Efficiently managing student housing properties where all bills are covered involves the ongoing challenge to keep operational costs to a minimum while delivering quality services. In this article, we delve into some cost-effective and proven strategies that student housing property managers can employ to increase ROI by optimizing operational efficiency, controlling expenses, and elevating the overall living experience for tenants.

Technology Integration:

Incorporating AI-driven smart building solutions like TrustHab allows for remote monitoring and control of key property aspects. Smart thermostats can be utilized to regulate temperature and mitigate humidity, keyless door locks can enhance security and simplify access management, leak sensors can prevent costly water-related damages and avoid conditions conducive to mold growth, and integrated property management systems offer centralized control. This powerful combination optimizes operational efficiency and minimizes the need for manual interventions, creating a technologically advanced and efficient living environment.

Energy-Efficient Solutions:

Implementing energy-efficient measures can significantly impact operational costs. Consider installing energy-efficient appliances, like smart lighting controls, to help reduce electricity consumption. Deploying smart thermostats connected to an IoT building management system, such as TrustHab’s, in both units and common areas improves building-wide energy consumption. By continuously monitoring HVAC runtime activity, onsite teams can easily identify areas for improvement and anticipate faulty equipment. These upgrades not only contribute to sustainability but also lead to long-term savings on utility bills and higher ROI.

Automatically Detect and Mitigate Maintenance Issues:

For all-bills-paid communities, relying on tenants to report issues is a major challenge for property managers. Introducing a proactive maintenance building management system like TrustHab empowers onsite teams to remotely identify and address maintenance concerns in real-time, eliminating the need for tenants to report problems. Promptly dealing with these issues significantly reduces expenses for operators, prolongs the life of HVACs, and improves the tenant experience by minimizing disruptions.

IoT-Powered Water Conservation Systems:

Deploying intelligent leak sensors and water-efficient fixtures across your property is a strategic approach to remotely identify leaks and reduce the occurrence of expensive water damage that can drastically reduce NOI.

In addition to real-time leak detection alerts, TrustHab’s centralized building management system provides valuable insight to building-wide water usage. This allows onsite teams to easily pinpoint unusual patterns in consumption, which can oftentimes be indicative of a leak. Continuously monitoring water usage can be an effective way to lower water bills and promote a sustainable community to environmentally conscious tenants.

Transparent Communication:

Within property management, establishing clear and open communication is essential. It’s important to keep tenants well-informed about cost-saving initiatives, updates on utility usage, and changes in billing structures. This transparency not only builds trust but also encourages active tenant participation in cost-saving efforts. When tenants are aware of initiatives to reduce costs, optimize utility usage, and any modifications in billing practices, they feel empowered and engaged.

Effectively managing costs in all-bills-paid student housing properties requires a combination of smart technologies, proactive maintenance strategies, and community involvement. By implementing these practices, property managers can create a cost-effective and sustainable living environment for students while maintaining a positive impact on the property’s financial performance. Schedule your complimentary tour of TrustHab’s AI-powered building management system today to learn why we are the leading smart building solutions provider for student housing, multifamily housing, and military housing owners, operators, and investors.