In case you missed it, Katy Smerko, Vice President of Leasing at Campus Advantage, was recently featured in Industry Voices over at Student Housing Business discussing methods student housing property managers can use to increase occupancy after the semester begins.
It is the first week of school, and the majority of students have moved into their new apartments. The stress from turn is finally lifting, and everyone is starting to gear up for renewals – except at your property. Your staff is still trying to fill your remaining bed spaces, and you have no traffic coming through your door. Your property is occupied currently at only 80 percent in a market that is occupied at 95 percent.
As an owner, you may have to fund the property in the month of September just to cover expenses. Your lenders are asking what issues kept you from your budgeted 95 percent occupancy, and you are asking yourself how this happened. What you should be asking yourself is, “Now that classes have started, how can I get the additional occupancy that I need to be successful?”