Context:

Our team was brought in by the ownership group and working with multiple property managers across three asset types across Canada. We acted as centralized revenue management function for the owner, coordinating leasing velocity and rental rates to drive financial and operational outcome for the owner. We also supported analysis and reporting for the property managers and enable communication and alignment. Beyond that, we supported the acquisition team with multiple data/information gathering exercises, as well as due diligence.

Outcome:

Over 24 months, our team provided recommendations and execution for rate setting across over 3500 beds. Provided rate increase recommendations in market that are selling out too quickly and rate reduction in markets that have an over supply. Our team also introduces variability in floor plan type and priced desirable plans at premium rates and vice versa.

There were significant challenges facing student housing landscape at a few of the universities and our team helped the client quickly assessed situations and adjust pricing strategies in days. Much ahead of the competition.

Finally, our team automated various leasing, finance and board reporting to save our client time on receiving accurate reporting so more time can be focused on operations, strategy and customer service.

Specific outcome:

• Reduced one challenging student property from 7% vacancy down to 2%

• Adjusted renewal strategy for a multifamily so and increased renewal rates from 2% to 5% without impacting retention.

• For a very large student property, re-allocated pricing premiums on larger studios by over 10% as it was well under market, and reduced pricing on historically hard to rent shared floor plans. Holding a 99% occupancy rate while increase overall rent revenue.

• Organized furnished and utilities pricing strategies for an all inclusive offerings for a secondary market purpose built student housing.

• For a secondary market, student housing facing significant operations and demand challenges, strategized on marketing initiatives to bring demand up and provide incentives.

• For a primary market co-living asset, analysis on CAPEX during unit turn to achieve optimal rental rate product that will be valued in the market.

• Large student housing, 99% occupancy while we managed and achieved 8% increase during a down market.

• Another property increased rent by 7%, renewal by 5.5% and achieved 100% occupancy.