How to Increase Lease Renewals for Student Tenants

Think back to your university days. Can you name your favorite teacher or mentor? Maybe it was their humor or a conversation that stuck with you years later.

For many students, those lasting connections don’t always come from the classroom. For them, it was a student accommodation manager or front-of-house staff who made a rented room feel like a second home. It’s this sense of belonging that sets PBSAs apart.

The PBSA sector is thriving, but many properties feel interchangeable. Amenities can attract students, but it’s the people who convince them to stay.

For students, a lease renewal isn’t just about staying in a building; it’s about staying in a place that feels like theirs. And that's the key to securing lease renewals: making them feel like they're part of something special, something they want to keep close.

Facilities That Feel Like Home

Satisfaction isn’t just a metric; it’s what drives retention. A positive living experience is more than comfortable furniture and modern appliances. It's about the feeling they get when they walk through the door after a long day.

An Elevated Lifestyle

The best brands stand out by creating experiences. Some win loyalty through exclusive perks, and others by delivering seamless service. The best do both.

Small details, like effective housekeeping and maintenance, might seem routine to PBSA staff. However, they play a crucial role in the student experience. After all, a well-maintained living space nurtures both academic performance and well-being.

The simple relief of returning to a clean room, free from chores, can make a world of difference to a student.

Additional services, like parcel management, can also contribute to a better quality of life. 75% of students say that parcel management is important to their experience. PBSAs that ensure students' needs are met are the ones that really stand out.

Simplify Student Life With Technology

Imagine your water heater breaks. You reach out to a staff member for help, and they tell you they’ll pass it along. Days go by, and you’re still taking cold showers with no idea when it’ll get fixed.

It’s not just inconvenient but also disruptive. For students, issues like this can chip away at trust. Digital solutions can introduce a quicker and more efficient way to handle these situations and create a more responsive experience for students.

• Ticketing System
  
  • 60% of students consider digital issue reporting valuable in their building
  • Allows students to submit complaints or requests via a ticket
  • Provides status and progress updates regarding building concerns
  • Enables direct communication with management
• Smart Security Systems
  
  • Enable access control integration for sensitive areas, such as private halls
  • Centralize an alarm system to ensure prompt, building-wide notifications in case of emergencies
  • Real-time monitoring with security cameras
• Parcel Management Software
  
  • Automate recipient notifications and reminders when the parcel is logged by the accommodation
  • Enable secure pick-ups with QR codes and electronic signatures
  • Improve the collection experience and minimize incidents of lost or misplaced parcels

This streamlined approach not only enhances the student experience but also benefits the staff. Accommodation managers can refocus their energy on building a friendly and vibrant environment.

Renewal Incentives

While students value an amazing experience, let’s not forget that affordability is also a crucial consideration. Tuition, commute, and food can strain an already tight budget, but rent can be one less thing to worry about if student accommodations can make it happen.

Renewals allow students to stay in a familiar environment, and incentives can show that you are aware of financial concerns and ready to provide support.

Financial Incentives

Budget constraints can force students to cut corners, even if they don’t want to.

Rent discounts and freezes offer predictability and peace of mind. For students juggling academic pressure and financial stress, knowing their rent won’t unexpectedly increase means one less thing to worry about.

Cashbacks can help budget-conscious individuals offset the cost of rent and put it towards groceries or other essentials. These small gestures show that the provider is ready to support them.

Flexible Payment Structure

Students often receive funds in intervals, like semester-based stipends or monthly allowances. This can vary by country and institution.

• United Kingdom (UK): Maintenance loan installments every September/October, January, and April
• Scotland: Monthly maintenance loans and bursaries
• United States (US): Scholarships and grants are awarded at the start of every semester or divided per term/monthly
• Australia: Lump sums per semester or monthly installments
• Ireland: Maintenance grants are paid in nine monthly installments from October to June

Flexible payments allow them to align their rent payments with these cycles. It also lets students split a large payment into smaller, manageable amounts, which lets them leave room in their budget for other essentials like groceries.

Unit Upgrades

Unit upgrades can make students feel like they’re getting more from their rent. Personalized upgrades, aligned with their unique preferences, can foster loyalty. An en suite to a studio, a fresh coat of paint, or a room with a better view can serve as thoughtful gestures and show how much you value them.

Referral Program

Remember wishing you could live with your best friend?

Many students feel the same way, and that presents a valuable opportunity for student accommodations.

By making it easy for friends to live together, PBSAs can retain a happy resident and gain a new one. It’s a win-win: students get the social support they crave, and accommodations benefit from stronger community ties and higher retention rates.

Let students invite their friends to move in and reward them when they do. This immediately boosts happiness, of course, but it can also lay the groundwork for a more engaging community. When students live with people they already know and trust, they’re more likely to feel at home.

Make Renewals Easy

The renewal process should not be overwhelming or difficult to navigate.

Implement an intuitive online rebooking system where students can review lease terms and sign anytime, anywhere. Automated reminders ensure they never miss deadlines, which creates a smoother transaction that adds to the overall experience.

Align your accommodation with tenants’ preferred payment methods. 69% of Gen Z use debit payments for daily and weekly expenses. Frictionless payment platforms like Yorlet can allow them to do the same for rent.

Flexible payment options, such as installments or automatic scheduled deductions, can make the process much more seamless.

Create a Positive Environment for Students

The first few days of university can be thrilling, that first taste of freedom and independence. However, as the weeks go by and the excitement dies down, students begin to feel the distance. They miss the familiarity and the safety net of close friends and family.

While student accommodations might not be able to replace a student’s family or long-term friends, they can provide the support that students need to transition into their new environments.

Resident Engagement Programs

Making friends isn’t always easy, especially in a brand-new environment.

Resident engagement programs can help bridge that gap. If your accommodation has entertainment and recreational centers, make these spaces inviting and accessible to encourage students to gather and hang out.

Organize a friendly pool competition between staff and residents. Have pizza nights in the recreational room, just because. Allow students to rent out the movie room to celebrate a friend’s birthday.

These programs don’t even have to be student-centric. If you’re hosting a charity or fundraising event, invite students to come down and throw in some free food. It creates a casual, low-pressure setting for students to participate, connect, and feel part of something bigger.

Resident engagement programs can even be educational. Workshops, cultural seminars, and educational seminars can give students practical tools they can carry with them long after university life. Many students would appreciate a lesson on how to do taxes or how to handle a job interview.

These events don’t have to be grand or expensive, either. The goal is to encourage students to interact and socialize, which enables them to establish support networks.

Everything Can Be a Touchpoint

Every interaction between the staff and students is an opportunity to build rapport and trust. Whether it’s a quick chat in the hall or a “how are you” when a student picks up a parcel, these small interactions are often greatly appreciated.

Nothing is more comforting than a friendly face when you are in a new and unfamiliar environment. Accommodation managers who take the time to connect with students on a personal level create lasting memories.

Be a Good Listener

Young adults nowadays are very in touch with their mental health. They’re often open to sharing with friends, but sometimes what they really need is a trusted adult.

Be the person they can approach when they’re having a bad day. Invite students to have coffee with you or even just to come into the office for a friendly chat.

Karaoke Nights at Cloud Student

Community is the heart of the Cloud Student experience.

What started as a simple evening of music and laughter turned into an unforgettable bonding experience. Students, many of whom were initially shy, found themselves belting out pop classics alongside staff members.

Jennifer Courtliff, an Operations Director at Cloud Student Homes, credits her team’s energy for the event’s success. “Our team were there singing their hearts out—not great, but that’s what makes karaoke so fun,” she laughed. “It’s massively about our team getting involved. It shows they’re approachable, part of the experience, and part of the community.”

These events go beyond a fun night; they foster genuine connections. Free pizza and snacks might get students in the door, but it’s the shared laughs and off-key duets that keep them coming back.

By creating an environment where students feel seen and valued, Cloud Student builds trust and loyalty, encouraging tenants to renew their leases year after year.

Additional Tips for Student Accommodations

Let Students Take the Lead

Surveys and focus groups can help accommodation managers better understand what their students want. Students might have different opinions about their experiences, but each one is worth hearing.

For example, do students have difficulty getting in touch with staff? Do they struggle with maintenance requests or upkeep of common areas? Do they want more flexibility for package collection?

Students can also tell you what kind of events they want to see more of. It could be a karaoke night, a pizza party, or more games in the recreational room.

Put your ideas in a poll and let students vote. This not only gives them something fun to do but also shows that you’re willing to listen.

Find the Right Technology

Technology can streamline day-to-day operations and make life easier for students, but it isn’t easy to find the right one for each aspect of the student experience. Young adults are tech-savvy, but if you have too many complicated tools, they might forego them entirely.

Keep the following in mind when choosing apps or software:

• Ease of use for quick deployment
• Integration with another system, such as access control, communication platforms, etc., for seamless use
• Compliance with relevant regulations
• Scalability
• Customizability for complex workflows
• Support and training
• Mobile access reduces the need for specialized hardware and
• Cost-effectiveness

Both students and staff benefit from tools that are intuitive and simple to use.

Monitor and Adjust Your Strategy

It’s unlikely that your renewal strategy will succeed the first time. Tenants' needs and behaviors change, and not every student is the same.

Create a timeline and set milestones to track your progress. This will help you identify what works and what areas need attention. Be willing to adapt strategies based on what resonates with students.

Ensure that there are established communication channels between staff and residents. If a problem arises, you can treat it before it gets bigger. Data analytics and reporting can give you valuable insights into your resident retention strategies and help you make informed adjustments.

Personalize the Experience

A lease renewal can be more than a transactional experience. It can be a conversation with a friend or a collaborative solution to an aching problem.

Each student has a unique journey and experience while in university. While efforts to improve the student experience can be made on a grander scale, student accommodations should also strive to provide targeted support.

How the Student Experience Drives Lease Renewals

The student experience is more than the quality of the facilities. It’s about the community, the support, and the sense of belonging.

Renewing a lease can be a moment of reflection. Do students feel at home, supported, and valued? Make sure the answer is ‘yes’ by streamlining the process and keeping lines of communication open.

Each aspect demands careful attention, and for students, it truly makes a difference when someone goes above and beyond to meet their needs. While parcel management is a small part of the student experience, it’s one that must be done right. Discover an easier way to manage parcels and collections with Parcel Tracker.