Virtual school, like many other services that have transitioned online, is significantly impacting the student accommodation market. Traditionally, students would either live at home, stay in a dormitory, or find student accommodation on campus. However, with the shift to online learning, many students are opting to stay at home, as their classes can be conducted from any location with WiFi. This shift has led to a decreased demand for traditional student housing.
So, how can the student accommodation sector rebound from this economic downturn?
First, property managers and accommodation providers may need to pivot their offerings to cater to the changing needs of students and their families. This could involve enhancing the appeal of student accommodations by integrating high-speed internet, dedicated study areas, and other amenities that support remote learning.
Additionally, accommodations can focus on providing flexible lease options that align with the unpredictable nature of academic schedules. Offering short-term leases or semester-based contracts can attract students who are unsure of their future plans.
Moreover, creating a community-oriented environment with virtual events and networking opportunities could help maintain the social aspect of student life, even if students are not physically on campus.
By adapting to these new trends and focusing on what students need for their virtual education experience, the student accommodation sector can find new opportunities for growth and recovery in this evolving landscape.
For starters, recognizing that the number of students booking accommodations is down is crucial. If you remain unaware of this shift, you may miss the opportunity to adapt your strategy effectively. While it’s evident that more students will be staying at home for the next few semesters, there are still those who are undecided about whether to choose accommodation over living at home. These students represent a valuable target audience.
To address this, focus your efforts on appealing to these undecided students. Highlight the benefits of staying in your accommodation, such as dedicated study spaces, high-speed internet, and a conducive environment for remote learning. Additionally, emphasize any unique selling points that set your property apart from others, such as flexible lease options, enhanced safety measures, or exclusive amenities.
Engage with this audience through targeted marketing campaigns and personalized outreach. Consider offering virtual tours, special promotions, or incentives for early commitment to make your accommodation more attractive. By addressing their concerns and showcasing the advantages of your property, you can better position yourself to capture the interest of students who are weighing their options between staying home and securing a dedicated study space away from home.
These students are the ones who have the option to move out, but are a little hesitant given the current situation. So what does this mean? Well for starters, if these students are worried about COVID-19 transmission and your current protocols, I would say it is in your best interest to run through your current protocols and see if they need updating. If you believe they are sufficient, then make sure that you are actively advertising the fact that your facilities, common areas, etc. are very well maintained. Because, at the end of the day, parents are usually the deciding factor on whether or not a student will be moving out.
If you’ve gone through your protocols, and are now actively advertising, feel free to peak at what other accommodations are offering their students. Figuring out what areas you’re currently lagging behind in can only give you better insight to what you need to improve on. If you have any questions about student accommodations, or if you are a student, feel free to share your thoughts with us at contact@ensoconnect.com.
