student residence business plan

A Sample Student Accommodation Business Plan Template

By: Author Tony Martins Ajaero

The real estate industry is a very vast industry and new businesses keep unraveling in the industry from time to time. There is a wide range of businesses with good turnover that an aspiring entrepreneur who is looking towards starting a business in the real estate industry can successfully start. One of such businesses is a student accommodation rental business.

This business requires minimal startup capital and minimal manpower and can be started from a home office especially if you are not going to raise money to develop the properties yourself. If you have decided to start a student accommodation business, then you need to write your own business plan.

The essence of writing a business plan before starting any business is for you to have a blueprint of how you would setup, manage and expand your business. Below is a sample student accommodation rental company business plan template that will help you successfully write yours with little or no stress.

How to Write a Student Accommodation Business Plan [Sample Template]

1. industry overview.

Student accommodation business is classified under the real estate industry and the real estate industry is one of the many industries that is a major contributor to the growth of the economy of many nations of the world. As a matter of fact, a real estate agent can become a millionaire ‘overnight’ from just one real estate deal; little wonder the industry is responsible for making many instant millionaires in South Africa, as well as the rest of the world.

The Bureau of Labor Statistics projects 11.1 percent job growth for real estate sales agents between 2012 and 2022, which is about as fast as average. During that time, an additional 38,000 jobs will open up.

south africa is attracting a good number of foreign students and the latest research by Jones Lang LaSalle (JLL) has found that the number of young adults aged 18-25 will increase to almost 100 million by 2022, and that the demand for new, purpose-built student accommodation is set to top 500, 000 beds in the next five years.

Current accommodation arrangements can accommodate fewer than one in five students who apply for residency, and student numbers are growing annually as increasing numbers of young people complete their secondary schooling.

The real estate industry involves the buying, the selling, or the renting of lands, buildings or housing facility. Real estate agency or a real estate agent (broker) is a person who acts as a middleman between the sellers and buyers of real estate. They are involved in searching for sellers who sell properties and buyers who to buy properties.

A real estate agency (brokerage firm) usually receives a payment called a commission for successfully matching a seller’s real estate with a buyer’s real estate need such that a sale or rent/lease can be made. In most cases, the commission generated is shared with other real estate brokers or agents who played their parts in ensuring that the property is sold or rented out as the case may be.

It is important to state that in South Africa, each province has its own unique laws that clearly define the types of relationships that can exist between real estate agencies (professionals) and property owners (clients). Nonetheless, it is always a win – win for both real estate agencies and owners of properties because real estate brokers and their salespersons (commonly called “real estate agents” or “brokers”) usually assist sellers in marketing their property and selling it for the highest possible price under the best terms.

The real estate industry is highly regulated in South Africa and anyone who aspires to become a real estate agent or start a real estate agency must apply and obtain a license before they can legally receive remuneration for services rendered as a real estate agency or real estate broker. But as a lawyer, you can handle real estate deals in South Africa and make your commission without operating as a licensed real estate agent.

The practice is that a real estate licensed agent is required to disclose to prospective buyers and sellers the nature of their relationship within the transaction and with the parties involved in the deal. It is the practice for most standard student accommodation rental companies to also engage in other forms of rental businesses as it relates to properties . Some even go as far as engaging in property development.

Service delivery for a student accommodation rental company is simple and straight forward, especially if they are not involved in other complimentary services within the scope of their business.

2. Executive Summary

Oliver Tambo & Co® Real Estate Agency, LLP is a real estate agency that will operate in all the Province in South Africa but will be headquartered in Cape Town close to the University of Cape Town which happens to be the oldest University with the highest enrollment in South Africa.

We intend to become specialists in owning, developing, acquiring, managing, selling and renting/leasing students’ accommodation, office apartments and hall facilities. This can generally be summed up as clean, safe accommodation within easy reach of campus at an affordable price, and in our experience, the most consistent demand is for newly-built and pre-owned one and two-bedroom sectional title apartments with high tech security, parking and good access to shops and other amenities as well as the campus.

Part of our goal as a real estate agency is to grow to become one of the top 5 largest real estate companies in the whole of South Africa and to rent and manage properties across university campuses in South Africa.

Oliver Tambo & Co® Real Estate Agency, LLP will be committed when it comes to maintaining a diverse portfolio of high quality students’ apartment, office structures and hall facilities. We will also focus on providing a dynamic, proactive and vibrant work environment for all our employees such as discounted rentals for all our student agents and caretakers, and mouthwatering bonus for every deal that comes through any of the staff.

Oliver Tambo & Co® Real Estate Agency, LLP is going to be a self-administered real estate investment trust (REIT). We will engage in a wide range of student accommodation rental services. We will work towards becoming one of the largest student accommodation rental companies in South Africa.

As part of our plans to make our customers our number one priority and to become one of the leading student accommodation rental companies in South Africa, we have perfected plans to adopt international best practices that can favorable compete with the best in the industry. Oliver Tambo & Co® Real Estate Agency, LLP has overtime perfected plans that will help us to become a specialist in our area of business.

Oliver Tambo & Co® Real Estate Agency, LLP will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Oliver Tambo & Co® Real Estate Agency, LLP is founded by Rowland Oliver Tambo, Sean Mbeki and Sarah Zuma. They are the major financiers of the company. R. Oliver Tambo is the company’s president and CEO. Rowland Oliver Tambo has over 10 years of real estate experience in significant senior management positions in the areas of sales, marketing, new technologies and franchise management.

3. Our Products and Services

Oliver Tambo & Co® Real Estate Agency, LLP is going to offer varieties of services within the scope of the real estate industry in South Africa. Our intention of starting our student accommodation rental company is to favorably compete with leading players in the student accommodation rental industry in South Africa.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in South Africa to achieve our business goals and objectives. Our business offerings are listed below;

• Rental of one-unit student accommodation structures
• Rental of two- to four-unit student accommodation structures
• Rental of five- to nine-unit student accommodation structures
• Rental of 10- to 19-unit student accommodation structures
• Rental of 20- to 49-unit student accommodation structures
• Rental of 50- or more unit student accommodation structures
• Rental of manufactured student homes, mobile homes or trailers
• Real estate consultancy and advisory services

4. Our Mission and Vision Statement

• Our vision is to become one of the top 5 student accommodation rental companies in South Africa within the first 10 years of starting R. Oliver Tambo & Co® Real Estate Agency, LLP.
• Our mission of starting a student accommodation rental business is to grow the business beyond the city where we are going to be operating from to become a national and international brand by opening offices all across key cities in South Africa and franchising .

Our Business Structure

Our company’s structure is not entirely different from what is obtainable in the real estate industry, as a matter of priority, we have decided to create a structure that will allow for easy growth for our business, and we have created platforms that will enable us attract some of the best hands in the industry.

We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we have decided to build our student accommodation rental company on the right business foundation. We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders.

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target.

Oliver Tambo & Co® Real Estate Agency, LLP is aware of the modus operandi in the student accommodation rental line of business, hence adequate provision and competitive packages has been prepared for independent real estate agents. Our marketing department will be responsible for managing this aspect of our business.

Below is the business structure we will build R. Oliver Tambo & Co® Real Estate Agency, LLP on;

• Chief Executive Officer
• Company’s Lawyer / Secretary

Admin and HR Manager

Real Estate Agents

• Business Developer/Sales and Marketing
• Customer Service Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Officer – CEO (President):

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization

Company’s Lawyer/Secretary/Legal Counsel

• Responsible for drawing up contracts and other legal documents for the company
• Consult and handle all corporate legal processes (e.g. intellectual property, mergers & acquisitions, financial/securities offerings, compliance issues, transactions, agreements, lawsuits and patents et al)
• Develops company policy and position on legal issues
• Researches, anticipates and guards company against legal risks
• Represents company in legal proceedings (administrative boards, court trials et al)
• Play a part in business deals negotiation and take minutes of meetings
• Responsible for analyzing legal documents on behalf of the company
• Prepares annual reports for the company
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Designs job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carries out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities
• In charge of leasing and renting out student accommodations and other properties under our list
• In charge of inspecting and reporting on the structural attributes of a building
• Evaluates the component systems of a building (electrical, fire, roofing and plumbing)
• Assesses compliance with building, electrical, plumbing and fire codes
• Evaluates building plans and permits
• Reviews and approves plans that meet building codes, local ordinances and zoning regulations
• Keeps daily logs, including photographs taken during inspection

Marketing and Sales Executive/Business Developer

• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Responsible for supervising implementation, advocate for the customer’s need s, and communicate with clients
• Finds and qualifies land for development based on company’s land requirements; maintains a land search database; initiates discussions with property owners about the possible sale of property
• Develops, executes and evaluates new plans for expanding sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managers with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Accountable for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Front Desk/Customer’s Service Officer

• Receives Visitors/clients on behalf of the organization
• Receives parcels/documents for the company
• Handles enquiries via e-mail and phone calls for the organization
• Distributes mails in the organization
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the line manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s properties that are put up for sale to ensure accurate and helpful information is supplied to clients when they make inquiries.

6. SWOT Analysis

Starting a student accommodation rental business in South Africa comes with its own fair share of challenges, you would have to abide by the law and also compete with loads of other entrepreneurs in the real estate business value chain who also are interested in making a living and building a business in Cape Town – South Africa.

In order to compete favorably in the student accommodation rental line of business, we have been able to hire the services of a tested and trusted HR consultant to help us conduct our SWOT analysis. Here is a summary from the result of the SWOT analysis that was conducted on behalf of R. Oliver Tambo & Co® Real Estate Agency, LLP.

Some of the strengths that we will be bringing to the table in the student accommodation rental industry are our robust relations with student accommodation owners in the whole of South Africa. Also, we have a team of experts that have cut their teeth in the real estate industry cum student accommodation line of business. Our commission structure and relationship with freelance real estate agents in Cape Town and other Provinces in South Africa will also count towards our advantage.

As a newbie in the student accommodation rental line of business, we might have some challenges competing with big time realtors and other student accommodation rental companies that have been in the industry for many years; that perhaps is part of our weakness.

• Opportunities:

The opportunities in the real estate industry especially as a student accommodation rental company is massive considering the rapid growth of university enrollments in South Africa, this trend has been bolstered by highly favorable demographics. We are well – positioned and ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a student accommodation company are unfavorable government and university governing board policies, and global economic downturn. Global economic downturn usually affects spending power and the real estate industry is known to encounter decline in sales and profits during this period.

There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

The market trends in the student accommodation line of business in South Africa is such that international students are targeted since they are the ones who are willing to pay more to get secured and decent students’ apartment. As a matter of fact, security is a key factor when it comes to renting a student apartment in South Africa and next to security is closeness to the campus.

Another obvious trend that is common with student accommodation rental companies in South Africa is that most of them are improvising on more means of making money in the real estate industry and as matter of fact they are also acting as property developers and home staging agents amongst many other functions.

One thing is certain for every student accommodation rental company; if they are hardworking, creative and proactive, they will always generate enough income to meet all their overhead and operational costs, keep their business going without struggle and make reasonable profits from their business deals.

8. Our Target Market

As a student accommodation rental company, our target market cuts across students of different classes and cultures. We are coming into the student accommodation rental industry with a business concept that will enable us work with local and international students who are interested in renting student apartments at an affordable price.

Our Competitive Advantage

The availability of competent and reliable real estate agents under our payroll, our business process, the financial structure of the company, management of a high-quality asset portfolio, superior financial and debt management and of course our pricing model, are part of our competitive advantage.

Another possible competitive strategy for winning our competitors in this particular industry is to build a robust clientele base and ensure that our student apartments are trendy. Our organization is well positioned, key members of our team are highly reliable and competent and can favorably compete with the some of the best in the student accommodation rental industry.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and objectives. We will also engage freelance marketing agents on a commission to help us market our services.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Oliver Tambo & Co® Real Estate Agency, LLP is established with the aim of maximizing profits in the student accommodation rental industry. Below are the sources we intend exploring to generate income for R. Oliver Tambo & Co® Real Estate Agency, LLP;

10. Sales Forecast

It is a known fact that as long as there are students in University campuses in South Africa, there will always be need to for them to hire the services of student accommodation rental companies from time to time.

We are well positioned to take on the challenges that are synonymous to student accommodation rental businesses in South Africa, and we are quite optimistic that we will meet out set target of generating enough profits from our first month of operation and grow the business beyond Cape Town to other Provinces in South Africa within record time.

We have been able to critically examine the student accommodation rental line of business, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions peculiar to similar start – ups in Cape Town – South Africa;

• First Fiscal Year: R200,000
• Second Fiscal Year: R500,000
• Third Fiscal Year: R800,000

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and any major competitor offering same services as we do within the locations we have strong business presence. Please note that the above projection might be lower and at the same time it might be higher since some factors are beyond our control.

• Marketing Strategy and Sales Strategy

We quite mindful of the fact that there are competitions in the student accommodation rental market in South Africa, hence we have been able to hire some of the best business developers to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis to meet their targets and the overall goal of the organization. The training is not restricted to only our full – time employees but also all our freelance brokers that are scattered all over university campuses in South Africa.

Our goal is to become one of the leading student accommodation rental companies in South Africa which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force in the industry.

Oliver Tambo & Co® Real Estate Agency, LLP is set to make use of the following marketing and sales strategies;

• Introduce our student accommodation rental company by sending introductory letters alongside your brochure to students and other key stake holders throughout the city where our company is located.
• Print out fliers (list of accommodations for rent) and business cards and strategically drop them in offices, car parks, libraries, public facilities and train stations et al.
• Use friends and family to spread word about our business
• Post information about our company and the services we offer on bulletin boards in places like car parks, schools, libraries, and local coffee shops et al
• Place classified advertisements in the newspaper, or local publication about our company and the services we offers
• Leverage on referral networks such as agencies that will attract clients (students) who would need our student apartments
• Advertise our student accommodation rental services company in relevant real estate magazines, newspapers, TV and radio stations.
• Attend relevant real estate expos, seminars, and business fairs et al to market our services
• Engage in direct marketing approach
• Encourage the use of Word of mouth marketing from loyal and satisfied clients
• Join local chambers of commerce and industry to market our product and services.

11. Publicity and Advertising Strategy

We have been able to work with our consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the student accommodation rental industry by storm which is why we have made provisions for effective publicity and advertisement of our company.

Below are the platforms we intend to leverage on to promote and advertise our student accommodation rental business;

• Place adverts on both print and electronic media platforms
• Maximize our company’s website to promote our business
• Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, LinkedIn, Google+ and other platforms (real estate online forums) to promote our business and list our properties for sale and for lease.
• Install our billboards in strategic locations in and around the university community in Cape Town
• Distribute our fliers and handbills in targeted areas from time to time
• Attend student association meetings with the aim of networking and introducing our business.
• Ensure that all our workers wear our branded shirts and all our vehicles are branded with our company’s logo

12. Our Pricing Strategy

Part of our business strategy is to ensure that we work within the budget of our potential clients to help them meet their expectations. It is the practice in most parts of the world for properties to be valued by professionals based on the area the facility is located, the type of facility and other factors.

Since we are not directly in control of the pricing system in the real estate industry, we can only abide by what is obtainable when it comes to fixing a price for our accommodations. But one thing is certain, we will ensure that we make available decent and secured accommodation when have we are contracted to do so.

Lastly, we will ensure that we keep our fees below the average market rate for all of our clients by keeping our overhead low. In addition, we will also offer special discounted rates to our clients from time to time especially when they recommend clients to us.

• Payment Options

At R. Oliver Tambo & Co® Real Estate Agency, LLP our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions.

Real estate deals usually involve huge amount of money. Here are the payment options that R. Oliver Tambo & Co® Real Estate Agency, LLP will make available to her clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will help us achieve our plans without any hitches and we will also pay our freelance sales agents with the same platforms. Our bank account numbers will be made available on our website and promotional materials.

Any agent who intends paying with cash will be directed to deposit the money into our corporate account and then present their payment tellers to us.

13. Startup Expenditure (Budget)

From our market survey and feasibility studies , we have been able to come up with a detailed budget on achieving our aim of establishing a standard student accommodation rental company in Cape Town – South Africa and here are the key areas where we will spend our start – up capital;

• The total fee for incorporating the business in South Africa – Name reservation application costs R50 and company registration R125
• The budget for permits and license – R1,000
• The cost for hiring Consultant – R2,500
• The cost for computer software apps (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – R7,000
• The budget for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – R5,400.
• Cost of payment of rent for a suitable office facility in Cape Town for 12 months at R1.76 per square feet in the total amount of – R65,600.
• The cost for office remodeling (construction of racks and shelves) – R7,000.
• The cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – R15,000
• Other start-up expenses including stationery and phone and utility deposits ( R2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – R30,000
• The cost of launching our official website – R600
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – R5,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand ( R150,000 ) South African Rand to successfully set up a small scale but standard student accommodation rental company in Cape Town – South Africa.

Generating Startup Capital for R. Oliver Tambo & Co® Real Estate Agency, LLP

Oliver Tambo & Co® Real Estate Agency, LLP. is a business that will be owned and managed by Rowland Oliver Tambo, Sean Mbeki and Sarah Zuma. They are the sole financiers of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.

These are the areas we intend generating our startup capital;

• Generate part of the startup capital from personal savings and sale of his stocks
• Generate part of the startup capital from friends and other extended family members
• Generate a larger chunk of the startup capital from the bank

N.B: We have been able to generate about R50,000 ( Personal savings R30,000 and soft loan from family members R20,000 ) and we are at the final stages of obtaining a loan facility of R100,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting R. Oliver Tambo & Co® Real Estate Agency, LLP is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to rent out standard, and secured student accommodations a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

Oliver Tambo & Co® Real Estate Agency, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check: Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts in various banks in South Africa: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Renting of Office Facility and remodeling the facility in Cape Town – South Africa: Completed
• Conducting Feasibility Studies: Completed
• Generating capital from the CEO and Business Partners: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress

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How to Start a Successful Student Housing Business (2024 Guide)

by Ryan Chaw | Last updated Jan 10, 2024 | Rental Property Business | 1 comment

Do you want to know how to start a student housing business? 

That’s what you’ll learn today! Student housing is an excellent niche to invest in because it can give you financial stability in the long run – especially during an economic downturn. 

Ready to find out why? Read on!

Why you should build a student housing business 

Maybe you’re wondering, “Can investing in student housing actually work for me?”

Fair question.

The answer? Absolutely. The student housing investment market is a $10.1 billion market.   Student housing rents also increased by 8.8% between 2021 and 2022. Vacancy levels are at 2.4%, down from 2.8% in 2021. 

And I know how powerful a student housing business can be first hand because I’ve built my own profitable business. In fact, my rental income currently brings in multiple six figures a year in passive income.

Here’s my full story if you want to learn how I did it: 

One great thing about the student housing model, in particular, is that students aren’t as picky about their lodging as high-income professionals might be.

After all, they’re in school, and they just want a safe and quiet room to study and sleep at. 

Students will typically rent by the bedroom which allows you to make a higher ROI.

Plus, renting to the right students can be fulfilling.

By offering an affordable, off-campus housing option, you’re helping high-achievers save on student loans and reach their educational goals – while also giving yourself more financial security.

So, how exactly can you get started investing in student housing? That’s what we’ll look at next.

How to invest in your first property

Investing in your first property is a big step. You want to make sure you’re setting yourself up for success by doing your homework before you get started. 

One way to do this? Before deciding on a property, contact a local real estate attorney to confirm that you’re legally allowed to start a student housing business in your area.

It’s always best to be on the safe side since restrictions do exist in some markets.

Study the market

Once you’ve done your homework on possible restrictions, do market research. 

What do students in a particular location value most (walkability, affordability, and so on)?

What is the enrollment outlook for the local college/university?

And what are the housing options already available in the area? 

Finding answers to these questions will help you identify (and fill) holes in the market.

Choose the right property 

Overall, try to opt for a property that’s a few minutes’ drive away from campus.

However, do some research to see how many students have cars in the area and decide if you need to invest in a property that is at a walking distance from campus. 

Also, check what kind of public transportation is available. If there are good options, you can invest in properties that aren’t right next to campus and still find tenants.

The best properties for student housing rentals 

Your best bet is to pick large, recently-built houses to reduce the risk of having to deal with unexpected, costly repairs. 

Yes, old houses tend to cost less initially, but the downside is that they come with a whole set of potential problems, like poor insulation, pest and mold issues, old pipes, and so on. 

How do I know? Because I actually bought a one-hundred-year-old house myself. And it ended up needing over $30k in unexpected repairs ! 

So, my advice?

Stick with houses that are newer than the 1940s that are at least 1,500 sq/ft . That way, you’ll have space to convert extra rooms into bedrooms – and ultimately, increase your cash flow. 

For my own student housing business, I also perform regular inspections to identify any issues and address them before they get bigger (and more expensive).

And in terms of the number of students you should house, plan to have three renters for every bathroom.

So, a six-bedroom, two-bath house could realistically house six students. 

This ratio is a good balance: It gives everyone access to showers without creating bottlenecks, and it also gives you, the owner, the chance to charge competitive rates.

Research before making an investment decision

Make sure you do your research before investing in a property. Here are some questions you should know the answers to before signing on the dotted line:

• How much rent could this property bring in?
• What are the maintenance costs ?
• What’s the cash-on-cash return (the amount you earn relative to your investment)?
• What’s the cap rate (a property’s yield over a year if it was not mortgaged)?

Finding the answers to these questions will help you know what you’re getting yourself into.

Attract ideal tenants 

How can you find great tenants? There are different ways to go about it, but I personally use a method I called the PRIME method that works well. 

Here’s what PRIME stands for:

P stands for ad placement. The idea is to advertise on sites where I know my target demographic is actively looking for student housing. For this, I’ve had success using sites like Roomies.com and Zillow. 

R stands for review. This is where I do some research into prospective tenants’ presence on social media platforms to find out what kind of lifestyle they lead and if they do drugs, throw wild parties, and so on. This is an important step because it helps me figure out what they’d be like as renters.

I stands for identifying the tenant. Basically, this step is about trying to figure out if a prospective tenant has a good attitude and can get along well with others. Since student housing means tenants share common areas, it’s important to pick the right people.

M stands for measure of responsiveness. So, people who are good communicators, provide needed documentation when asked, and have a positive, professional attitude typically make great, responsible tenants. 

And last but definitely not least, E stands for ensuring proof of income. When I’m evaluating a prospective tenant, I make sure to take a look at their parents’ financial background if they’re the co-signers. 

Otherwise, I like to check student loan documents or financial aid packages to have a better idea of whether a prospective tenant could realistically afford rent or not.

Learn more about my process here:

Pick the best location for your first investment 

Again, when you’re looking for the best location for your first student housing investment , research the market and go where your ideal tenants are. 

For example, if you want to rent to mature students who won’t throw wild parties, look for college towns that attract a lot of high-achievers who are focused on getting an education.

Areas that have great medical schools and hospitals, like Miami or Boston, are ideal for this. 

Ultimately, you can’t go wrong by choosing a place that attracts high-income earners, such as doctors and engineers.

Why? Because the better the quality of life  a city provides, the more people want to move there, which increases the cost of living – including the rent you can charge and the home prices.

I talk more about picking the right location here:

Start your business

Once you have your first investment, you can start expanding your portfolio. 

However, make sure you plan ahead for how to best build your company. 

One question I often get is – should I make my company an LLC? 

I actually don’t advise you to start there. Instead, buy your first property under your own name and then transfer it to an LLC later, if that’s the route you take.

That’s because lenders don’t usually lend to an entity and you need to secure that loan first to buy your property. 

However, an LLC can come with many benefits such as reduced liability. So there are pros and cons. 

If you’re interested in learning more, I talk about it here: 

Over to you!

There you have it! Now you know how to start a student housing business.

As you can see, this is a great option to create a steady, long-term income stream for more financial stability.

And, since people tend to go back to school to reskill during economic downturns, this specific type of real estate investment is a solid choice in 2023. 

Plus, once you have one successful rental, you can scale by reinvesting your profits, buying more properties, and repeating the process.

What’s the biggest reason you want to start a student housing business? Let me know in the comments!

About Ryan Chaw: Ryan Chaw is a real estate investor with a multi-state and multiple six-figure rental portfolio, which he built on the side of his full-time job. Ryan also teaches others how to buy their first deal and quickly scale to owning multiple properties. Ryan also teaches others how to buy their first deal and quickly scale to owning multiple properties. Read more about Ryan here.

I am from the Riverside California area, I may soon inherit property near the UCR college. I am very interested in housing mature students for business purposes and a healthy safe environment.

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How to create a financial forecast for a student residence?

Developing and maintaining an up-to-date financial forecast for your student residence is key in order to maintain visibility on your business’s future cash flows. 

If you feel overwhelmed at the thought of putting together a student residence financial forecast then don’t worry as this guide is here to help you.

We'll cover everything from: the main objectives of a financial forecast, the data you need to gather before starting, to the tables that compose it, and the tools that will help you create and maintain your forecast efficiently.

Let's get started!

In this guide:

Why create and maintain a financial forecast for a student residence?

What information is used as input to build a student residence financial forecast, the sales forecast for a student residence, the operating expenses for a student residence.

• What investments are needed for a student residence?

The financing plan of your student residence

What tables compose the financial plan for a student residence.

• Which tool should you use to create and maintain your student residence's financial forecast?
• Financial projections template for a student residence

The financial projections for your student residence act as a financial blueprint to guide its growth with confidence and ensure its long-term financial viability. 

To create them, you will need to look at your business in detail - from sales to operating costs and investments - to assess how much profit it can generate in the years to come and what will be the associated cash flows.

During challenging market conditions, maintaining an up-to-date financial forecast enables early detection of potential financial shortfalls, allowing for timely adjustments or securing financing before facing a cash crisis. 

Your student residence's financial forecast will also prove invaluable when seeking financing. Banks and investors will undoubtedly request a thorough examination of your financial figures, making precision and presentation essential.

Need a solid financial forecast?

The Business Plan Shop does the maths for you. Simply enter your revenues, costs and investments. Click save and our online tool builds a three-way forecast for you instantly.

A student residence's financial forecast is only as good as the inputs used to build it.  

If you are creating (or updating) the forecast of an existing student residence, then you mostly need your accounting information, key historical operating non-financial data, and your team’s input on what to expect for the coming years.

If you are building financial projections for a student residence startup, you will need to have done your research and have a clear picture of your competitive environment and go-to-market strategy so that you can forecast sales accurately.

For a new venture, you will also need a precise list of the resources needed to keep the student residence running on a day-to-day basis and a list of the equipment and expenditures required to start the business (more on that later). 

Let's now take a closer look at the elements that make up your student residence's financial forecast.

The sales forecast, also called topline projection, is normally where you will start when building your student residence financial forecast.

Creating a coherent sales projection boils down to estimating two key drivers:

• The average price 
• The number of monthly transactions

To do this, you will need to rely on historical data (for an existing business), market research data (for both new and existing student residences), and consider the elements below:

• Location: The location of your student residence can greatly impact the average price and number of monthly transactions. A residence located in a popular and convenient area for students can demand a higher price and attract more monthly transactions compared to a residence in a less desirable location.
• Student population: The number of students enrolled in nearby universities or colleges can affect the demand for your residence. A higher student population can lead to more monthly transactions and potentially allow you to charge a higher average price.
• Quality of amenities: The amenities offered at your residence can also impact the average price and number of monthly transactions. Students are often willing to pay more for a residence with desirable amenities such as a gym, study rooms, or a pool.
• Competition: The number of other student residences in the area can also affect your business. If there is a high level of competition, you may need to adjust your average price to stay competitive and attract monthly transactions.
• Public transportation: Easy access to public transportation can be a major selling point for students. If your residence is located near bus or subway stops, it may attract more monthly transactions and allow you to charge a higher average price.

After the sales forecast comes the operating expenses budget, which we will now look into in more detail.

Need inspiration for your business plan?

The Business Plan Shop has dozens of business plan templates that you can use to get a clear idea of what a complete business plan looks like.

The next step is to estimate the expenses needed to run your student residence on a day-to-day basis.

These will vary based on the level of sales expected, and the location and size of your business. 

But your student residence's operating expenses should include the following items at a minimum:

• Staff costs: This includes salaries and wages for all staff members, including resident assistants, maintenance workers, and administrative staff.
• Accountancy fees: You will need to hire an accountant to handle financial matters and ensure that taxes are filed correctly.
• Insurance costs: It is important to have proper insurance coverage for the residence, including liability insurance and property insurance.
• Software licences: In order to efficiently manage operations, you may need to purchase software licences for tasks such as accounting, scheduling, and communication.
• Banking fees: You will likely encounter banking fees for transactions such as depositing rent payments and paying bills.
• Utilities: This includes expenses for electricity, water, gas, and other utilities necessary for running the residence.
• Maintenance and repairs: Regular maintenance and occasional repairs are necessary to keep the residence in good condition for your students.
• Cleaning supplies: You will need to purchase cleaning supplies to keep common areas and student rooms clean and sanitary.
• Marketing and advertising: To attract new students and promote your residence, you may need to invest in marketing and advertising efforts.
• Security: Safety and security measures, such as surveillance systems and security personnel, are important for the well-being of your students.
• Furniture and furnishings: You may need to purchase furniture and furnishings for common areas and student rooms.
• Food and dining: If your residence offers dining options, you will need to budget for food expenses.
• Internet and phone: In today's digital age, internet and phone services are essential for students, and you will need to cover these expenses.
• Student programming and activities: It is important to provide social and educational opportunities for your students, so budget for expenses related to programming and activities.
• Cleaning and landscaping services: If you do not have the resources to handle cleaning and landscaping yourself, budget for hiring outside services.

This list is, of course, not exhaustive, and you'll have to adapt it according to your precise business model and size. A small student residence might not have the same level of expenditure as a larger one, for example.

What investments are needed to start or grow a student residence?

Your student residence financial forecast will also need to include the capital expenditures (aka investments in plain English) and initial working capital items required for the creation or development of your business.

For a student residence, these could include:

• Furniture: This includes items such as beds, desks, chairs, and dressers for student rooms. These are necessary for students to have a comfortable living and studying space.
• Appliances: Students will need access to appliances like refrigerators, microwaves, and stoves in common areas or in their individual rooms. These are essential for daily living and cooking meals.
• Technology: In today's digital age, it is important for student residences to have the necessary technology for students to study and stay connected. This can include items such as computers, printers, and WiFi equipment.
• Security Systems: Safety is a top priority in student residences. Investing in security systems such as cameras, door locks, and alarms can provide peace of mind for both students and staff.
• Renovations/Upgrades: Over time, student residences may need renovations or upgrades to maintain a safe and comfortable living environment. This can include things like new flooring, paint, or updated fixtures.

Again, this list will need to be adjusted according to the size and ambitions of your student residence.

Need a convincing business plan?

The Business Plan Shop makes it easy to create a financial forecast to assess the potential profitability of your projects, and write a business plan that’ll wow investors.

The next step in the creation of your financial forecast for your student residence is to think about how you might finance your business.

You will have to assess how much capital will come from shareholders (equity) and how much can be secured through banks.

Bank loans will have to be modelled so that you can separate the interest expenses from the repayments of principal, and include all this data in your forecast.

Issuing share capital and obtaining a bank loan are two of the most common ways that entrepreneurs finance their businesses.

Now let's have a look at the main output tables of your student residence's financial forecast.

The profit & loss forecast

The forecasted profit & loss statement will enable you to visualise your student residence's expected growth and profitability over the next three to five years.

A financially viable P&L statement for a student residence should normally show:

• Sales growing above inflation
• Stable or expanding (ideally) profit margins
• A net profit

This will of course depend on the stage of your business: a new venture might be loss-making until it reaches its breakeven point in year 2 or 3, for example.

The projected balance sheet

The projected balance sheet gives an overview of your student residence's financial structure at the end of the financial year.

It is composed of three categories of items: assets, liabilities and equity:

• Assets: are what the business possesses and uses to produce cash flows. It includes resources such as cash, buildings, equipment, and accounts receivable (money owed by clients).
• Liabilities: are the debts of your student residence. They include accounts payable (money owed to suppliers), taxes due and bank loans.
• Equity: is the combination of what has been invested by the business owners and the cumulative profits to date (which are called retained earnings). Equity is a proxy for the value of the owner's stake in the business.

The cash flow forecast

Your student residence's cash flow forecast shows how much cash your business is expected to consume or generate in the years to come.

It is best practice to organise the cash flow forecast by nature to better explain where cash is used or generated by the student residence:

• Operating cash flow: shows how much cash is generated by the operating activities
• Investing cash flow: shows how much will be invested in capital expenditure to maintain or expand the business 
• Financing cash flow: shows if the business is raising new capital or repaying financiers (debt repayment, dividends)

Keeping an eye on (and regularly updating) your student residence's cash flow forecast is key to ensuring that your business has sufficient liquidity to operate normally and to detect financing requirements as early as possible.

If you are trying to raise capital, you will normally be asked to provide a monthly cash flow forecast in your student residence's financial plan - so that banks or investors can assess seasonal variation and ensure your business is appropriately capitalised.

Which tool should you use to create your student residence's financial forecast?

Using the right tool or solution will make the creation of your student residence's financial forecast much easier than it sounds. Let’s explore the main options.

Using online financial projection software to build your student residence's forecast

The modern and easiest way to build a forecast is to use professional financial projection software such as the one we offer at The Business Plan Shop.

There are several advantages to using specialised software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You have access to complete financial forecast templates
• You get a complete financial forecast ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast, and recalibrate your forecast as the year goes by
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck
• It’s cost-efficient and much cheaper than using an accountant or consultant (see below)

If you are interested in this type of solution, you can try our forecasting software for free by signing up here .

Hiring a financial consultant or chartered accountant

Hiring a consultant or chartered accountant is also an efficient way to get a professional student residence financial projection.

As you can imagine, this solution is much more expensive than using software. From experience, the creation of a simple financial forecast over three years (including a balance sheet, income statement, and cash flow statement) is likely to start around £700 or $1,000 excluding taxes.

The indicative estimate above, is for a small business, and a forecast done as a one-off. Using a financial consultant or accountant to track your actuals vs. forecast and to keep your financial forecast up to date on a monthly or quarterly basis will naturally cost a lot more.

If you choose this solution, make sure your service provider has first-hand experience in your industry, so that they may challenge your assumptions and offer insights (as opposed to just taking your figures at face value to create the forecast’s financial statements).

Why not use a spreadsheet such as Excel or Google Sheets to build your student residence's financial forecast?

Creating an accurate and error-free student residence financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

Most entrepreneurs lack the expertise required to create an accurate financial forecast using spreadsheet software like Excel or Google Sheets. As a result, it is unlikely anyone will trust your numbers.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately. 

This is why professional forecasters all use software. With the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Finally, like everything with spreadsheets, tracking actuals vs. forecasts and updating your forecast as the year progresses is manual, tedious, error-prone, and time-consuming. Whereas financial forecasting software like The Business Plan Shop is built for this.

Use our financial projection templates for inspiration

The Business Plan Shop has dozens of financial forecasting templates available.

Our examples contain both the financial forecast, and a written business plan which presents, in detail, the company, the team, the strategy, and the medium-term objectives.

Whether you are just starting out or already have your own student residence, looking at our template is always a good way to get ideas on how to model financial items and what to write when creating a business plan to secure funding.

• A financial forecast shows expected growth, profitability, and cash generation metrics for your student residence.
• Tracking actuals vs. forecast and having an up-to-date financial forecast is key to maintaining visibility on your future cash flows.
• Using financial forecasting software is the modern way of creating and maintaining financial projections.

We hope that this guide helped you gain a clearer perspective on the steps needed to create the financial forecast for a student residence. Don't hesitate to contact us if you have any questions!

Also on The Business Plan Shop

• Financial forecast example

Know someone who runs a student residence? Share our business guide with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Student Accomodation Business Plan Template

Explore Options to Get a Business Plan.

Are you interested in starting your own student accommodation Business?

Location Considerations

Legal requirements, property management, services amenities, marketing promotion, technology automation, expansion strategies, risk analysis mitigation, financial projections.

Why write a business plan?

• Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
• Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
• Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
• Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
• Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
• Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
• Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
• Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
• Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
• Business plans allow you to position your brand by understanding your company’s role in the marketplace.
• Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
• Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.

Business Plan Content

• Executive Summary
• Company Overview
• Industry Analysis
• Consumer Analysis
• Competitor Analysis & Advantages
• Marketing Strategies & Plan
• Plan of Action
• Management Team

The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.

The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at [email protected] . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.

Instructions for the Business Plan Template

To complete your perfect student accommodation business plan, fill out the form below and download our student accommodation business plan template. The template is a word document that can be edited to include information about your student accommodation business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.

Ongoing Business Planning

Want a bespoke business plan for your student accommodation business, our expertise.

Website Design & Development for Student Accomodation Businesses

A Guide to Social Media for Student Accomodation Businesses

Student Accomodation Business Plan Template FAQs

What is a business plan for a/an student accomodation business, how to customize the business plan template for a student accomodation business, what financial information should be included in a student accomodation business plan, are there industry-specific considerations in the student accomodation business plan template, how to conduct market research for a student accomodation business plan, what are the common challenges when creating a business plan for a student accomodation business, how often should i update my student accomodation business plan, can i use the business plan template for seeking funding for a student accomodation business, what legal considerations are there in a student accomodation business plan.

How To Write a Business Plan for Student Accommodation Development in 9 Steps: Checklist

By alex ryzhkov, resources on student accommodation development.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Are you interested in getting into the student accommodation development business? With the increasing number of students attending colleges and universities in the US, there is a growing demand for modern and convenient housing options. According to the latest statistics, the student housing market is expected to reach a value of $107.5 billion by 2027, with a compound annual growth rate of 6.4%. This presents a great opportunity for developers to partner with universities or colleges and create purpose-built student housing. In this blog post, we will provide you with a helpful checklist of 9 steps to follow when writing a business plan for student accommodation development. Let's get started!

1. Conduct market research: Before diving into any business venture, it's crucial to understand the market and its potential. Conduct thorough research to assess the demand for student accommodation in your target area, student enrollment trends, and the preferences of the target market.

2. Define the target market: Identify the specific group of students you want to cater to. Are you targeting undergraduate students, graduate students, or both? What are their needs, preferences, and budget constraints? Understanding your target market will help you tailor your accommodation offerings accordingly.

3. Identify competitors: Research existing student accommodation providers in the area and analyze their offerings, pricing, and occupancy rates. This will help you identify gaps in the market and differentiate your offering from the competition.

4. Analyze financial feasibility: Assess the financial viability of your student accommodation venture by evaluating potential revenue streams, costs such as construction and management expenses, and projected returns on investment. This will help you determine the feasibility of your business plan.

5. Create a marketing strategy: Once you have a clear understanding of your target market and competitors, develop a comprehensive marketing strategy to attract students to your accommodation. Consider online and offline marketing channels, promotional activities, and partnership opportunities with universities or colleges.

6. Develop a property acquisition plan: Determine how you will acquire the property for your student accommodation development. Will you purchase land and build from scratch, or will you consider existing properties for conversion? Evaluate the pros and cons of each option and make an informed decision.

7. Establish a budget and financial projections: Create a detailed budget for your student accommodation development, considering all the necessary expenses such as land acquisition, construction, furnishing, and operational costs. Develop financial projections to help you assess the profitability and sustainability of your venture.

8. Create an operations plan: Outline the day-to-day operations of your student accommodation, including property management, maintenance, security, and tenant services. Define the roles and responsibilities of your staff and establish efficient systems and processes to ensure smooth operations.

9. Determine legal and regulatory considerations: Familiarize yourself with the legal and regulatory requirements for operating student accommodation in your area. This may include obtaining permits and licenses, complying with safety and building codes, and understanding tenant rights and responsibilities.

By following these 9 steps, you can create a well-rounded and comprehensive business plan for your student accommodation development. Remember, thorough research, strategic planning, and attention to detail will help set your venture up for success in this thriving market. Good luck!

Conduct Market Research

Before diving into the development of student accommodation, it is essential to conduct thorough market research. This step is crucial for gaining insights into the demand, trends, and preferences of potential tenants.

Market research allows you to gather valuable information that can shape your business plan and decision-making. Here are some key aspects to consider during the market research process:

• Demographics: Identify the demographics of the student population in the area, such as their age, gender, and educational background, as this will help define your target market.
• Student Population: Determine the number of students attending local universities or colleges to gauge the demand for student accommodation.
• Existing Housing: Evaluate the current housing options available to students, including on-campus housing, off-campus apartments, or shared accommodations. Assess the quality, pricing, and amenities offered by these competitors.
• Location: Analyze the most desirable locations for student accommodation, considering proximity to universities, public transportation, convenience stores, and other amenities that appeal to students.
• Market Trends: Identify any emerging trends in student housing, such as preferences for certain amenities, sustainability features, or the demand for flexible lease terms.

Market Research Tips:

• Utilize online resources, such as government data, educational institution reports, and industry publications, to gather comprehensive data.
• Conduct surveys or interviews with students to understand their housing preferences and pain points.
• Engage in conversations with local universities or colleges to gain insights into their housing policies and future plans for expansion.
• Network with industry professionals, real estate agents, and property management companies to gather first-hand knowledge and experiences in student accommodation development.

By conducting thorough market research, you will be equipped with the necessary knowledge to make informed decisions about the development and management of your student accommodation venture. This step sets the foundation for a successful business plan and ensures that your offering meets the needs of the target market.

Define The Target Market

Defining the target market is a crucial step in developing a business plan for student accommodation development. It helps you identify the specific group of students you will be catering to and tailor your offerings accordingly. Here are some important factors to consider when defining your target market:

• Demographics: Start by understanding the demographic characteristics of the students you will be targeting. Consider factors such as age, gender, ethnicity, and income levels. This information will help you create targeted marketing campaigns and design accommodations that meet the needs of your target market.
• Location: Determine the specific geographic area where your target market is located. Are you targeting students at a particular university or college, or do you want to attract students from multiple institutions in a specific city or region? Understanding the location preferences of your target market will be essential for property acquisition and marketing.
• Preferences and Needs: Conduct surveys, interviews, or focus groups to gain insights into the preferences and needs of your target market. Understand what factors are most important to them when it comes to student accommodation. This could include amenities, proximity to campus, affordability, safety, and the availability of study spaces.
• Competition: Analyze the existing student accommodation options in the market and identify any gaps or opportunities. Assess the strengths and weaknesses of your competitors and determine how you can differentiate your offerings to attract your target market.

Tips for defining the target market:

• Utilize online surveys and social media platforms to gather data and insights from your target market.
• Engage with university or college administrators, faculty members, and student organizations to understand the specific needs and preferences of students.
• Consider conducting market research to gather information on the demand for student accommodation in your target area.
• Stay updated on demographic trends, such as the growth in international student enrollment, to ensure your target market aligns with changing student demographics.

Identify Competitors

Once you have conducted thorough market research and defined your target market, the next step in developing a business plan for student accommodation development is to identify your competitors. Understanding the competitive landscape is crucial in determining how your project can differentiate itself and attract potential tenants.

Start by researching other student accommodation developments in the area where you plan to operate. Look for properties that offer similar amenities, proximity to universities or colleges, and pricing structures comparable to what you are planning. This will give you a sense of the market saturation and help you identify potential challenges and opportunities.

It is important to consider both direct and indirect competitors. Direct competitors are those student accommodation developments that offer similar services and amenities to your project. These could be purpose-built student housing properties or even existing rental properties that target students. Indirect competitors, on the other hand, may not provide student-specific accommodation but still offer alternative housing options that students might consider.

List the key competitors you have identified and analyze their strengths and weaknesses. Look at factors such as location, amenities, pricing, reputation, and marketing efforts. Identify what sets them apart from each other and from your planned development.

• Key Point 1: Research student accommodation developments in the area
• Key Point 2: Identify direct and indirect competitors
• Key Point 3: Analyze competitors' strengths and weaknesses
• Key Point 4: Determine what sets your planned development apart

Tips for Identifying Competitors:

• Utilize online search engines and real estate websites to find student accommodation developments in your target area.
• Visit competitors' websites and take note of their offerings, pricing, and target market.
• Talk to local universities or colleges to gain insights into any existing partnerships or future developments they have planned.
• Engage in networking events or industry conferences to connect with other developers and gain knowledge about the market.
• Consider conducting surveys or focus groups with students to gather their feedback on existing accommodation options.

Analyze Financial Feasibility

One crucial step in developing a business plan for student accommodation development is analyzing the financial feasibility of your project. This process involves examining the potential costs and revenues associated with the development, as well as assessing the overall profitability of the venture.

To begin the analysis, you should gather accurate data and information regarding the costs involved in constructing, furnishing, and managing the student accommodation. This includes expenses such as land acquisition, construction materials, labor, permits, and licensing fees. It is important to carefully consider these costs to ensure they align with your budget and financial projections.

Next, you should estimate the potential revenue streams generated by the student accommodation. This may include rental income from leasing the rooms to universities or colleges, income from additional amenities or services provided, and any potential ancillary income sources. Consider factors such as occupancy rates, rental rates, and demand for student accommodation in the area when making these revenue projections.

Once you have compiled the costs and revenue estimates, it is essential to evaluate the financial viability of your project. This involves conducting a thorough financial analysis, including calculations such as net present value (NPV), return on investment (ROI), and cash flow analysis. These metrics will help you determine whether the project is economically feasible and has the potential to generate a satisfactory return on investment.

• Consult with financial experts or engage the services of a professional accountant to ensure accurate financial analysis and projections.
• Consider various scenarios and perform sensitivity analysis to assess the project's resilience to potential market fluctuations or challenges.
• Take into account any financing options available, such as loans or partnerships, and evaluate their impact on the project's financial feasibility.
• Keep abreast of market trends and developments in the student accommodation sector to inform your financial analysis and projections.

Analyzing the financial feasibility of your student accommodation development project is crucial for securing funding, making informed decisions, and ensuring the overall profitability of your venture. By carefully assessing the costs, revenue potential, and overall economic viability, you can position your project for success in the competitive student accommodation market.

Create A Marketing Strategy

Once you have conducted market research and identified your target market, it's time to create a marketing strategy that will effectively reach your desired audience and attract tenants to your student accommodation development. A well-executed marketing strategy will help you differentiate your property from competitors and generate interest among potential tenants.

1. Define your Unique Selling Proposition (USP): Clearly articulate what sets your student accommodation development apart from others in the area. Highlight key features, amenities, or services that appeal to your target market and make your property stand out.

2. Determine your marketing channels: Identify the most effective channels to reach your target market, such as social media platforms, university portals, online rental listing websites, or local advertising. Utilize a mix of digital and traditional marketing methods to maximize your reach.

3. Craft compelling messaging: Develop persuasive and appealing messaging that highlights the benefits of living in your student accommodation. Emphasize factors like proximity to campus, modern amenities, security features, and any unique offerings, like study areas or recreational spaces.

4. Leverage social media and online marketing: Create an engaging online presence through social media platforms like Instagram, Facebook, and Twitter. Regularly update and promote your property with attractive images, virtual tours, and testimonials from satisfied tenants. Consider utilizing targeted digital advertising campaigns to reach potential renters in your area.

5. Collaborate with universities or colleges: Partnering with universities or colleges can significantly boost your marketing efforts. Collaborate with the institutions to promote your property to their student population through newsletters, campus events, or student fairs. Consider offering special incentives or discounts exclusively for students affiliated with the institution.

• Offer referral incentives to current tenants who refer new tenants, such as rent discounts or gift cards, to increase word-of-mouth marketing.
• Consider hosting virtual or in-person open houses and tours to showcase your property's unique features and amenities to potential tenants.
• Regularly monitor and respond to online reviews and inquiries to maintain a positive reputation and establish trust with prospective tenants.
• Create visually appealing marketing materials, such as brochures or flyers, that showcase the best aspects of your student accommodation development.
• Collaborate with local businesses to offer exclusive discounts or promotions to your tenants, creating additional value for choosing your property.

Develop A Property Acquisition Plan

Developing a property acquisition plan is a critical step in the process of creating a business plan for student accommodation development. This plan outlines how you will identify and acquire suitable properties for your project. Here are some important aspects to consider:

• Location: Research and identify locations that are in close proximity to universities or colleges. Look for areas with high demand for student housing and consider factors such as accessibility, amenities, and safety.
• Partnerships: Explore potential partnerships with universities or colleges. Collaborating with these institutions can provide valuable insights into their specific needs and preferences, as well as potential opportunities for leasing agreements.
• Real estate agents: Engage with experienced real estate agents who specialize in student accommodation development. They can assist in identifying suitable properties and negotiating favorable deals.
• Networking: Attend industry conferences, participate in forums, and connect with professionals in the student accommodation and real estate sectors. Building a strong network can lead to valuable opportunities and insights into potential property acquisitions.
• Due diligence: Conduct thorough due diligence on potential properties to assess their suitability for student accommodation development. This includes evaluating factors such as zoning regulations, building codes, infrastructure, and potential renovation or construction costs.
• Financial considerations: Analyze the financial feasibility of property acquisitions, including the cost of acquisition, renovation or construction expenses, and potential return on investment. Consider seeking advice from financial experts to ensure your property acquisition plan aligns with your overall business strategy.

Tips for Developing a Property Acquisition Plan:

• Establish clear criteria for property selection based on your target market and financial goals.
• Consider both short-term and long-term growth potential when evaluating properties.
• Regularly monitor the real estate market to stay updated on new opportunities.
• Evaluate the availability of utilities, transportation, and other amenities that are important to your target market.
• Consider seeking legal counsel to navigate any potential legal or regulatory hurdles in property acquisition.

Establish A Budget And Financial Projections

One of the most crucial steps in developing a business plan for student accommodation development is establishing a budget and financial projections. This will help you determine the financial feasibility of your project, assess the profitability, and make informed decisions throughout the development process.

1. Determine the development costs: Start by estimating the costs associated with the acquisition of land or property, construction or renovation, permits, and any other expenses involved in the development phase.

2. Consider financing options: Explore different financing options such as loans, grants, partnerships, or investors to determine the best way to fund your project. Assess the interest rates and repayment terms to ensure they align with your financial projections.

3. Project rental income: Estimate the potential rental income from the student accommodation based on factors such as location, market demand, amenities, and room rates. Conduct market research to understand the average rental prices in the area and adjust accordingly.

4. Calculate operating expenses: Take into account the ongoing operating expenses such as property management fees, maintenance costs, utilities, insurance, and any other expenses that will impact your cash flow.

5. Evaluate revenue streams: Identify additional revenue streams that can support your financial projections, such as offering additional services or amenities to students, partnering with local businesses or service providers, or exploring alternative leasing options during non-academic periods.

• Consult with industry experts or financial advisors to ensure your budget and financial projections are realistic and accurate.
• Perform sensitivity analysis to understand the potential impact of market fluctuations or changes in expenses on your financial projections.
• Allow for contingency funds and factor in unexpected costs to avoid any financial setbacks during the development and operation stages.

By establishing a budget and conducting financial projections, you will have a clearer understanding of the financial viability of your student accommodation development. It will enable you to make informed decisions, attract potential investors or lenders, and set realistic goals for your business.

Create An Operations Plan

Creating an operations plan is crucial for the successful development and management of student accommodation. This plan will outline the day-to-day operations, policies, and procedures that will ensure the property runs efficiently and provides a positive living experience for the students. Here are some key steps to consider when creating an operations plan for your student accommodation development:

• Staffing: Determine the number and roles of staff members needed to run the property effectively. This may include property managers, maintenance personnel, security staff, and administrative support.
• Training and Development: Develop a comprehensive training program to ensure that staff members are equipped with the necessary skills and knowledge to fulfill their roles. This may include training on customer service, safety protocols, property management software, and emergency response.
• Property Maintenance: Implement a regular maintenance schedule to keep the property in optimal condition. This may involve routine inspections, repairs, and upgrades to ensure the comfort and safety of the students.
• Student Services: Identify the services and amenities that will enhance the student experience, such as laundry facilities, study areas, common spaces, and recreational facilities. Determine how these services will be managed and maintained.
• Establish clear communication channels for both students and staff to address any concerns or maintenance requests promptly.
• Regularly assess and improve your operations plan based on feedback from students and staff to ensure continuous improvement.
• Consider implementing technology solutions, such as an online portal or app, to streamline communication and facilitate processes like room reservations, maintenance requests, and rent payments.

By creating a comprehensive operations plan, you can ensure the smooth functioning of your student accommodation development. This will result in a positive living experience for the students, leading to high satisfaction rates and increased demand for your property.

Determine Legal And Regulatory Considerations

When developing student accommodation, it is crucial to consider the legal and regulatory requirements that govern the operation of such properties. Failure to comply with these laws and regulations can result in severe consequences, including fines and legal actions. Here are some important considerations to keep in mind:

• Research local zoning regulations: Before proceeding with any development plans, it is essential to determine if the intended property meets the zoning requirements for student accommodation. Contact the local planning department to obtain the necessary permits and ensure compliance with local regulations.
• Understand building codes and safety regulations: Student accommodation must meet specific building codes and safety regulations to ensure the well-being of residents. Familiarize yourself with the relevant codes, such as fire and electrical safety standards, and work closely with architects and contractors to incorporate them into the property's design.
• Consider environmental regulations: Environmental sustainability is becoming increasingly important in the development of any property. Research and adhere to environmental regulations and incorporate eco-friendly practices into your student accommodation project, such as energy-efficient systems and waste reduction measures.
• Review leasing and tenant laws: Familiarize yourself with the leasing and tenant laws in your jurisdiction to understand the rights and responsibilities of both the property owner and the students. This includes regulations related to lease agreements, security deposits, eviction procedures, and tenant privacy.
• Obtain necessary licenses and permits: Depending on the location of your student accommodation, you may need to obtain additional licenses and permits, such as business licenses or health department approvals. Consult with local authorities to understand the specific requirements and ensure timely compliance.
• Consider insurance requirements: Make sure to adequately insure your student accommodation property against risks such as property damage, liability claims, and loss of income. Consult with insurance professionals specializing in real estate to determine the appropriate coverage.

Tips for navigating legal and regulatory considerations:

• Consult with legal professionals with expertise in real estate and property development to ensure compliance and mitigate legal risks.
• Stay updated on changes in local laws and regulations related to student accommodation to adapt your business plan accordingly.
• Establish a strong network within the industry, including peers, industry associations, and local authorities, to stay informed and seek guidance when needed.

By carefully considering the legal and regulatory considerations involved in developing student accommodation, you can ensure a smooth and compliant operation that benefits both the students and your business.

In conclusion, developing student accommodation in partnership with universities or colleges can be a lucrative business venture. By following the nine steps outlined in this checklist, developers can create a comprehensive business plan that addresses key aspects such as market research, financial feasibility, and legal considerations. This collaboration model not only meets the increasing demand for modern and convenient housing options for students but also ensures a stable income stream for developers. By providing affordable and high-quality housing, developers can make a positive impact on the student experience and contribute to the overall success of higher education institutions.

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10 Student Housing Marketing Strategies to Attract Student Renters

There are more than 16 million students enrolled in U.S. colleges today. That’s a lot of students who are just now getting out on their own, and a great deal of opportunity for student housing providers.

But to get in front of this many students requires a tuned-in student housing marketing strategy.

So get studying — here are 10 student housing marketing tactics to generation new leads and keep student residents happy.

| Related: 19 Multifamily Marketing Ideas for 2019

10 Student Housing Marketing Tactics to Engage, Generate and Retain

Lead generation.

We all know that lead generation is crucial to any student housing marketing campaign. The good news is that student housing occupancy rates aren’t hurting too badly right now - rates were 93.9% in August 2018 . That’s all thanks to climbing enrollment rates and more student living apartments in close proximity to campuses.

Take a look at lease velocity from 2017 to 2018.

While it appears student housing lease velocity is reaching a peak, student housing providers feel the industry has much more room to grow.

As the industry expands, many students are still choosing non-student housing options. This could explain the peak and make marketing to student housing renters challenging in years to come.

To stay relevant in student housing and increase customer acquisition, marketers have to stay ahead of the curve.

Here are some key lead gen initiatives to get in front of student renters today.

1. Invest in conversational marketing

Yes, we’re talking chatbots. They can be great lead capture tools on your website. If a prospect lands on your website after hours or while an agent is out giving a tour, a chatbot can answer generic questions or set up a meeting right there.

This saves your leasing agent some time, and ensure you’re not missing out on those valuable leads that land on your site while a human is away.

2. Think about how you capture leads after hours

One thing is certain about today’s student renters: they’re most active at night. And when are your leasing offices open? We could put money on a solid 9 a.m. to 5 p.m.

Catching those internet leads that come in after hours can be tricky though. Chatbots help, and so do call centers - but what if you could offer a 24/7 tour of your student housing complex?

Video content marketing tools such as a 360 walk-through or virtual video of your student living apartments gives leads the opportunity to view your entire complex online. This further qualifies the lead, keeps prospects engaged longer on your website, and gives you a competitive edge against surrounding student apartments.

Check out these case studies to see how virtual tours have made an impact on apartment lead generation.

3. Join the amenity war

If you can’t beat ‘em, join ‘em. Today’s student renters want amenities. They want to know exactly what they’re getting for that monthly rent payment - so push a lifestyle rather than just a place to live.

It’s how you sell that lifestyle that will make the biggest impact, however. Whether it’s a 360 virtual tour, enhanced floor plans or a photo gallery specifically highlighting your community features, it’s all how you show off your amenities.

You can also learn a lot about which amenities are most important to prospects. Virtual tour analytics will give you a closer look into what viewers are engaging with the most. As a result, you get a better idea of what your audience cares about and which amenities to push in your next marketing campaign.

But most importantly: don’t just list amenities on your website. Designate a specific section of your website strictly to amenities. Show off your club house, fitness center, pool and fire pits. Highlight your morning coffee station or include user-generated photos of a recent resident event. One simple hack we’ve seen done well is to add an Instagram widget to the gallery section of your website.

4. Test new approaches to stay ahead of the curve

To be best in class, you have to keep testing. And to do that, you need to continually analyze what renters’ needs are. Student housing has one of the most dynamic target audiences. As we saw with the shift from Millennials to Generation Z, the change has been pretty drastic. The needs of students changes year-to-year and your marketing approach must tune in to these swift transitions.

That means testing out newer approaches like student housing virtual tours , 3D walk-throughs for developments and testing out unique advertising opportunities. These kinds of new technologies can also tell you a lot about your community and help cater your message more directly.

Social Media

We can’t talk about marketing in student housing without the use of social media. The average college student is between 18 and 23 years old, which means that age group has just fallen into the top range of Generation Z.

If you think Gen Z social media use is right up there with Millennials - think again.

Unlike Millennials, Generation Z has never known a world without social media. Nearly half of Generation Z checks their social media profiles on an hourly basis . What’s more, most of the generation admits they can’t live without YouTube.

Which brings us to some of our top student housing marketing tactics as it pertains to social media use. Here’s how your student living apartment can dominate the social scene:

1. Make social video your top priority

Gen Z is most receptive to video (as you probably already know). That's why it's crucial to make the top video platforms your main sources of social content. That means YouTube and IGTV.

Sure, video can cost more and require more time, but the return is well worth it.

Remember to keep your social videos quick and engaging. Get straight to the point and don’t let videos stretch longer than two minutes. The average attention span for Gen Z is eight seconds (compared to twelve seconds for Millennials), so you have very little room to catch their interest.

And don’t forget that once you’ve posted content to YouTube, you can share it across Facebook and email, too.

Consider creating resident testimonials, 360 virtual tours like this one here , or capture fun video from resident events. The possibilities are endless - it just takes some creativity and unique perspective to create engaging content that will help your prospects see what a great community they’re missing.

2. Use Pinterest to showcase rooms and amenities

Pinterest is a great tool for first-year renters just discovering your community. The organization of Pinterest lets you easily display amenity options, mood boards for room inspiration, and trends that pertain to your prospects.

Additionally, Pinterest is actually a wonderful social listening tool for student renters. It’s not a typical tool used for that purpose, but that’s what makes it such a competitive barrier. It can help you find what your audience is talking about, what their passions are, and what sparks their inspiration. Utilizing that knowledge, you can cater your marketing strategies more specifically to your ideal audience.

3. Instagram is the holy grail of reaching Generation Z

Last (but certainly not least), Instagram needs to be your top social marketing channel. Student housing complexes that invest time and resources into displaying content on Instagram see higher returns than more traditional platforms like Facebook. And it’s not hard to see why - Gen Z prefers Instagram the most when hearing from brands.

It’s how you use Instagram that will be key.

Take MSULiveOn for example. They are Michigan State University’s student housing Instagram page, and they definitely know how to rock it.

They’ve got a great mix of content, photos that pertain to the season and what’s going on around campus, and plenty (and we mean plenty) of resident portraits. What they share the most tends to be resident quotes and amenity features. Plus, they post nearly every day.

Follow those guidelines and you’ll be rocking your student housing Instagram just like MSU.

Customer retention is cheaper than customer acquisition. But as we all know, student housing has one of the highest turnovers. It simply comes with the territory, but there are ways to keep students on the lease for much longer than twelve months.

1. Really leverage those amenities

Utilizing your amenities while you have your renters will strengthen retention. Here are just some quick wins that will keep residents engaged:

• Host regular resident events in your club house (painting classes, T-shirt decorating, cook-offs, cooking classes - you name it)
• Create fitness center events (host dance classes, bring in a weekly personal trainer, or hold health-centered events)
• Add simple amenities to your complex (rotating coffee cart, weekly food truck, a popcorn station for Friday move nights, or put out doggy treats if you’re pet-friendly)

Let’s face it: today’s student renters get bored easily. It’s important to rotate your resident events and what your community offers to keep things interesting.

2. Consider reasonable renovations

Property managers can have a difficult time letting go of original apartment states, but we’re not talking about making drastic changes.

Small changes to club houses or lobby furniture can liven up the space and keep residents happy. After all, club house furniture gets worn over time, and sometimes it takes a little sprucing up to make a big difference.

Here are just some other quick renovation ideas you can consider for your student living apartment:

• Fresh new landscaping every spring
• Adding a fresh coat of paint in common areas
• Considering new decor arrangements in the lobby (plants, wall art, new seating areas)
• Swapping out pool furniture with new, comfy cushions every spring

Sure, this is just regular upkeep, but it’s necessary to keep residents happy.

You may also consider allowing residents to make minor adjustments to their own apartment units. Far too often, student living apartments don’t let allow nails in walls or allow painting. But small changes like this gives your residents creative freedom.

Think about it: they’ve been living with mom and dad for 18 years. They’re ready for a place to make their own, and a place they can feel confident and comfortable in during their time at school. Allowing minor decor adjustments to model units can make a world of a difference for student renters.

3. Create a solid relationship with residents

It’s easy to let student residents just become student residents. After all, the turnover is high and many students aren’t quick to get to know their property managers.

But you can change that narrative.

From the time you greet them for an on-site tour to the time you hand them the keys, you have to be building that relationship with the resident. Once they’re moved in, encourage them to join your resident events. Or send personalized thank you notes to residents that have just moved in, introducing yourself and letting them know a little about you.

If tenants are late on rental payments, form a policy that creates a polite and reasonable conversation between property managers and the resident.

Finally, set up group social accounts (Facebook for instance) for all of your student residents to engage with one another and your on-site managers. They can ask questions, find dog-sitters and discuss what’s going on in the neighborhood. Or, they can find study partners and even find a friend to go to the next cooking class in your club house.

Relationship building is the key to keeping residents. It’s inexpensive and it’s genuine.

Here’s Some Homework

Marketing to student housing renters is no easy feat. It requires creative ideas, knowing your prospects’ needs, and frequent testing.

So here’s your homework: dig deep to find opportunities you’re still missing. Ask yourself where your audience is most active. What are your competitors doing now that seems to be working, but you have yet to test?

Fine tune your student housing marketing to create best-in-class strategies that really pull in your audience.

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Business Plan Template for Students

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Thinking of starting your own business as a student? We've got you covered! ClickUp's Business Plan Template for Students is the ultimate tool to help you turn your entrepreneurial dreams into reality.

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Don't let your student status hold you back from achieving your business goals. Get started with ClickUp's Business Plan Template for Students today and pave the way for your future success!

Business Plan Template for Students Benefits

When students use the Business Plan Template, they gain a competitive edge and set themselves up for success by:

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When it comes to creating a solid business plan, ClickUp's Business Plan Template for Students has got you covered. Here are the main elements you'll find in this template:

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Creating a business plan as a student can be a daunting task, but with the help of ClickUp's Business Plan Template, you can break it down into manageable steps. Follow these six steps to create a comprehensive business plan that sets you up for success:

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Develop a financial plan that includes projected revenue, expenses, and profit margins. Determine your startup costs, pricing strategy, and sales projections. Use custom fields in ClickUp to track and calculate financial data accurately.

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Set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your business. Break them down into smaller milestones and create a timeline to track your progress. Utilize the Goals feature in ClickUp to set and monitor your business goals.

By following these six steps and utilizing ClickUp's Business Plan Template, you can create a comprehensive and well-structured business plan that will guide you towards success in your entrepreneurial journey.

Get Started with ClickUp’s Business Plan Template for Students

Students who are aspiring entrepreneurs or learning about business management can use the ClickUp Business Plan Template to develop a comprehensive and structured plan for their business idea.

First, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you'd like this template applied.

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Now you can take advantage of the full potential of this template to create a solid business plan:

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• The Business Plan View will give you an overview of the entire plan, allowing you to see how each section fits together.
• The Getting Started Guide View will provide you with step-by-step instructions on how to use the template effectively.

Customize your business plan further by utilizing the three custom fields: Reference, Approved, and Section. These fields will help you keep track of external resources, approval status, and the specific section each task belongs to.

Monitor and analyze your progress using the various views and custom fields to ensure your business plan is comprehensive and well-structured.

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Student Housing Marketing Strategies To Boost Sales In 2023

It is understandable that many college students try as much as possible to separate their stressful student life from where they live.

Some just don't register early enough for on-campus accommodation.

Student housing is basically a type of off-campus housing for students like this. It is a building or structure mainly for long-term living by college students, away from the institution (off-campus). Some people refer to student housing as student accommodation.

Is Investing In Student Housing a Good Investment?

Prior to the coronavirus epidemic, student housing was one of the most appealing property investments. Student accommodation has become a highly desirable commercial venture ever since a vaccine has been developed and schools are reopened.

Traditionally, university students would reside on campus, and they would sometimes live at home to save money and commute.

Developers have stepped in to build new flats and refurbish old ones as the typical dorm building is about 52 years old.

Property investors have gradually understood that this is a huge opportunity, particularly because college attendance has never been bigger.

Student housing is still significantly profitable considering the following factors:

• It is relatively recession-resistant. As the economy worsens, more people attend school. MBA applicants increased by 50% during the economic meltdown of 2008-2010.
• The cash flow is stable. Student housing provides a consistent cash flow source, provided the school is in good standing.
• Attendance is continuing to rise. From 2000 to 2015, the number of people enrolled in undergraduate degree programs in the United States grew by 30%. This shows that the desire for a college degree is unquenchable.

How Do You Promote Your Student Housing?

The process of marketing real estate, especially student housing, can be very overwhelming.

Though there's a high demand for long-term student housing, you still have to be sure to find reliable college students to rent the apartments. This is for you to maximize return on investment on your property.

You might be thinking, where do I start from? How do you promote student housing?

Well, it really isn't rocket science. Below are some ways that you can go about off-campus housing advertising.

Utilizing Property Management and CRM Systems

The quickest and easiest way to screen candidates and execute contracts is to organize your leasing processes with a property management system that is automatic and practical for potential tenants.

Your leasing team, whether it consists of a single property manager or a group of leasing employees, will require skillset in sales, perseverance, understanding, and empathy.

An outstanding CRM system (customer relationship management software) that can simplify the renter experience from offer to closure will be the driving force behind the leasing team's success.

An remarkable follow-up procedure, tour routine, and closing strategy to successfully lease up property fast all support the operation to achieve complete occupancy.

Maintaining contact with existing tenants is also crucial. Portal alerts and notifications, personalized email messages for special occasions like birthdays and holidays, and welcome kits filled with gifts and deals from nearby businesses are all excellent ways to do this.

Remember that these actions may result in recommendations for the property in the future and favorable evaluations.

Although there are many property management options available, Booking Ninjas student housing property management system comes highly recommended.

Numerous customers have also made use of these different services that enable the creation of a portal where renters can submit requests and pay rent, as well as a backend where property managers can manage administrative, financial, and upkeep tasks.

Future success will result from maintaining the current marketing, leasing procedures, and management progress.

Student Housing Lease Velocity

Lead generation is an important part of student housing marketing, and student housing occupancy rates are doing good right now; in August 2018, it was up to 93.9 percent. This is due to rising enrollment rates and the addition of new student housing complexes near institutions.

Take a peek at the rate of lease velocity data from 2017 to 2018.

Although it looks like the student housing lease velocity has hit a peak, student housing companies believe there is still a lot of space for growth in the business.

Several students are still settling for non-student housing preferences as the sector grows. This might explain the high point and make appealing to student accommodation renters more difficult in the future.

Marketers must hold their heads up high in order to remain relevant in student housing and improve customer acquisition.

The recovery from the pandemic is being recognized by student housing performance ratings. In March, the RealPage 175 group of campuses had a 61.2 percent pre-lease velocity, which is higher than the 59.5 percent for March 2020.

It's worth noting that the March 2020 results were on the verge of a COVID-19-induced downturn. By the time quarantine measures were implemented, much of the month's renting activity had already occurred. As a result, it wasn't until April that low performance became a major issue.

When it comes to rent increases, it's not unexpected that profitability has returned in a big way. The annualized rent change from March 2018 to March 2022 shows a growth rate of 5%, which is exceptional.

Check out the rent growth YoY acceleration chart below:

The quick increase in rents throughout March 2022 indicates adaptability, as March values were actually bad last year. As a result, the current growth rate is significantly exaggerated due to the compressed number from the previous year.

Even so, that minor mathematical detail shouldn't obscure the reality that today's rent rise is likewise a result of recovering demand.

Set Meaningful Goals

When it comes to doing effective marketing for your student housing business, it's critical to first set meaningful goals. Setting meaningful goals and objectives might help you stay on track with your progress.

Your goals should be SMART (specific, measurable, attainable, relevant, and time bound)

Specific: Examine your objectives in detail. What do you hope to achieve with your marketing? With a definite goal in mind, be meticulous. "For example your goal may be “within one year, we expect 50 lease applications completed".

Measurable: What metrics will you use to evaluate the success of your leasing campaign? What resources do you have at your disposal? You'll know what success looks like if you set precise goals and make sure you have the tools you need to track your progress.

Attainable: You should be realistic while setting your marketing objectives. For example, if your website has 200 monthly visitors on average, you shouldn't expect to see a 100-fold increase overnight. Set realistic goals and standards for yourself so that you may achieve your objectives.

Relevant: Another important thing to consider is relevance. Make sure your objectives are aligned with what you can track. If you're searching for rent application form completions, for instance, be sure that the conversion tracking techniques you've set up on the website allow you to monitor application form completions. If you don't have one, use another means.

Time bound: Setting timeframes for achieving your objectives is also crucial. A schedule will help you and your organization in visualizing your goal and ensuring that you are aware of when you should arrive. Just keep in mind that real results take time.

Use Social Media Marketing To Engage With The New Generation Students

It is safe to say the whole of the new generation is on social media. Social media is a huge opportunity to showcase any business.

While you capitalize on this, avoid being too sales-y when using social media to market your student housing property.

Some of your posts may not be related to student housing, posting fun content that doesn't scream "come and rent an apartment" could subtly do a lot of lead generation. When posting these unrelated contents though, please be sure to put the logo for the property. For any money-making venture, branding is extremely crucial.

There are 2 major ways to use social media to engage with new generation college students that are potential tenants they are by;

Showcasing Rooms And Amenities On Social Media

Like we have previously discussed, so many landlords underestimate the power of pictures or images for student housing marketing.

Social media is a very visual platform, and people on social media are either convinced or annoyed by what they see.

However, social media is not all about the quality of your images. You need to consider many other factors when marketing on social media, like good videos and good writing skills.

We will discuss some of the most influential social media platforms for student housing marketing below.

This is a search engine that focuses a lot more on aesthetics, compared to other social media platforms.

For example, Pinterest allows you to upload images (pins) with captions related to the pins and link your website to it.

This means if a potential tenant comes across your post on Pinterest, you can easily redirect them to the exact page that you want them to see on your website.

This is no doubt one of the best social marketing channels.

Since we're talking about the new generation (Gen Z), there's no way we won't talk about their obsession with Instagram.

There's a higher chance that a college freshman finds you on Instagram than on Are any other social media platform.

Although you can't post links in your Instagram captions, you can post your web address on the bio section.

YouTube/TikTok

The new generation is extremely receptive to videos. For this reason, it is very important to make platforms like YouTube and TikTok your major source of marketing.

YouTube/TikTok are major video apps and while YouTube has the attention of every age group, TikTok gets the attention of mostly young people.

Using Social Media Ads To Reach Specific Target Audiences

Social Media marketing campaigns are way better when you use the ads services because they can be optimized to fit your target audience.

If you have a student housing property to market, and you don't want to spend money to run ads, then you're probably not ready for the market. Your biggest competitors are running ads, even though they are popular and easy to find.

Social media marketing adopts pay-per-click marketing which is running an ad on a platform and paying every time someone clicks on it. If you run an ad that the age demographic of the target audience is set to 16-35, you'll most likely reach college students.

Expand Your Reach With Digital Marketing

People also refer to digital marketing as online marketing. It is the marketing of brands/businesses for lead generation, and to connect with possible customers.

Since the beginning of the pandemic, a lot of colleges have closed their in-person studies. Some have placed a very thin limit on how many students can stay on campus.

This is a good opportunity for landlords to get potential tenants online. Because college students are spending a lot of time online, especially since tutoring is mostly online.

We have said a lot about social media marketing and its benefits and for all, it's worth we would like to also mention that though it is the biggest and most talked-about aspect, it is also under digital marketing.

There is so much expertise in digital marketing and here are a few examples.

Local SEO (Search Engine Optimization) To Target Local Searches

SEO is a technique for making your webpage discoverable by search engines.

Local SEO focuses on optimizing your promotion in a way that is tuned to the taste of local search. This means that the right people will see your content, hence more lead generation.

Retargeting To Bring Back Lost Visitors

Retargeting ad campaigns simply means reminding website visitors of products and services after they leave without converting.

Have you visited a particular website one day and seen an ad about it on an unrelated website the next?

That is how retargeting works. It just keeps following you around the internet. Reminding you to convert.

Outreach Marketing

The main goal of outreach marketing is to take the initiative in attracting new tenants. It's important to be diligent and contact potential tenants. This strategy typically entails creating or beginning something that will draw occupants to you. 

Marketing strategies that involve contact will produce outcomes more quickly than blogging and search engine optimization.

Outreach marketing is essential when you need new tenants immediately and can't afford to delay. Such an efficient and affordable strategy is social media promotion. Facebook and Instagram ads are particularly effective at this because of their crowd-targeting capabilities. 

Here are some alternative student accommodation marketing suggestions:

• Organise parties and events at your rental apartment
• Establish connections with other nearby companies
• Establish networking groups for business.
• Make flyers and distribute them
• Join the neighborhood group
• Provide improvements rather than discounts
• Send holiday presents to tenants
• Encourage your loyal customers
• Think about supporting humanitarian issues
• Contact campus media outlets to show an advertisement or post
• Involve the parents of the renters

The main goal of outreach marketing is to actively find tenants for your student housing property. There are numerous methods to connect with your audience if you take a look around and exercise a little creativity. Emails and social networking sites allow you to do it comfortably at home. 

Alternatively, you could stroll around, observe the community, and interact with people in the neighborhood. Students will learn about you in whichever way.

Other Marketing Strategies for Student Housing

That being said, here are some other reliable ways to go about student housing marketing.

Property Websites/Portals

If you have experience in real estate, then you have probably listed your properties on websites like Spotahome, Roomi, and Uniplaces. This approach is basic, yet very effective for lead generation.

However, there's a potentially better way to list your student housing that is similar to this. Which is building a close relationship with various universities and directly posting your properties on their property portal. This makes it easy for you to get college students from specific colleges.

Good Photography

Many landlords/realtors underrate the importance of quality images for their marketing campaigns. Photography is something you definitely don't want to DIY when doing student housing marketing.

In a competitive business like student housing, your best bet is to hire a professional real estate photographer.

Being Strategic With The Dates

Many potential tenants may hold off from obtaining their student housing. This is because they haven't gotten their A-level results, even though they have been given admission into the university.

It could be one of many effective marketing strategies if you connect your property promotions within the time that they will be receiving their results.

Setup a post on your website, use social media and digital marketing, and take advantage of the excitement of finding student housing before university resumes.

Keep Trying New Approaches To Adapt To Changing Trends

To stay ahead of the games, you must continue to try new things. In order to do so, you must constantly assess the demands of your tenants.

One of the most flexible target populations is that of the student housing market, and as we've seen, the transition from Millennials to Generation Z has been rather dramatic.

The demands of students change from season to season, and your business plan must adapt to these rapid shifts.

Provide a Study Focus Space

Put yourself in the position of a student. Although having a relaxing place for them to appreciate is wonderful, creating a conducive learning atmosphere can be equally as fundamental. 

Try to designate areas on your property or in your structure where students can concentrate on their studies. 

Free WiFi should be available, and an active place with welcoming furniture should be created. By doing this, you are giving them a spot to keep as well as a quiet environment to study.

Offer a Storage Space

Although some people may find this unusual, giving students access to an additional storage room on the premises can be a huge benefit. 

They can avoid paying for a storage facility rental and have peace of mind knowing that their belongings are secure. 

Give them access to large, lockable containers that can hold a variety of things. Students are going to sense that you care about them since you're the manager or owner of the property, and it will also make staying there more sensible.

Guerilla Marketing Ideas For Student Housing

Guerilla Marketing is a marketing technique that adopts unusual ways to promote products or services.

In simpler words, guerilla marketing is the drama queen of marketing. It uses different ways to get the attention of potential customers.

Here are some examples of Guerilla marketing for student housing.

Conversational Marketing Using Chatbot

In place of direct communication with a real-life human agent, a chatbot is a software program that conducts an online chat discussion using text or text-to-speech. Chatbot systems are often designed to accurately replicate the way a person would act as a conversational partner.

In a world where everyone uses social media, just having a website for your student housing business is not enough.

The new generation is hyper-connected and digitally inclined. Because of messaging apps like WhatsApp or telegram, the way the new generation communicates has evolved.

Rather than send you an email, your potential tenant would prefer to chat with you. This is why integrating a chatbot into your student housing website can be an effective lead generation method while providing good customer service.

Virtual Tours/3D Walk-Throughs

A virtual tour is a pattern of panoramic images put together to create a virtual event for any location.

A 3D tour is basically experiencing a tour so intimately without being there in person.

These are holy grail ideas. Before renting a place, a potential tenant can already see what the place looks like.

Virtual tours or 3D walk-throughs will help them with their imagination. They would rather go for housing they have experienced, even on a virtual tour, than one they haven't.

Sell A Lifestyle Using Amenities

When you have amenities like swimming pools, indoor games, and sports facilities like basketball courts, volleyball courts, and so on, you have a high chance of getting the attention of young people.

Most college students that look for student housing are classified as starting out singles and young adult roommates.

So, when you think about it, this demographic of people are new to living on their own, and long-term lifestyle amenities like garages may be handy.

This strategy is essential to any off-campus housing advertising because these amenities are provided most times on-campus.

Encourage Word Of Mouth With Referral Specials

Word of mouth can go very far in marketing your student housing.

Rather than go online, potential students would much rather hear from someone who isn't the property landlord or an official third party about the property.

You can encourage old or recent tenants to tell their friends about your property by giving them referral specials.

A referral special is simply a reward for bringing in new tenants. For example, if one of your tenants brings a family member to rent one of your apartments, you can give them 5 percent off the next rent.

Student loans aren't cheap, and many college students do different things to cut costs. This will be the perfect opportunity for them.

Flash Sales To Clear Off Remaining Inventories

What is a flash sale, you may ask?A flash sale is when a business offers huge discounts or promotions for a really short period. It is different from the generic "discount".

It is better to do a flash sale than have your property sitting without any occupants. At the end of the day, you don't want your space to be left empty.

That is why it is better to do a flash sale to clear off your remaining inventories.

Encourage Reviews On Review Platforms To Build Trust

College students may see you as authentic if you have reviews on review platforms.

Students want to see that other people endorse you before trusting you. So, in essence, it is always wise to ask for reviews on platforms like google reviews and trust pilot.

Read more: 5 Major Trends In Student Housing To Win

Don't Forget The Retention Of Existing Students

While you're looking for new college students to occupy your student housing, don't forget how much effort you put into getting the existing tenants. You need to put things in place to make sure they want to stay.

There are many things to consider when renewing.

Is your price too high? Are you lacking good customer service? Are there issues with the facility?

These questions might be hard to figure out.

Increase Renewal Rate With Renewal Specials

There are various ways to increase your renewal rates, but the major one is through discounts and giveaways.

As discussed previously, college students look for ways to cut costs.

Offering them something like a discount, or free services like cleaning or wifi, might make them at least consider staying.

Host Events To Show You Care

College students love to socialize, and if you host themed events for them, they could feel right at home.

Imagine having a bad week at school but going back to your apartment to chill with your roommates and neighbors.

College students get a sense of belonging when they attend themed parties hosted by their landlords.

Also, for new students, you can host onboarding or welcome events. So that before they even settle down in their apartments, they already want to renew their tenancy.

New And Innovative Amenities Based On Feedbacks

Only residents can tell you how you can improve the facilities in your student housing.

You can share something like a questionnaire or conduct in-person interviews. This is to know what amenities you can improve on or introduce for the comfort of your residents.

Renovate Your Student Housing To Keep It Fresh

Every real estate property needs renovation to keep things fresh, especially when young people are involved.

As much as the primary purpose of shelter/housing is protection, young people also love when their housing has a nice aesthetic to it.

Your property has to look presentable to a certain extent. So, your best bet is to fix things that need to be fixed now and then. That way, your tenants would have little or no reason to want to leave.

What kinds of improvements are possible for your student apartments, then? Here are some suggestions you could test out:

• Apply fresh paint, wallpaper, or artwork for the public spaces
• Replace dated furniture
• Reorganize the decor
• Transform the scenery for springtime
• Replace the drapes/curtains with bamboo blinds.
• Add interior plants to the mix
• swap outdated kitchen fixtures
• Replace broken lighting fittings
• Put in LED lighting
• Purchase a fresh toilet seat.
• Add floating furniture

These are all inexpensive but wonderful remodeling suggestions that will draw in more tenants. Additionally, it improves the worth of your property. 

More students want to live in your student accommodation the more attractive it is. This is a great way to keep occupants who might stay in your rental property for several more years.

Build Strong Relationships With The Students

Young people can be so rebellious, yet they can also be so compliant when it looks like you're putting yourself on their level.

Because they're so young, they're constantly trying to remind people that they are in college and old enough to do what they want. For this reason, they may resent people who want to tell them otherwise.

Set your rules and regulations, but don't be that landlord that always wants to make residents feel trapped in their apartment.

Build personal relationships with them, and as cliche, as it may sound, residents may retain their apartments solely because of their relationship with their landlords.

Why Shouldn’t You Slow Down your Student Housing Marketing?

It's not the right time to slack on your student housing marketing plan because, in recent times, more people have intended to stay in their current housing community but are open to change if the right price and features are offered. 

Use these student housing marketing suggestions to supplement your current approach, and evaluate your efforts to identify the most effective methods for bringing about change in your neighborhood.

Leverage These Student Housing Marketing Strategies

The best technique for student housing marketing is to combine existing marketing (social media, digital marketing, etc) with new and innovative marketing strategies.

This helps to ensure a long-term supply of new residents while retaining existing residents.

Follow these strategies, and you have a good shot at succeeding in your marketing and student housing business.

Last but not least, you can also leverage on a Student Housing Management Software to help you better manage your operations, increase your marketing exposure and boost your revenue. Schedule a call with us to learn more!

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20 Examples of modern student housing

The most memorable place for students would mostly be their dorms, as it’s not just a room, but their happy place filled with memories . These spaces are in use 24 hours a day, allowing multiple activities like studying , eating, socializing, sleeping, playing, exercising, etc., hence student housing need to be designed carefully for the users. 

The accommodation must provide all the basic needs and create an environment for individual and group activities keeping in mind their privacy. Apart from the basic facilities, a great ambience with modern facilities is expected out of students nowadays in the student housing, as they spend years here. 

Let us explore 20 Modern student housing examples.

1. Hong Kong University of Science and Technology | Student Housing

Designed by Zaha Hadid Architects and Leigh & Orange, this modern house is known for its rooftop walkway, which is the primary circulation. The steeply sloping site is taken advantage of, such that the houses lead to the academic block directly without the effort of walking through the hilly terrain. 

The rooftop has plenty of outdoor socializing areas for students and staff and creates a rich college culture. There are three types of arrangements that can accommodate up to 18-36 students to give them a sense of community and responsibility. The construction of this modern house is said to end by 2023.

2. The Deacon

The Deacon private student living is located in Cincinnati, Ohio, and is one of the most luxurious modern houses as it consists of a swimming pool , covered parking, lounge area, game room, golf simulator, arcade, musical lounge, a theatre, private and group studying areas, and conference rooms. 

The interiors create a friendly and safe environment for the students. Each room has a bathroom with a bathtub, and few rooms offer walk-in closets. The fitness center is designed spaciously with dedicated areas for specific types of workout.

3. St. Andrew’s Student housing | Student Housing

St. Andrew’s college at Gurgaon has two student housing buildings, one for boys and the other for girls, and has been designed according to its climate, following vernacular architectural style. The vertical and inclined columns hold the two stories above it and form a double storied summer court transition space below. The exterior thermal walls allow fresh air and soft light to enter each room, reducing the direct radiation by 70%. 

The colour palette used in the interior complements the colors of the building envelope. Steel rods of 1inch diameter and customized bricks with holes have made the construction of a mortar-less jaali wall possible with the help of multiple software like Grasshopper, Ladybird, Rhino, and Ecotek.

4. Habib Bourguiba Hall  

Habib Bourguiba Hall designed by Exploration Architecture is a student housing funded by the Tunisian government. The external wall which is a filter wall made of calligraphic abstraction depicts the significance of Tunisia and functionally protects the interior from direct radiation. The atrium allows light to penetrate the interiors consisting of the staircase and corridors. 

A 250-seater auditorium is placed in the basement of the building and has an open-to-public tea room and ornamental garden on the ground floor. The second story consists of private spaces for staff and students.

5. La Cartuja Community Residence for Students by Ana Lozano Atelier | Student Housing

This modern house located in Granada, Spain , experiences aggressive sunlight during summer. To protect the users from the harsh afternoon sun without compromising on views, the architects designed a perforated fin extending over windows of all floors as a sunshade. 

As the day goes by, the color of the building changes from pearl to golden yellow, creating an interesting play of light and shadow. The housing also offers a swimming pool for its residents.

6. Ravel Residence, Amsterdam

The Ravel residence in Amsterdam offers indoor bicycle parking , urban farming, and a basketball court to its residents. Designed to provide thermal comfort, the external wall acts as a Trombe wall and permits light inside while blocking direct light. 

This 5-story sustainable student complex also features a library, learning area, dining area, restaurant, and a laundrette for 800 residents. 

7. Henry Koerner Hall Student Residence by Atelier Kempe Thill

However big the room is, you still feel cramped sitting in a room the whole day. This modern house overcomes this feeling by gradually breaking the inner volume. The two-story-high void in every room separates the spaces visually and makes the residents feel at home. 

The upper floor rooms are reached using the common staircase, which takes you directly to the rooms, and the living area can be accessed by going down the internal staircase.

8. Student Residence by SOA Architectes | Student Housing

This student house has been designed at three different scales to satisfy individual and group requirements. First, on a grand scale, an amphitheater has been placed at the center to bring all the students together in the courtyard . This space is surrounded by a large cafe, office, laundry, a workshop, terrace, a dance studio, and labor exchange. 

On a collective scale, the daily use of common spaces has been designed as two-story-high shared spaces to maintain interaction. On a private scale, roof-top private gardens are given to enjoy in small groups or as individuals.

9. Rutgers University Sojourner Truth Apartments at The Yard by Elkus Manfredi Architects

To match the historic brick campus and to create a sustainable building, this modern house has been cladded with terra-cotta rain screen panels. The U-shape of the building connects the three wings and allows interaction at the ground level, which consists of retail shops, offices, and common spaces. 

The apartment is certified LEED-NC-silver as it is water and energy-efficient. The floor-to-ceiling windows maximum sunlight to enter and the operable windows allow natural ventilation, which saves cost too.

10. OurDomain Student Housing by OZ Architects | Student Housing

Designed to accommodate 1000 people, this modern residence is made of cascading gardens that give the students a sense of belonging. This breakdown allows the neighboring buildings to be seen and establishes a visual connection with the surrounding. It consists of three blocks that stand as cornerstones to the engulfed park. 

Extra earth from the foundation excavation is used to form small hills in the park that enlivens the view.

Karpagam is a 3rd year undergraduate student who is very passionate about architecture and takes advantage of any opportunity that comes her way to build herself as an architect .She believes that through healthy discussions, critical changes can be brought in the society.

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How To Start A Student Accommodation Business In South Africa

Even though most universities provide accommodation for the student, unfortunately, some universities lack the capability of providing accommodation for all students who gain entrance into the university, allowing private entities to create student accommodation near tertiary institutions.

Moreover, suppose you have plans of setting up a student accommodation business but don’t know how to start. In that case, you find yourself reading the right article that aims to educate our readers on how to start a student accommodation business in South Africa.

So we encourage you to keep reading because all the needed information you have been seeking on how you can start a student accommodation business in South Africa is detailedly discussed below in this article.

The student accommodation business operates in many ways, and some include:

1. Renting To Rent : This is when an investor rent a house and later rent it out to students, so here the Investor becomes the second house owner who receives rent payment from students and pays the house owner the agreed rent cost for a commission

2. Buying To Rent : Some investors prefer buying houses near tertiary institutions to rent them out to students.

In this type of investment, the Investor only makes renovations to some Minor areas of the building to make it appear in good shape and condition to keep attracting students.

3. Building From Scratch : This is when the Investor builds the preferred type of building that suits the conditions for accommodating students

The chapters that follow are the needed information you have been seeking on how to plan, plan implementation, run and manage your student accommodation business in South Africa.

What You Need To Start A Student Accommodation Business In South Africa

The lists below are some of the basic requirements that have to be met before commencing your student accommodation business in South Africa:

1. Business Plan : build a good and feasible business plan that is easy to implement, operate, and manage a successful student accommodation business

2. Market Research : Conduct detailed market research into the student accommodation business, get to know the right locations that suit the business, available target markets, pricing, and many other aspects of the student accommodation business

3. Target Market : you can choose between rich students and average students. The kind of structure you raise and services you render will determine the kind of students that can afford your services

4. Location : always choose a location that is closer to a tertiary institution for students to have easy access to campus facilities and to cut down the stress of making physical contact with campus

5. Leasing Property : find land at the chosen location to establish your student accommodation business, and contact the landowner to negotiate on buying the land.

After agreeing on the land cost, make a deposit equivalent to the agreed land cost into the land owner’s account and request for documents in your details to stand as proof of legally acquiring the land.

6. Zoning : contact the local municipality in the chosen location to set up your student accommodation business for zoning.

Your land must be zoned to ensure that the chosen location is suitable for the student accommodation business.

7. Raising of Structure : after successful zoning of your land, raise the structure as planned and ensure that the kind of structure you raise suits the student accommodation business

8. Business Name : choose a catchy and memorable business name for your student accommodation business for an easy recommendation of your services to friends and potential customers

9. Business Registration : register your student accommodation business with the Companies and Intellectual Property Commission (CIPC) to attain the documents and certification required to operate a legal business in South Africa.

To register your student accommodation business for tax, reach out to the South African Revenue Service (SARS)

10. Advertisement : fliers, local newspapers, and online are some of the available advertising platforms you can sell your student accommodation business to students in South Africa

How Much Does It Cost To Start A Student Accommodation Business In South Africa

The cost involved in setting up a student accommodation business in South Africa varies depending on the type of student accommodation business you intend to operate.

Operating a rent-to-rent student accommodation business doesn’t cost much compared to buying to rent or building from scratch.

So, your choice of student accommodation business you intend to operate will determine the amount of capital that will go into planning, implementing, running, and managing your business.

Is The Student Accommodation Business Profitable In South Africa

The student accommodation business generates higher cash flow than the other form of property investment. Therefore, choosing the student accommodation Business path is the right choice of a business that can generate a 100% return on investment in an academic year.

Best Places To Start A Student Accommodation Business In South Africa

The best place to set up a student accommodation business in South Africa are areas near tertiary institutions. The choice of location must not be far from the institutions to help ease the stress of going a long way before entry into the campus.

So always choose locations near the tertiary institutions, which will help students have easy access to campus facilities.

How To Make A Student Accommodation Business Successful In South Africa

The following are some of the factors that have to be considered to help run a successful student accommodation business in South Africa:

1. Affordable pricing

2. Keeping structure in good condition

3. Keeping an eye on students to ensure that everything is in shape

4. Provide rooms with bed, study table, and Wi-Fi

Challenges In The Student Accommodation Business In South Africa

Below are some of the challenges facing the student accommodation business in South Africa:

1. There is high competition in the business

2. Difficulties in finding a good location for student accommodation business

3. Pricing challenges

Benefits Of Setting Up A Student Accommodation Business In South Africa

The lists below are some of the benefits of setting up a student accommodation business in South Africa:

1. Student accommodation businesses generate income for the government through taxation

2. Investors benefit from the overwhelming financial profit that comes with the student accommodation business

3. The student accommodation business has supported the educational sector

4. It creates more accommodation space for tertiary students

That is the information we can provide on how to start a student accommodation business in South Africa.

This simple and easy article Was Last Updated on December 6, 2022 by Editorial Team

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Watch CBS News

Biden is canceling $7.4 billion in student debt for 277,000 borrowers. Here's who is eligible.

By Aimee Picchi

Edited By Alain Sherter

Updated on: April 12, 2024 / 3:29 PM EDT / CBS News

The Biden administration on Friday said it's canceling $7.4 billion in student debt for 277,000 borrowers, with the recipients scheduled to receive emails today to alert them to their loan discharges. 

The latest effort extends the debt relief provider under President Joe Biden after the Supreme Court last year blocked  his administration's plan for broad-based student loan forgiveness. With the latest batch of loan cancellations, the White House said it has forgiven about $153 billion in debt for 4.3 million student borrowers. 

Biden, who had made student loan relief a major campaign pledge, is tackling an issue that affects about 43 million Americans with a combined  $1.7 trillion in student debt. It's a burden that some borrowers and their advocates say has harmed their ability to save for a home or achieve financial milestones, an issue that was echoed by Education Secretary Miguel Cardona in a conference call with reporters. 

"I talked to a teacher in New York this week who took out a loan for $30,000," Cardona said Friday, "and after over a decade of paying and being a teacher the debt was $60,000, and she was saying that the interest was so high that the payments that she was making wasn't even touching her principal."

He added, "We are fixing a broken system. We're relentless and taking steps to transform a broken system into one that works people across the country."

Here's what to know about who is eligible for the latest round of forgiveness.

Who qualifies for the student loan forgiveness?

Three groups of people qualify under the latest round of debt relief, the White House said. 

• $3.6 billion for 206,800 borrowers enrolled in the SAVE plan.

About $3.6 billion will be forgiven for nearly 207,000 borrowers enrolled in the Saving on a Valuable Education (SAVE) plan, an income-driven repayment program, or IDR, that the Biden administration created last year. 

The White House said borrowers who are getting their debt discharged under SAVE had taken out smaller loans for their college studies. The plan allows people to receive forgiveness after they made at least 10 years of payments if they originally took out $12,000 or less in loans to pay for college; borrowers with larger loans are eligible after 20 or 25 years of repayment, depending on what types of loans they have. 

 "You sacrifice and you've saved for a decade or more to make your student loan payments, and you originally borrowed $12,000 or less, you're going to see relief," Cardona told reporters. "An overwhelming number of those who qualify for SAVE were eligible for Pell grants and come from low- and middle-income communities."

• $3.5 billion for 65,700 borrowers in income-repayment plans.

These borrowers will receive forgiveness through "administrative adjustments" to repayment plans where loan servicers had made it tougher for some borrowers to qualify for relief.  

"These are people who paid for a long time but were being deprived of relief because of administrative and servicing failures," Cardona said. "These people met the contract of their loan" and will receive forgiveness.

• $300 million for 4,600 borrowers through Public Service Loan Forgiveness (PSLF).  

The PSLF program is designed to help public servants like teachers and government employees achieve debt forgiveness after 10 years of repayment. It's a program that started in 2007 but had been plagued with complex rules that effectively hampered people from getting their debt discharged, with only 7,000 receiving loan forgiveness prior to the Biden administration. 

With the latest round of discharges, the Biden administration has forgiven $62.8 billion in loans for 876,000 borrowers through PSLF. 

Are there legal challenges to Biden's debt forgiveness plans?

In two separate lawsuits, Republican attorneys general in 18 states are pushing to have the SAVE plan tossed and to halt any further student debt cancellation. They say the SAVE plan oversteps Biden's authority and makes it harder for states to recruit employees. They also contend the plan undermines a separate cancellation program that encourages careers in public service.

It's unclear what the suits could mean for loans that have already been canceled. A court document filed by Kansas' attorney general says it's "unrealistic to think that any loan forgiveness that occurs during this litigation will ever be clawed back."

—With reporting by the Associated Press.

• Biden Administration
• Student Loan

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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Regents greenlight UNMC residence hall plan for medical students

By: zach wendling - april 19, 2024 5:23 pm.

The University of Nebraska Board of Regents meets Oct. 5, 2023, at the University of Nebraska Medical Center in Omaha. (Zach Wendling/Nebraska Examiner)

LINCOLN — The University of Nebraska Board of Regents greenlit a plan Friday to greatly expand its offering of student housing at NU’s medical campus in Omaha after years of student demand.

The regents voted 7-0, with all student regents also endorsing the proposal, to advance a plan championed by University of Nebraska Medical Center Chancellor Jeffrey Gold . The self-financed, $66 million residential complex would rise six stories tall southeast of 39th Street and Dewey Avenue, in the Gold Coast Historic District, and could house up to 300 students.

UNMC Student Regent Katie Schultis said the plan would be one of many as students have demanded housing for years, identifying it as their “most pressing issue.”

“I’m not saying it solves every problem, but it solves a huge problem that students have,” she said.

Gold noted that as UNMC has continued to grow, the campus has been its “own worst enemy” in propping up surrounding real estate prices. He said the new apartments are a “de minimis,” or trivial, representation of the demand for UNMC’s more than 4,500 students.

‘Irreplaceable heritage’

UNMC owns the multiple properties on the planned development site, but the federal honorific designation for the Gold Coast Historic District led one organization, Preserve Omaha, to ask that regents consider the “irreplaceable heritage” in their decisionmaking.

Betty Gillespie, interim deputy state historic preservation officer for History Nebraska, read a letter from the group’s board of directors and the Blackstone Neighborhood Association, which noted the district is on the National Register of Historic Places. 

Preserve Omaha’s letter notes that three homes set to be destroyed were created by two of Omaha’s “finest architects” and were home to multiple significant people, including a former obstetrics chair for what was then Creighton Medical College in the late 1800s and an art dealer who highlighted Omaha as a “burgeoning cosmopolitan center.”

Former U.S. Sen. Charles Manderson, R-Neb. (1883 to 1895), also lived in one of the houses proposed for demolition. He was a Civil War veteran who served as Omaha’s city attorney for six years and was a member of Nebraska’s 1871 and 1875 constitutional conventions.

“The decision to demolish these houses erodes the significance of an already fragile neighborhood, its character, history and quality of life,” the organization’s letter states. “We feel there are other solutions to accommodate additional housing without destroying Omaha’s history and the opportunity for students to live in such a unique location.”

Anne Barnes, UNMC’s vice chancellor for business and finance, said that the apartment complex would be exclusively for students and that UNMC could look at other locations, but doing so would offset a planned 2024 start to construction in time to open by fall 2026.

“By no means do we want to degrade that historic significance,” Barnes said. “However, these seven properties currently provide housing for up to 13 students and families.”

‘Beginning of adequate housing’

Regent Rob Schafer of Beatrice, board chair, asked whether UNMC had considered severing the real estate and allowing buyers to purchase the houses to move them. 

He recognized the history of the neighborhood but said the positives “far outweigh the negatives.”

Regent Jim Scheer of Norfolk similarly said the regents can acknowledge there are pitfalls with any project, but if NU wants to continue expanding, it needs to provide adequate housing.

“And this isn’t adequate housing,” he said. “This is the beginning of adequate housing.”

Regent Jack Stark of Omaha, who taught at UNMC and all of NU’s campuses for decades, said joined Scheer in stating there needs to be some level of housing to attract possible students. 

Scheer said that if someone wants to move the buildings off the designated property, UNMC can advertise with a firm deadline, but he was not in favor of any delays.

“Just like everything else, we need to move forward,” he said.

Among other items approved by the regents Friday:

• Allowing alcohol sales at Haymarket Park in Lincoln for Husker softball and baseball games as early as Friday night, April 19.. Profits will fund capital improvements at the park, which is jointly owned with NEBCO. Alcohol already flowed during Saltdogs games at the park. (Passed 5-2 with all student-regents in support.)
• Renaming the Husker Athletic “Go Big Facility” the “Osborne Legacy Complex” in honor of Tom Osborne’s “immense impact on Husker Football, Nebraska Athletics and the University of Nebraska writ large.” (Passed 7-0, with all student-regents in support.)

Historic houses in the proposed residence hall location

• Charles C. Rosewater House, 3903 Dewey Ave., designed by Frederick A. Henninger in 1906. Preserve Omaha states Henninger designed many houses for Omaha’s upper class. Dr. Rosewater came to Omaha in the 1880s to practice medicine and for 15 years was Creighton Medical College’s chair of obstetrics, before focusing on general medicine. Rosewater’s brother, Edward, founded the Omaha Bee.
• Harry P. and Eugenie Whitmore House, 1905 Dewey Ave., designed by John McDonald. McDonald was also the architect behind the Joslyn Castle. Harry Whitmore, an art dealer, is credited with highlighting Omaha as a “burgeoning cosmopolitan center,” Preserve Omaha states. Eugenia Whitmore was an accomplished pianist and philanthropist who helped found the Amateur Musical Club, Garden Club and Woman’s Club.
• Neo-Classical Revival house at 510 S. 38th Ave., designed around 1902 for the Civil War Col. Charles Manderson rose in rank from a first lieutenant at the start of the war and later came to Omaha in 1869 to practice law. He was the city’s attorney for six years and was a member of the state’s constitutional conventions in 1871 and 1875. He served in the U.S. Senate from 1883 to 1895.

Source: Preserve Omaha Board of Directors and Blackstone Neighborhood Association

Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our website. AP and Getty images may not be republished. Please see our republishing guidelines for use of any other photos and graphics.

Zach Wendling

Zach rejoins the Nebraska Examiner after studying abroad in Antigua, Guatemala, following a yearlong Examiner internship. His coverage focus areas have included politics and government, health and well-being and higher education.

Nebraska Examiner is part of States Newsroom , the nation’s largest state-focused nonprofit news organization.

Related News

Biden's new plan for student-loan forgiveness is entering its next key stage — and millions of borrowers will have a say on what the relief looks like

• Biden released the draft text for his new student-loan forgiveness plan.
• Borrowers will have a 30-day public comment period to provide feedback on the proposals.
• The Education Department aims to begin implementing the relief as early as this fall.

Millions of student-loan borrowers are moving closer to President Joe Biden's new plan for debt cancellation .

On Tuesday, the Education Department released its first set of draft rules for Biden's second attempt at student-debt relief after the Supreme Court struck the first plan down .

The regulatory text comes after Biden unveiled details of the plan last week, which included up to $20,000 in debt relief for borrowers with unpaid interest and relief for those who have made at least 20 years of payments. According to the department, this draft "includes nine rules that permit separate and distinct types of waivers using the Secretary of Education's longstanding authority under the Higher Education Act."

Related stories

Eight of the rules apply to student loans held by the Education Department, while the ninth applies to borrowers with commercially held loans in the Federal Family Education Loan program. Combined with Biden's other relief efforts, his new proposals are expected to benefit over 30 million borrowers.

"Today's announcement shows that the Biden-Harris Administration is continuing to fulfill our promises to fix a broken higher education system," Education Secretary Miguel Cardona said in a statement. "Student loan forgiveness isn't only about relief for today's borrowers. It's about social mobility, economic prosperity, and creating America that lives up to its highest ideals."

The regulatory text will be formally published to the Federal Register on Wednesday, after which the public will have a 30-day period to submit comments on the department's proposals. The department "will carefully consider comments received and aims to finalize these rules in time to start delivering relief this fall, including for borrowers who have been subject to runaway interest," the press release said.

Additionally, a department spokesperson told Business Insider that the department is "vigorously" working to develop a separate rule that would deliver relief to borrowers experiencing financial hardship, expected to be released in the coming months.

The majority of the relief proposed would be conducted automatically, per the department. Additionally, while some of the rules are intended to be one-time relief — like for borrowers who have entered repayment at least 20 years ago — the department is proposing a rule for ongoing relief for borrowers who took on debt to attend schools that did not pay off financially post-graduation.

The regulatory text mirrors the proposals the department developed with negotiators over the past few months, but it could change based on the feedback the department receives during the public comment period.

For now, the department said it aims to begin providing the relief this fall — even as legal threats from conservative groups brew to halt its implementation.

"These distinct forms of debt relief are designed for borrowers struggling with their loans – and that's a lot of people," Under Secretary of Education James Kvaal said in a statement. "There are 25 million borrowers whose interest is growing faster than they can pay it down. That fact alone shows how badly President Biden's student loan relief is needed."

Watch: Why student loans aren't canceled, and what Biden's going to do about it

• Main content

2024 federal budget's key takeaways: Housing and carbon rebates, students and sin taxes

Budget sees nearly $53b in new spending over the next 5 years.

What's in the new federal budget?

Social sharing.

Finance Minister Chrystia Freeland today tabled a 400-page-plus budget her government is pitching as a balm for anxious millennials and Generation Z.

The budget proposes $52.9 billion in new spending over five years, including $8.5 billion in new spending for housing. To offset some of that new spending, Ottawa is pitching policy changes to bring in new revenue.

Here are some of the notable funding initiatives and legislative commitments in budget 2024.

Ottawa unloading unused offices to meet housing targets

One of the biggest pillars of the budget is its housing commitments. Before releasing the budget, the government laid out what it's calling Canada's Housing Plan — a pledge to "unlock" nearly 3.9 million homes by 2031.

The government says two million of those would be net new homes and it believes it can contribute to more than half of them. 

It plans to do that by:

• Converting underused federal offices into homes. The budget promises $1.1 billion over ten years to transform 50 per cent of the federal office portfolio into housing.
• Building homes on Canada Post properties. The government says the 1,700-plus Canada Post offices across the country can be used to build new homes while maintaining postal services. The federal government says it's assessing six Canada Post properties in Quebec, Alberta and British Columbia for development potential "as a start."
• Rethinking National Defence properties. The government is promising to look at redeveloping properties and buildings on National Defence lands for military and civilian use.
• Building apartments. Ottawa is pledging a $15 billion top-up to the Apartment Construction Loan Program, which says it will build 30,000 new homes across Canada.

Taxing vacant land?

As part of its push on housing, the federal government also says it's looking at vacant land that could be used to build homes.

It's not yet committing to new measures but the budget says the government will consider introducing a new tax on residentially zoned vacant land. 

• Freeland's new federal budget hikes taxes on the rich to cover billions in new spending
• Are you renting with no plans to buy? Here's what the federal budget has for you

The government said it plans to launch consultations on the measure later this year.

Help for students 

There's also something in the budget for students hunting for housing.

The government says it will update the formula used by the Canada Student Financial Assistance Program to calculate housing costs when determining financial need, to better reflect the cost of housing in the current climate.

The government estimates this could deliver more aid for rent to approximately 79,000 students each year, at an estimated cost of $154.6 million over five years.

• Updated Federal budget's funding boost for defence spread out over multiple years
• Liberals pledge $9B in new money for Indigenous communities in 2024 budget

The government is also promising to extend increased student grants and interest-free loans, at an estimated total cost of $1.1 billion this year.

Increase in taxes on capital gains

To help cover some of its multi-billion dollar commitments, the government is proposing a tax hike on capital gains — the profit individuals make when assets like stocks and second properties are sold.

The government is proposing an increase in the taxable portion of capital gains, up from the current 50 per cent to two thirds for annual capital gains over $250,000. 

New investment to lead 'housing revolution in Canada,' Freeland says

Freeland said the change would impact the wealthiest 0.1 per cent.

There's still some protection for small businesses. There's been a lifetime capital gains exemption which allows Canadians to exempt up to $1,016,836 in capital gains tax-free on the sale of small business shares and farming and fishing property. This June the tax-free limit will be increased to $1.25 million and will continue to be indexed to inflation thereafter, according to the budget.

The federal government estimates this could bring in more than $19 billion over five years, although some analysts are not convinced.

Disability benefit amounts to $200 per month 

Parliament last year passed the Canada Disability Benefit Act, which promised to send a direct benefit to low-income, working-age people with disabilities. 

Budget 2024 proposes funding of $6.1 billion over six years, beginning this fiscal year, and $1.4 billion per year ongoing, for a new Canada Disability Benefit.

Advocates had been hoping for something along the lines of $1,000 per month per person . They'll be disappointed.

According to the budget document, the maximum benefit will amount to $2,400 per year for low income individuals with disabilities between the ages of 18 and 64 — about $200 a month.

• Federal government plans to lease public lands for construction through new housing strategy
• Alberta premier says she's prepared to take Ottawa to court over housing deals

The government said it plans for the Canada Disability Benefit Act to come into force in June 2024 and for payments to start in July 2025.

Carbon rebate for small businesses coming 

The federal government has heard an earful from small business advocates who accuse it of reneging on a promise to return a portion of carbon pricing revenues to small businesses to mitigate the tax's economic costs.

• What's behind the carbon tax, and does it work?
• Federal government scales back carbon tax rebates for small businesses

The budget proposes to return fuel charge proceeds from 2019-20 through 2023-24 to an estimated 600,000 businesses with 499 or fewer employees through a new refundable tax credit.

The government said this would deliver $2.5 billion directly to Canada's small- and medium-sized businesses.

Darts and vape pods will cost more 

Pitching it as a measure to cut the number of people smoking and vaping, the Liberals are promising to raise revenues on tobacco and smoking products.

• Just Asking  wants to know:   What questions do you have about quitting smoking or vaping? Do you think sin taxes will encourage smoking cessation?  Fill out the details on  this form  and send us your questions ahead of our show on April 20.

Starting Wednesday, the total tobacco excise duty will be $5.49 per carton. The government estimates this could increase federal revenue by $1.36 billion over five years starting in 2024-25.

The budget also proposes to increase the vaping excise duty rates by 12 per cent effective July 1. That means an increase of 12 to 24 cents per pod, depending on where you live. 

• 'Stay the hell away from our kids': Health minister vows to restrict nicotine pouches — but how?

Ottawa hopes this increase in sin taxes will bring in $310 million over five years, starting in 2024-25.

More money for CBC 

Heritage Minister Pascale St-Onge has mused about redefining the role of the public broadcaster before the next federal election . But before that happens, CBC/Radio-Canada is getting a top-up this year. 

The budget promises $42 million more in 2024-25 for CBC/Radio-Canada for "news and entertainment programming." CBC/Radio-Canada received about $1.3 billion in total federal funding last year.

The government says it's doing this to ensure that Canadians across the country, including rural, remote, Indigenous and minority language communities, have access to independent journalism and entertainment.

Last year, the CBC announced a financial shortfall, cut 141 employees and eliminated 205 vacant positions. In a statement issued Tuesday, CBC spokesperson Leon Mar said the new funding means the corporation can balance its budget "without significant additional reductions this year."

Boost for Canada's spy agency 

As the government takes heat over how it has handled the threat of foreign election interference, it's promising more money to bolster its spy service.

The Canadian Security Intelligence Service is in line to receive $655.7 million over eight years, starting this fiscal year, to enhance its intelligence capabilities and its presence in Toronto.

• CSIS chief defends his spies' work after PM casts doubt on reliability of agency's reports
• Trudeau says it's his job to question CSIS intelligence, call out 'contradictions'

The budget also promises to guarantee up to $5 billion in loans for Indigenous communities to participate in natural resource development and energy projects in their territories.

These loans would be provided by financial institutions or other lenders and guaranteed by the federal government, meaning Indigenous borrowers who opt in could benefit from lower interest rates, the budget says. 

ABOUT THE AUTHOR

Catharine Tunney is a reporter with CBC's Parliament Hill bureau, where she covers national security and the RCMP. She worked previously for CBC in Nova Scotia. You can reach her at [email protected]

• Follow Cat on Twitter

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Terms and Conditions of the Residence License Agreement for the Full 2024-25 Academic Year

Terms and Conditions for the 2024–25 Academic Year ( downloadable PDF )

This Residence License Agreement (Agreement) is for the full academic year. The “academic year” commences on the move-in date provided by written notice from BU Housing, prior to the first day of classes for undergraduate programs for the fall semester (“Semester I”), and ends, for nongraduating students, at noon on the day after final exams for the spring semester (“Semester II”). For graduating students the Agreement terminates at 10 a.m. on the day after Commencement.  The Agreement excludes University intersession break housing in dormitory-and suite-style housing between Semester I and II.  The term of the Agreement along with residence and dining plan rates may differ for graduate students.

A dining plan is mandatory for all residents assigned to dormitory- and suite-style residences. Residents assigned to apartment-style residences may elect to be on an optional dining plan.

All on-campus residents are required to have a Convenience Points Plan account.  Convenience Points Plan accounts with a starting balance of $20 are opened for entering students who are on-campus residents.

Boston University will establish and announce the residence and dining plan rate schedule for each academic year during Semester II.

Licensees (student residents) and Guarantors (as defined in the Agreement, if applicable) must pay fifty percent (50%) of the residence and dining plan rates prior to Semester I and the other fifty percent (50%) prior to Semester II.  All payments are due on the schedule published by Student Accounts.  The assigned residence accommodation and dining plan are exclusively for the use of the Licensee.  The University reserves the right to increase its residence and dining plan rates for Semester II of the academic year, including the right to assess increases in energy costs.  If assessed, increases shall be applied to the Semester II residence rate in the form of a pro-rata adjustment.  Boston University shall not be responsible for any delay or non-delivery of utilities or other services to residence facilities that are beyond the University’s control.

Boston University, in its sole discretion, reserves the right to assign and reassign students in the residential system or to revoke and terminate any Agreement at any time for any reason set forth or referred to in this Agreement.  If a reassignment to another residence with a higher or lower rate occurs, the Licensee will receive a supplemental charge or credit for the pro-rata difference.

TERM/CANCELLATION

The Licensee and Guarantor will be held responsible for all residence and dining plan rates for Semester I and Semester II of the academic year or all four academic semesters including Summer Session I, Summer Session II, fall and spring, except under the following conditions.

ACADEMIC YEAR

• Written notice of cancellation is received by BU Housing on or before 5:00 p.m. on August 1, 2024. All notices of cancellation must be in writing.  A housing cancellation form may be submitted by the Licensee at BU Housing, 25 Buick Street, Boston, MA 02215, or forwarded by the Licensee via a Boston University email account to   [email protected] ; or
• The Licensee graduates at the end of Semester I; or
• The Licensee takes a leave of absence or officially withdraws from the University and is eligible for credits in accordance with the schedule in “Credits of Residence and Dining Plan Rates upon Withdrawal or Termination” section of this Residence License Agreement.

HOUSING CHECK-OUT PROCEDURES

• Complete all checkout procedures through the Residence Life Office.
• The Licensee’s belongings must be completely removed from the residence.
• The Licensees room must be left in clean and habitable condition.
• The Licensee must complete a mail forwarding/ change-of-address card.
• The room key(s) must be returned by the Licensee to the Residence Life Office drop box.

Failure by the Licensee to complete these checkout procedures may result in additional charges being assessed.  Licensees must also follow the above referenced checkout procedures at the time of departure.

ELIGIBILITY

The University’s residential facilities are solely intended for occupancy by its registered students.  A student shall be eligible for residence privileges if the student is a full-time registered student as determined by the University Registrar, and has settled their account as determined by Student Accounting Services.  Both registration and settlement of the account must be completed in accordance with established deadlines, policies and procedures.  A student shall be ineligible for residence privileges if the student is withdrawn officially or unofficially, suspended, or expelled from the University. Licensee is prohibited from sub-leasing their on-campus residence.

Part-time students who desire to reside in University residence facilities, or to continue in residence after becoming part-time students, may be allowed at the discretion of the University.

DINING PROGRAM/BOSTON UNIVERSITY TERRIER CARDS

Each student will receive a Boston University Terrier Card (Terrier Card).  Students enrolled in a dining plan must present their Terrier Card at dining locations and campus residences.  The Terrier Card must always be carried, and use by anyone other than the person named on the card is strictly prohibited.  Alteration or use of the Terrier Card for any unauthorized purpose will result in confiscation, financial penalty, and/or disciplinary action.  The Terrier Card remains the University’s property and must be surrendered to a University official upon request.

Students must immediately report a damaged, lost or stolen card in person to the Boston University Police Department; the Terrier Card Office, 25 Buick Street; by phone at 617-353-9966; or via   email   (or the Terrier Card Center on the   Student Link   site).  Students who delay reporting the card’s loss or theft within two (2) business days will be responsible for up to $50 of unauthorized use.  For students who fail to notify the Terrier Card Office within two (2) business days of the card’s loss or theft, the student’s maximum liability increases to up to $500 of unauthorized use.  Students can replace a lost or stolen Terrier Card at the Terrier Card Office during regular business hours for a fee of $40.

Dining service will be provided during Semester I/II and during Summer Sessions I/II.  Dining service will not be provided during the intersession break between Semester I and Semester II or other academic schedule transition periods.  The University does not provide a refund or credit for unused meals.

RESIDENCE ASSIGNMENTS

Residence assignments and other pertinent housing information for the fall semester generally will be available on the   My Housing Portal   by early August, provided all housing materials are received by June 1. Licensees submitting housing materials after June 1, will be notified as time permits. For the spring semester, this information will be generally available on the My Housing Portal one week before spring semester classes begin.

Assignments are made after all the Residence License Agreements and housing guarantee payments are received by BU Housing. An attempt will be made, on a space-available basis, to accommodate an applicant’s room and roommate preferences. Licensees may be assigned to temporary accommodations at the beginning of a semester as a result of over-subscription of regular accommodations in the residential system. Room assignments are not guaranteed and a Licensee may be reassigned to an accommodation other than their indicated preferences in the housing application. Interest for a specific roommate, residence, residence type, or residence rate does not guarantee placement in such.

The residence rate that the Licensee and Guarantor must pay shall be higher if a Licensee is assigned to a residence accommodation other than the standard, minimum-rate double, triple, or quad residence accommodation.

LIVE-ON REQUIREMENT

All freshmen (first-year students) are required to live on campus, as are all students who received University-funded scholarships equal to or greater than tuition.

Exceptions to the first-year residency requirement will be considered if:

• The principal home needs to have been occupied for at least 12 consecutive months, immediately preceding registration of the entering first-year student.
• The student is 21 years of age or older by October 1 of the student’s entering year.

To request an exception, send a letter, accompanied by a written statement of parental consent (if under the age of 18), to:

Boston University Housing 25 Buick Street Boston, MA 02215

The University Housing Committee must give written approval for a freshman or full-tuition merit scholar to be released from the requirement to live on campus.

Students (including full-tuition merit scholarship recipients) who are under 16 years of age as of October 1 of their entering year, are not eligible to live on campus, and  are not required to meet freshman-year residency requirement.

Note: “Principal home” means a person’s true, fixed, and permanent home and place of habitation, to the exclusion of all others. It is the place where the person intends to remain permanently. “Parent” means a person’s father or mother. In the case of legally separated or divorced parents, “parent” means either a parent or guardian with legal custody or a parent or guardian providing more than one-half of a student’s total financial support.

RELEASE OF ROOMMATE INFORMATION

The University may provide a resident’s full name, Boston University e-mail address, and permanent home address to all assigned roommates, unless the resident has restricted the disclosure of Directory Information on their Housing Application.

REASSIGNMENT OR TERMINATION OF RESIDENCE PRIVILEGES

The University may reassign a Licensee to a different accommodation, to a temporary accommodation, or increase or decrease the number of Licensee’s assigned to any residence accommodation if the University, in its sole discretion, deems such reassignment necessary or advisable.

Reassignment may occur as a sanction for a Licensee’s failure to comply with any rule/regulation, in the interests of health or safety, for the more prudent use of resources, or for efficient administration of the residential system.

In situations where a Licensee or the Licensee’s guest causes damage or injury or imminent threat of damage or injury to life, health, safety, or property in or about a residence facility, the University may immediately terminate this Agreement and expel the Licensee from the residential system, or take any other steps it deems necessary.

The University may terminate this Agreement and require a Licensee to vacate the residential system by giving ten (10) days written notice to vacate for any of the following reasons:

• If the Licensee is or becomes ineligible to be a Licensee.
• If the Licensee fails, for any reason, to comply with any provision of this Agreement, or any rule/regulation established at any time by the University.
• If the University, in its sole discretion, deems such termination necessary or advisable.

In the event that this Agreement is terminated, the University shall have the unconditional right to take complete possession of the residence accommodation, by any lawful means, without being guilty of any manner of trespass and without prejudice to any other remedies. In the event that this Agreement is terminated by the University and if the Licensee completes the housing checkout procedures detailed in “Term/Cancellation” section, the Licensee is eligible for credits in accordance with the schedule in “Credits of Residence and Dining Plan Rates upon Withdrawal or Termination.” All University charges must be paid before any credits are placed on the Licensee’s student account. Failure to comply with a notice to vacate may result in liability for all residence and dining plan rates hereunder and beyond a Licensee’s last day of attendance and/or in civil or criminal trespass charges being filed against the Licensee.

RULES/REGULATIONS

Licensees must comply with the terms and conditions in this document and abide by all the policies, procedures, rules, regulations, and codes established by the University. These terms and conditions include, but are not limited to, all academic, nonacademic, residential, and conduct policies set forth in the Code of Student Responsibilities, the   Boston University Lifebook , the Terms and Conditions of the Convenience Points Plan Agreement, the official BU Housing website, the official BU Dining website, the Boston University Undergraduate Bulletin, and the BU Advisory on Additional Rules for Academic Year 2024-24. Boston University’s alcohol and drug policies are detailed in the Boston University Lifebook. The Licensee agrees to be responsible for reading and knowing all such materials and revisions, and abide by their contents.

Licensee’s must abide by all the directives, rules, and regulations which may be promulgated and established by the University, in the interests of health, safety, the proper conduct of Licensees, and the orderly and efficient operation and administration of the residential system.

Licensees must attend all residence, house, floor, and individual meetings as they are convened by the University throughout the academic year. The Licensee is responsible for knowing and abiding by any materials and information discussed and/or distributed at any such meetings.

Licensees must respect the rights of other Licensees of the facility. All residence facilities will be reasonably quiet at all times, and specific quiet hours will be in effect as established by the University. Licensee shall not make or permit their guests (if previously approved during any academic year) to make any disturbing noise or other nuisance in or about the interior or exterior of the residence facility that will interfere with the rights or well-being of others.

Licensees are prohibited from engaging in conduct in or about any residence facility which poses a threat to the health or safety of persons or property, which interferes with the rights or well-being of others, or which violates any provision of this Agreement, or any rule/regulation of the University or any applicable law.

Licensees shall be responsible for the conduct of their guests (guests shall in all instances include family, friends, or relatives as well as unrelated people), who must also respect and comply with all rules/regulations while in or about the residence facility. Any violation by any such guests shall be deemed to be a violation by the Licensee.

Licensees are prohibited from activating, without reasonable cause, fire- alarm systems, thereby producing false alarms, or damaging any fire- safety equipment or discharging or tampering with fire-safety equipment without a fire or the reasonable threat of a fire being present.

Prohibited items include, but are not limited to the following: animals and pets of any kind (other than service animals and approved emotional support animals, which are permitted in University facilities for persons with documented disabilities pursuant to applicable law), heating and food preparation appliances (other than University rental program MicroFridge® units and hot-air popcorn poppers), refrigerators whose capacity is in excess of four (4) cubic feet, cinder blocks, waterbeds, gasoline- or electric-powered vehicles, electric blankets, air conditioners, torchère-style halogen lamps, and ultraviolet tanning lamps; except that in apartment-style accommodations, refrigerators and food preparation appliances, as installed by BU Housing, shall be permitted. The BU Lifebook contains the complete list of prohibited items, which shall be updated as needed at the University’s sole discretion.

The privilege of having guests in the residence facility or in the residence assigned to a Licensee is subject to all University policies. Boston University’s guest policy is detailed in the   Boston University Lifebook . Licensees are expected to know and to comply with all procedures and restrictions applicable to their residence facility. Licensees who fail to comply with the rules/regulations, or whose guests impose upon the rights or well-being of others, shall be subject to loss of guest privileges, and to other disciplinary sanctions. Guests whose actions are, or whose presence in the residence facility is in violation of the rules/regulations of the University will be considered trespassers and escorted from campus.

Please note that absolutely no overnight guests will be allowed during the first week of the academic year and during study and final examination periods. The university reserves the right to adjust the guest policy at any time.

LOSS OR DAMAGE

The University’s insurance program is limited to coverage of University-owned property. Every Licensee is encouraged to obtain/carry adequate personal property insurance. Subject to the provisions of applicable law, the University shall not be liable directly or indirectly for personal injury, loss, and/or damage to personal property of a Licensee, Guarantor, legal guardian, or guest caused by fire, theft, or any other cause, whether such personal injury, loss, or damage occurs in a residence facility or elsewhere on or off the University campus. The Licensee and Guarantor expressly authorize the University to receive and sign for all personal property and goods delivered to the Licensee’s residence accommodation or facility.

Licensees, shall indemnify and hold the University harmless from all loss, damage, or liability to any person arising from any nuisance made or suffered in or around the residence accommodation or facility by the Licensee or guest, or from any carelessness, negligence, or improper conduct of such Licensee or guest.

RESIDENCE AND FACILITY CONDITION/CARE OF PREMISES

Each Licensee is responsible for the care of University property in the residence accommodation and, as determined by the University, in the common areas of the residence facility. No Licensee may paint, put nails or screws in, make holes in, or otherwise alter or damage the residence accommodation or any other part of the residence facility, without on each occasion obtaining prior written consent from the appropriate University administrator. The cost of any repair or cleaning or damage or loss to the residence facility will result in appropriate charges to the resident(s) responsible for violating this policy. Residents are prohibited from removing any furnishings from their accommodations.

Within 15 days of taking occupancy each Licensee is required to verify and electronically sign a Room Condition Report via the   My Housing Portal   upon checking into their residence accommodation. If the Licensee fails to sign this form, BU Housing will assume an initial level of “good condition” for the furnishings and equipment. Each Licensee may be responsible for a prorated assessment in the event of damage or loss to the accommodation or to common areas of the residence facility if the damage or loss is reasonably determined by the University to have been caused by carelessness, negligence, or improper conduct by Licensee, or their guests but cannot be attributed to specific individuals.

Each Licensee shall be responsible for keeping the residence accommodation, including all the furnishings and equipment, clean and safe, and for maintaining the cleanliness and order of public areas and lavatories. Licensees are prohibited from placing any garbage or trash or other receptacles, vehicles, bicycles, or other articles in the halls or other common areas or passageways of the residence facility. The University reserves the right, at the expense of the Licensee and/or Guarantor, to remove personal property stored or placed in common areas in violation of this Agreement. Such property shall be deemed to have been abandoned and shall not be returned to a claimant without satisfactory proof of ownership and payment of all expenses for removal and storage.

Licensees with bunked or lofted beds provided by the University may request guard rails, or ask for assistance in adjusting the height of the bunked or lofted beds by filing a request through the Residence Life staff. BU Housing provides guard rails on many of the University’s bunked and lofted beds, and Licensees should not remove these guard rails. Licensees who remove guard rails do so at their own risk.  The University prohibits self-constructed lofts in campus residences.

Licensee may not remove windows or screens or throw objects from windows, fire escapes, doors, or other exterior parts of the residence facility. Licensees may post or hang signs, posters, banners, and the like on the walls of, or in, the residence facility only as permitted by University policy.

Licensees are prohibited from removing, changing, installing, or replacing any locks in a residence accommodation or facility. It is prohibited to duplicate keys to any University residence accommodation or facility.

RESIDENCE INSPECTION

The University reserves the right for its designees to enter and inspect a residence accommodation in the interests of the health, safety, and proper conduct of the Licensees, or the orderly and efficient administration and operation of the residential system, or to maintain or repair the premises. Entry may be made at any time, whether or not the Licensee is present, and without prior notice to the Licensee, if emergency, health, or safety circumstances warrant such entry, or if there are reasonable grounds to believe that any substance, material, or item is being kept, or used on the premises in any manner prohibited by law, by this Agreement, or by the rules/regulations of the University. Any such substance or item may be impounded by the University’s representatives without prior notice. Any necessary cost of such removal shall be the responsibility of the Licensee who introduced the prohibited substance or item. Entry may also be made without prior notice, during normal hours, for the purpose of conducting nonemergency inspections and repairs or for the purpose of showing the premises.

UNIVERSITY INTERSESSION PERIOD

Residence facilities and dining facilities will be closed between Semester I and Semester II (Intersession). Upon application, and depending on space availability, certain Licensees (including graduate students in programs with a different academic schedule) may, at the discretion of the Director of Housing, be granted permission to remain in residence during the Intersession period. In that event the resident may be responsible for additional charges and/or subject to temporary reassignment. Licensees assigned to dormitory style or suite style units are not permitted to remain on campus during the Intersession period. Apartment-style residences generally remain open during the official University Intersession periods.

SOLICITATION

Solicitation, sale, or promotion of any goods or services by any person or company is prohibited within residence facilities except as approved in writing by the Director of Housing. Licensees are not permitted to use the BU Housing mailrooms for the purpose of conducting a business.

PHOTOGRAPHY RELEASE

The Licensee grants to University permission to: record Licensee’s appearance on videotape, audiotape, film, photograph or any other medium, whether now known or hereafter conceived or created (collectively, “Recordings”); use Licensee’s name, likeness, voice and biographical material in connection with such Recordings; exhibit or distribute such Recordings in whole or in part without restrictions or limitations for any legal purpose; including without limitation educational or promotional purposes, which the University and those acting pursuant to its authority deem appropriate; and copyright such Recordings in its own name or to publish, to market and to license or assign rights in such Recordings without consideration, compensation, accounting or report to Licensee.

ADDITIONAL REMEDIES

In addition to all other rights and remedies contained in this Agreement or applicable law, the University may withhold official transcripts, degrees, and diplomas from the Licensee until financial obligations of the Licensee or Guarantor under this Agreement have been settled. It has been and remains the policy of the University that no Licensee shall receive a diploma, degree, or any other official recognition of work completed until all amounts due for occupancy of University owned or operated residence facilities, and for dining plan or points entitlement have been paid in full.

The waiver of or breach of any condition of this Agreement shall not be considered to be a waiver of any other condition. If any condition of this Agreement should be held invalid, the remainder of this Agreement shall be valid and enforceable.

CREDITS OF RESIDENCE AND DINING PLAN RATES UPON WITHDRAWAL OR TERMINATION

Residence rates (excepting housing guarantee payments) are credited according to the following schedule to Licensees who take a leave of absence or withdraw officially or unofficially from the University, and complete the housing checkout procedures in “Terms/Cancellation” within 48 hours of the effective date of their University withdrawal. Dining plan rates are refunded on a weekly basis. Licensees who fail to do so shall remain liable for all residence and dining plan rates hereunder beyond their last day of attendance. Residence rates (except housing guarantee payments) are credited according to the following schedule to students whose Residence License Agreement is terminated by the University and who complete the housing checkout procedures in “Terms/Cancellation” by the date given to vacate. Exceptions to this credit schedule may only be granted by the University’s Housing Committee, at the committee’s sole discretion. Dining plan rates are refunded on a weekly basis. All requests for exception to this schedule must be submitted in writing to the University’s Housing Committee.

Semester I (FALL)

Date of withdrawal                                   Credit (percent)

Prior to first day of classes

(Before September 3, 2024*)                         100%

September 3–September 12, 2024               80%

September 13–September 19, 2024             60%

September 20– September 26, 2024           40%

September 27–October 3, 2024*                  20%

As of October 4, 2024                                      0%

Semester II (SPRING)

(Before January 21, 2025*)                           100%

January 21–January 30, 2025                      80%

January 31–February 6, 2025                      60%

February 7–February 13, 2025                      40%

February 14–February 20, 2025*                   20%

As of February 21, 2025                                 0%

*May 29, June 19, July 4, September 4, October 9, 2024; January 15, and February 19, 2024 are observed holidays. Administrative offices will be closed.

The above dates may change if the University’s Official Academic Calendar is changed.

HOUSING GUARANTEE PAYMENTS

Continuing and Transfer Students

The $600 housing guarantee payment (HGP) is rebated to continuing and transfer Licensees who give written notice of cancellation as provided in “Terms/Cancellation” as follows:

Cancellation received or postmarked:        Rebate Amount

No later than July 1, 2024                                   $300

After July 1, 2024                                                 No rebate of housing guarantee payment

Licensees whose housing guarantee payments were initially deferred and who cancel will be assessed the appropriate charge based on the date of their cancellation.

TERMS AND CONDITIONS OF THE CONVENIENCE POINTS PLAN AGREEMENT

For valuable consideration exchanged herein, Boston University (University) and student agree as follows:

This Convenience Points Plan Agreement will remain in effect as long as the student is an officially registered student at Boston University. The Convenience Points balances will be carried over from the end of one academic year to the beginning of the summer, and from the end of the summer to the beginning of the next academic year.

CANCELLATION CREDITS.   Convenience Points Plans for students whose student status at the University is terminated for any reason will be cancelled and a Convenience Points balance of $20 or greater will be rebated in full. Continuing students have the option to request a rebate at the end of the academic year or at the end of the summer if their unused Convenience Points balance is $20 or greater. Rebate requests should be made in person or in writing to Boston University, Terrier Card Office, 25 Buick Street, Boston, MA 02215. If a Convenience Points rebate results in a credit balance on the student’s University account, then the student may submit a request for a refund, in writing, to Student Accounting Services, 25 Buick Street, Boston, MA 02215.

USING CONVENIENCE POINTS.   Convenience Points can be used in all on-campus dining locations, for pizza delivery, at City Convenience stores, Barnes & Noble at Boston University, Agganis Arena concessions, athletic concessions at the Case Center, most vending machines on campus, and laundry machines in the larger residences. The University reserves the right to add, change, or delete Convenience Points locations at any time.

BUYING ADDITIONAL CONVENIENCE POINTS.   Convenience Points can be purchased in increments of $25 at the Terrier Card Office.  During the academic year, points may be charged to the student’s account and billed at a later date. Points purchased as a charge to the student’s account will be limited to $1,500 per semester during the academic year. This includes initial and additional points purchased. To pay by cash, the student should go to Student Accounting Services, 25 Buick Street, and then bring the receipt to the Terrier Card Office. During the academic year, additional Convenience Points can also be purchased through the   Student Link , as a charge to the student’s account and billed at a later date.

RESIDENCE ACCESS.   Access and guest sign-in privileges for Convenience Points Plan participants who live in on-campus residences are determined by established University residence access policies. Students living off campus who have a Convenience Points Plan only are not allowed access to on-campus residences at any time unless they are signed in as a guest. Convenience Points Plan participants living off campus do not have guest sign-in privileges at any residence on campus.

TERRIER CARD.   The University will provide the student with an appropriately encoded Terrier Card which the student must present at the Convenience Points entitlement location for service. The Terrier Card must be carried at all times and may not be used by anyone other than the student named on the card; it remains the property of Boston University and must be surrendered to the University upon demand. Alteration or use of the card for any unauthorized purpose will result in confiscation, financial penalty, and/or disciplinary action. Students must immediately report a damaged, lost or stolen card in person to the Boston University Police Department; the Terrier Card Office, 25 Buick Street; by phone at 617-353-9966; or via email (or the Terrier Card Center on the Student Link site).  Students who delay reporting the card’s loss or theft within two (2) business days will be responsible for up to $50 of unauthorized use.  For students who fail to notify the Terrier Card Office within two (2) business days of the card’s loss or theft, the student’s maximum liability increases to up to $500 of unauthorized use.  Students can replace a lost or stolen Terrier Card at the Terrier Card Office during regular business hours for a fee of $40.

IN CASE OF ERRORS OR QUESTIONS ABOUT CONVENIENCE POINTS.   A student may request details of the student’s Convenience Points Plan account at the Terrier Card Office during the business hours noted above. The student should contact the Terrier Card Office in writing at the address noted above, or by telephone at 617-353-9966, as soon as possible, if the student thinks there is an error or needs more information about the Convenience Points Plan. The student must contact the Terrier Card Office no later than 30 days after the problem or error appeared, and (1) provide name and BU ID number, (2) describe the error or question, and explain as clearly as possible why the student believes there is an error or why more information is needed, and (3) specify the dollar amount of the suspected error. If the student contacts the Terrier Card Office orally, the Terrier Card Office may require the student to send the complaint or question in writing.

UNIVERSITY’S POLICIES AND PROCEDURES.   During official vacation and closedown periods, locations accepting use of the Convenience Points Plan may be closed, or operation and use of the Convenience Points Plan may be limited. The University does not provide dining service during the official vacation and closedown periods. Food and related articles may not be taken from a residence dining room, except as permitted by BU Dining. Violations will result in disciplinary action. The University reserves the right to inspect knapsacks and the like in order to prevent loss. The University shall not be liable for any loss or damage related to the Convenience Points Plan caused directly or indirectly by any act of God, epidemic, pandemic, law or public policy, act or omission of suppliers or carriers, strike, fire, flood, explosion, or other circumstances beyond the University’s reasonable control. The University may terminate this Agreement (1) if the student fails to be registered at the University or fails to complete payment/settlement of the student’s account in accordance with the University’s policies and procedures at any time during the term of this Agreement, or (2) if the student fails to comply with the provisions of this Agreement or with any relevant policy or procedure of the University, or any applicable law.

CHANGE IN TERMS.   The University reserves the right to change the Terms and Conditions of the Convenience Points Plan Agreement upon notice to student.

GOVERNING LAWS.   This Agreement shall be governed by the laws of the Commonwealth of Massachusetts.