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 66 utility deposits and chase down roommates for their portion of the bill. In most cases, we have found that students will pay for convenience. Smith: We are see- ing a trend of resi- dents expecting convenience based services to already be part of what they are signing up for to begin with. The communities we are developing as an industry are so ame- nity laden and life- style focused that the bar for expecta- tions around conve- nience and service is really high. There is not an expectation among students they will separately be sold extra convenience-based services. SHB: Scott, tell us what you have done in the insurance area. Casey: We require residents to carry $100,000 of liabil- ity coverage for smoke, fire and water damage. We partnered with a firm to provide coverage for our residents; they can choose to use them or they can provide their own coverage. We receive a com- mission from the vendor. We rolled out the insurance requirement four years ago and did a great job manag- ing this with our residents. It was new to our industry and we were concerned with how the residents would respond. We hit 100 percent compliance each year and it not only generates revenue, but it also reduces or eliminates bad debt from claims as the insurance companies cover the costs. SHB: Are any of these programs par- ticular to a property or specific univer- sity market? Dave Anderson: Most of the ancil- lary income options we have are very property specific. Each community is laid out differently and has limitations. If the convenience is in demand and limited, residents will pay a reason- able fee. It can vary a great deal by the type of community, and whether the community is the affordable option in the market or high-end luxury apartments. At University Village, in Columbus, Ohio, the community is vast and location is everything. Therefore, we are able to narrow down specific location preferences of residents by what they are willing to pay. The community charges premiums for apartments GET A HEAD START ON THE NEW LEASING SEASON Contact Your Local Account Executive to Get Started Today! HIGH QUALITY LEADS ForRentUniversity.com ® generates high quality leads for student communities near thousands of colleges and universities nationwide. 1.8 MILLION OVER VISITORS From January-December OF 2017 With unique features like Distance-to -campus search, per bed as well as unit pricing options, and college- specific amenities. * * GOOGLE ANALYTICS JANUARY - DECEMBER 2017. BY PARTNERING WITH FORRENTUNIVERSITY.COM ® AND BE ONE OF THE FIRST IN YOUR MARKET TO LEASE UP FOR FALL 2018. 73% YOY Increase BOOST YOUR LEASING VELOCITY FOR 2018 MITCHELL SMITH Chief Operating Officer The Scion Group SCOTT CASEY Chief Technology Officer and Senior Vice President of Strategic Business Development EdR DAVE ANDERSON President Homestead U

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