Student Housing Business

MAR-APR 2018

Student Housing Business is the voice of the student housing industry.

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ANCILLARY INCOME March/April 2018 StudentHousingBusiness.com 62 sales for each of these providers. Mitchell Smith: When successful in creating ancillary income streams, it's through the provi- sion of 'nuts and bolts' services students real- ize they must have and subsequently must pay for. These programs include utility recovery pro- grams, renter's liability insurance, technology fees (although these are rare) and in dense urban markets, parking fees. SHB: Do you find that residents are open to paying additional fees for convenience-based services? Magnelli: We find that they will, but it is market specific. In most markets, we have found that resi- dents want to bundle as much as they can to keep things simple. It is very common for us to have a utility man- agement fee, green fee and other fees to handle all of the utility billing for them. This way they do not have to pay out of pocket Campus First has created VIP units with improvements including updated flooring, black or stainless appliances and upgraded furniture packages, allowing residents to get a higher-end unit in exchange for an extra charge. Pictured above is a VIP unit at the company's Rivers Edge at Carolina Stadium property in Columbia, South Carolina. ANTHONY MAGNELLI Vice President of Asset Management and Business Development Campus First

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