Growth in the off-campus student housing market presents unique opportunities, yet property management firms must adapt their approach fundamentally, focusing on local market dynamics and operational strategies.
New entrants to the student housing market need to recognize that traditional property management methods won't suffice; a significant shift in marketing, leasing, and operations is essential to succeed.
Understanding the local market, including trends in university enrollment and competitive property data, is crucial for property managers considering an entry into the student housing sector.
Opting to 'test the waters' with student housing can mitigate risks but comes with its own challenges; careful planning is necessary to navigate back to conventional strategies.
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