THE PERFECT PAIRING: VIRTUAL REALITY & STUDENT HOUSINGTAGS / student housing, virtual reality AUTHOR / admin DATE / October 21, 2016
Virtual reality (VR) has grown tremendously in popularity over the past year, with 69% of adults aged 18-60 saying that they are excited about it. VR usage has become popular not only for personal use, but also professional. One of the professional sectors using VR the most is real estate. VR has been a hugely successful tool in real estate, and student housing is no exception. There are two reasons why the student housing niche market is excited about VR: Time and Money.
By utilizing VR, less time is spent touring available units. The perspective tenants have a much better idea about what it would be like to live in each unit and are able to decide on a unit much quicker. VR also helps reduce the leasing cycle by avoiding improper showing conditions. When units are not in showing condition, perspective tenants do not get the full impact of the unit. This often makes them take longer to decide whether they want to lease the unit or not.
Time is very important in student housing because students generally want shorter leases than other lessees. This increases the tenant turnover, leading to potentially more vacant units. VR helps shorten the amount of time between one tenant leaving and another arriving and maximizes the amount of time that units are occupied.
VR is also a great way for student housing to save and make money. First, the unit-closing rate in student housing buildings that use VR is much higher than those that do not. Thus, the number of units rented could greatly increase once they start utilizing VR technology. The leasing agent overhead also decreases from not showing as many units to potential tenants. Similarly, the building’s operational overhead would likely be reduced too by not having to spend money on giving legal notices to current tenants about upcoming showings.
Money is important to any business, so being able to find a way to help save money, while also making money, is like hitting the jackpot. VR is that jackpot for student housing. Technology is letting people and businesses do things that they could not do in the past. It is important to know all of the options and find what works best for you.
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