In the competition for students and funding, educational institutions are rethinking their approaches to student life. This often includes integrating technology into the daily processes and creating student housing that fosters collaboration, innovation, and well-being.
As universities evolve, so too must the infrastructure that supports these initiatives. And today we will look into how Student Housing Management Software can respond to your unique property management needs.
What is Student Housing?
With the continuous increase in college enrollment, the demand for student housing is continuously surging. According to BONARD’s Student Housing Annual Report 2023, which analyzed 14,317 student residences across Europe, Australia, and Canada, the average occupancy rate was above 95% across the sample.
Here are some examples of what student housing usually is:
- ● University-owned dormitories (on-campus)
- ● Private student apartments (off-campus)
- ● Student housing complexes
- ● Cooperative housing (co-ops)
- ● Private complexes specifically designed for students
- ● Internal guesthouses for researchers and academics
Unlike traditional rental properties, this type of housing must cater to the specific lifestyle of students, making it a distinct sector within the real estate industry.
From an investment perspective, student housing is seen as a relatively stable and recession-resistant market. Since education is a priority for many families, there is a consistent demand for student housing even in economic downturns.
What’s a Student Housing Property Management Software?
Student housing management software provides a set of tools for the complex task of managing dormitories or similar properties.
These tools help institutions and investors handle a range of responsibilities, from real estate and facilities management to digital infrastructure and integrating smart technologies.
Let’s take a closer look at what this software can do.
- ● Track and manage campus properties, including dormitories, academic guesthouses, and recreational areas.
- ● Optimize the use of physical spaces and plan for future needs.
- ● Coordinate events and manage service requests.
- ● Monitor and support sustainability initiatives.
- ● Support financial management needs and accept payments.
Additionally, these software solutions integrate with digital locks, advanced security systems, lighting and heating controls, and IoT networks, ensuring a seamless digital and physical infrastructure.
Common Challenges in Student Housing and Campus Facilities Management
Managing student housing and campus facilities presents unique challenges that differ significantly from those in other sectors like hotel management or multifamily housing. Student housing management must cater to a younger population with specific needs, while also supporting the broader goals of the institution.
Student interaction
College students, often living away from home for the first time, require support in adapting to independent living. Resident advisors play a crucial role in providing guidance, but they are always in search of effective communication channels.
Rent payment challenges
Students may struggle with budgeting and timely rent payments, often relying on financial aid or parental support. This can lead to late payments and requires property managers to implement proactive communication strategies.
Maintenance services
Responding to maintenance requests in student housing is challenging due to the high turnover and varied usage of facilities. Property managers must ensure prompt and efficient maintenance services provision to keep the living environment safe and comfortable.
Regulatory compliance
Universities must navigate a complex web of health, safety, and environmental regulations, which can vary significantly by region. Ensuring compliance is critical to maintaining both legal standards and institutional reputation.
Environmental sustainability
As significant energy users, universities have a role in combating climate change. Implementing sustainable practices and paperless digital procedures, while maintaining student comfort is a key challenge, requiring ongoing efforts.
5 Reasons Why Universities Need Property Management Software
Managing on-campus or off-campus housing efficiently requires juggling multiple responsibilities, from tracking operational costs to maintaining data security.
Property Management System is an essential tool for addressing these needs and more. Here are the top five reasons why universities and private owners should invest in this technology:
1. Keep your operational costs lower |
Effective management of academic building costs starts with a thorough understanding of expenses. Property Management Software provides tools for expense tracking, lease management, and simplified billing, enabling you to monitor both fixed and variable costs closely.
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2. Maintain data safety |
In times of stringent data protection regulations, such as GDPR, safeguarding sensitive information is crucial. Property management software leverages advanced cloud technology to ensure that all data—from student records to financial transactions—is stored securely. |
3. Make easy changes to unit areas |
Universities frequently change, and campus management software allows you to adapt seamlessly. You need to easily add assets like pictures, floor plans, and annotations to your units. The software’s analytics capabilities enable you to cross-reference data, manage fluctuating occupancy levels, and update lease contracts in real time. |
4. Fill vacant spaces faster |
Speeding up the process of filling vacant spaces can significantly boost your revenue. A comprehensive lease management dashboard allows you to quickly identify vacancies and manage prospective leads efficiently. |
5. Find data quickly |
When urgent access to student data is needed, the speed is essential. Campus management software offers real-time reporting and data retrieval capabilities, allowing you to access and analyze information up to ten times faster than manually. |
The Main Features to Look For in Student Housing PMS
Choosing the right student housing software is crucial for enhancing property management and improving the tenant experience. Here are the best features to look for when selecting a software platform for managing student housing:
● Customizable tenant system with a Mobile app to let students view their housing details, make rent payments, and submit maintenance requests from any device.
● Integration capabilities, as the software should be able to connect with campus systems such as financial management tools, student information systems, and third-party platforms.
● Reports on occupancy rates, rent collection, and maintenance needs.
● Communication tools for messaging and notifications, allowing for seamless interactions and updates.
● Financial management features are crucial for handling rent collection, budgeting, and expense tracking.
● Internal booking system allowing tenants to book rooms and spaces for events.
How HotelFriend Can Help
HotelFriend offers a customizable suite of solutions designed to elevate your student housing and campus facilities management.
We have extensive experience in helping universities and research centers automate their property management, and here’s how our software can address your own key needs.
Communicate with students and parents
HotelFriend simplifies mass communication with students and their parents via Mobile App or email. You can send PUSH notifications or automated emails to specific groups, such as students in a particular residence or their parents.
Manage vacancies and internal bookings
Effectively manage vacant units with HotelFriend’s comprehensive tools. From marking available properties to accepting new reservations, the software facilitates the entire booking management process.
Take control of your reports and finances
Our software’s robust accounting features provide you with the tools needed to manage income, expenses, and financial reporting. We enhance your financial transparency and control, helping property operators stay on top of budgets.
Collect rent online
HotelFriend simplifies the rent collection process by automating the rent cycle and offering easy online booking and payment options. Ensure timely payments and provide both students and property managers with a convenient way to handle transactions.
For those interested in seeing our software in action, explore our detailed case studies on The HZDR Guesthouse, serving academics at the Helmholtz Association in Germany, and Sankt Georgen Graduate School in Frankfurt. Discover how they used tailored solutions to improve efficiency and deliver measurable results.
Conclusion
As universities strive to enhance their competitive edge and cater to the evolving needs of students, adopting a Property Management System for student accommodation is essential. The complexities involved in managing student housing demand a structured and integrated approach.
Student Housing PMS offers a powerful response to these challenges, optimizing communication, rent collection, and room bookings. With solutions like HotelFriend, your university has the opportunity to show commitment to fostering a thriving campus community that supports students’ academic and personal growth.
