Student Housing Business

MAR-APR 2018

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

Issue link:

Contents of this Issue


Page 68 of 128

ANCILLARY INCOME March/April 2018 68 on the first floor, units close to shuttle stops and buildings with laundry facilities. SHB: Do you work with any of your outside vendors to create ancillary income? Can you give examples? Magnelli: Yes, we have worked with valet trash companies and utility management and billing companies very successfully. Anderson: We have worked closely with valet trash companies and recycling programs to offer options affordable for our residents and to keep up the curb appeal of our communities. SHB: How are you growing, or what goals do you have, to grow ancillary income? Magnelli: We are always looking for ways to stay on the forefront of this. We are very con- nected to our properties, teams and residents. We constantly survey our residents and discuss these items with our teams on the ground to get their feedback. Our plan to grow ancillary income is to continue listening to what our cus- tomer wants and, to some degree, show them what they want. We will test new ideas at prop- erties on a very small scale to gauge interest and grow it from there. Casey: We believe the sky is the limit. I always say nothing is off the table. We're working on several new ideas that will bolster our revenue. Duckett: We are currently evaluating several vendor services that add value for our residents and also create ancillary income. This includes credit reporting, valet services and secure, 24-hour package rooms for self-retrieval. Smith: Through our acquisitions and due dili- gence processes over the last 24 months, we are observing a lot of inefficiency in effective rates. We still see a lot of opportunity to fine-tune rate and concessions before being pressed to tackle ancillary income. We have found some oppor- tunities to pursue ancillary income streams through renter's liability insurance programs, utility recovery programs and in some rare cases technology driven programs for example. But we have not found the student demographic extremely keen on being upsold other services or products. Nor have we felt compelled to with so much opportunity remaining to right-size effective rates, which when done properly, is a much larger driver of overall revenue and NOI. SHB Making the grade for on-time delivery. Delivering buildings as a product rather than as a series of services. University of South Florida, New Residential Village, Tampa Florida 407.293.4000 Experience a new way to build. When the University of South Florida wanted to build student housing with 2,167 beds in two years' time, FINFROCK was hired to do the job. • Over 540,000 square feet of space in five buildings with 2,167 beds • Project delivery was phased over two school years, to limit the amount of existing inventory taken out of circulation during any one school year • FINFROCK's vertically-integrated business model – with architecture, engineering, manufacturing, and construction all under one roof – enabled the timely execution of this project, from design through occupancy Campus Advantage adds amenities for residents like its Fresh Market concept, which offers quick sandwiches, chips and beverages. The property receives a percentage of all sales. Pictured is a Fresh Market at The Marq in Milwaukee, Wisconsin, formerly owned by Campus Advantage.

Articles in this issue

Links on this page

Archives of this issue

view archives of Student Housing Business - MAR-APR 2018