Increasingly college housing has become upscale and a recent student housing project at Arizona State points to emerging trends to fit the needs and requirements of incoming and existing college students. Adam Almeida, President and CEO of TenantScreeningUSA.com states: “College housing can be an important part of the college experience and whether it is a new project or an existing home or apartment, tenant screening will always remain a key part in vetting college students looking to rent.”
As thousands of students start or return to the college environment many will be moving into student housing. Over the years student housing has evolved from a simple dormitory or off-campus apartment to luxurious high scale housing projects. Regardless the type of facility tenant screening should always be an integral part of the student rental applicant vetting process.
Adam Almeida, President and CEO of TenantScreeningUSA.com states: “The importance of vetting a first time renter, in this conversation a college student, is no different than vetting an older, experienced renter. Risk mitigation is the key factor in tenant background screening and there is no better environment than college housing that should be risk adverse.”
A recent project at Arizona State has highlighted the changing trends in student housing:
From Urbanland.uli.org (Aug. 01, 16):
The market has been indicating a strong preference for pedestrian-oriented student housing close to campus, with amenities and conveniences and perhaps some mixed retail on site. However, well-located property costs have risen, municipal permits and approvals have a longer gestation period now, and the cost of construction has soared. This has thinned developers’ profit margins and forced rents higher than in years past. To combat these challenges, a lot of developers are constructing some of their own buildings—becoming a general contractor to take out the extra layer of fees that would be involved with a third party. And these factors have forced the square footage of the units to be smaller than in years past, to save costs. (1)
Almeida states: “Changing cost models may force cuts in spending in other areas, such as tenant screening. However this would be a mistake. For a relatively low cost, a tenant background check can greatly assist a landlord or property manager in making a well-informed decision about a potential tenant.”
Ultimately student housing remains a big business. As noted by the Arizona State project, student housing projects are on the rise and big business for the private sector.
From Bloomberg.com (Aug. 01, 16):
The long-term theme is that college enrollment has boomed over the past few decades, and investment in new on-campus dorms hasn’t come close to keeping up. In the short term, the shares are likely rising because investors are looking to hedge against the possibility of a U.S. recession.
“In an environment of striking political and economic uncertainty, public investors are ascribing value to [the] certainty of cash flows in student housing,” said Ryan Burke, an analyst at Green Street Advisors. “In [the] young life of purpose-built student housing, it’s performed really well in good and bad times.” (2)
Almeida adds: “Student housing continues to be a big business and will continue to grow as enrollment expands. As the values of these properties and, subsequently, the rent rates increase it is critical for landlords and property managers to work with a well qualified tenant screening company for all tenant checks. To protect property and person and mitigate risk.”
A third-party tenant screening company can provide easy access to a wide variety of public records and verifiable references. With a young renter without a significant credit history a reference verification may be the most important piece of information for a property manager.
Almeida concludes: “Get the credit report, conduct the tenant check, and let a third-party verify all references. They have the systems and processes available to be able to fulfill all the requirements of a landlord or property manager quickly, efficiently, and in a cost effective manner.”
TenantScreeningUSA.com is a third-party tenant screening company available to provide all the data and information a property manager requires in making a sound decision on a potential tenant. With a well-trained and highly dedicated staff, TenantScreeningUSA.com can conduct and compile all reference verification. Save money and time by working with TenantScreeningUSA.com.
Notes
- urbanland.uli.org/industry-sectors/residential/outlook-student-housing/
- bloomberg.com/news/articles/2016-08-01/these-landlords-are-making-a-killing-on-college-students
