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The student housing sector is not the industry’s Sleeping Beauty anymore. The number of students attending universities is growing and this is due mostly to the ease of obtaining loans. As a consequence, the demand for this type of accommodation is surging, which makes the segment appealing to investors. Sales volume almost quadrupled in the last six years, according to Rick Graf, president & CEO of Pinnacle, a Yardi client.
According to Yardi Matrix data, Pinnacle Living owns and manages more than 150,000 units of which roughly 18,000 beds at 34 universities across the country, from San Diego to Syracuse, N.Y. In an interview with Multi-Housing News, Graf shares his view on the student housing industry, but also touches on what it takes for a property management company to stay ahead of the game in 2019.
Tell us about your view of the multifamily market in general and the student housing sector in particular. What are the main trends?
Graf: In general, the multifamily market remains robust. Demand has not lessened due to very strong job growth in nearly every market. With respect to the student housing sector, we continue to see institutional acceptance and desire to expand holdings into this niche subset of multifamily real estate. Transaction volume in student housing topped $11 billion in 2018, up from $3 billion just six years ago. It is important to note that student housing is significantly more management intensive and multifamily investors should be cautious to partner with operators with specific expertise in the nuances needed for success.
Could you single out one trend that is gaining popularity in the student housing property management sector?
Graf: A sea change has come to student development. While student housing properties rival high-end multifamily properties, the arms race of amenities has turned from wave pools and golf simulators to more passive study and meeting spaces, and state-of-the-art digital entry systems to enhance the college experience.
What strategies do you use to keep student housing communities attractive to residents and competitive in their markets?
Graf: High-speed reliable broadband services are essential. Pinnacle uses digital resident portals that provide instant notifications and allow 24-hour access to expedite activities like lease applications, move-out posts and package room deliveries so they can be managed on an electronic system during the residents’ schedule rather than the property’s normal staffing hours.
Read the rest of the interview with Mr. Graf on Yardi publication Multi-Housing News
