, be creative and think outside the box. Inject personality into your ads, use videos to showcase the property’s best features, and offer 3D tours if possible.