The quality of student accommodation has come a long way in recent years. Those in higher education are turning away from outdated Halls of Residence in favour of design-led Purpose Built Student Accommodation.
As the need for more suitable accommodation has grown, the student rental market has boomed. The amount of students living in PBSA has reached 30%, a rise of over 22% from five years ago (pg4). This shows just how important accommodation has become, and how much the target market is looking for new alternatives.
PBSAs make great investments, but furnishing one can be tricky. You need to be certain the items you purchase are fit for purpose, have the right style and will help increase the value of your PBSA. Having student furniture packs in your accommodation is an easy way to cover these bases and will make the process quick, simple and profitable. In this blog, we’ll take a look at the key ways student furniture packs increase the value of PBSA properties, saving you time and money in the process.
Student Furniture Packs Meet the Needs of Students
From extensive research, we know that students expect a certain level of luxury from their accommodation. A joint survey undertaken by Knight Frank and UCAS looked into what students want, and quality furnishings ranked highly as an important aspect. In all, 89% of students said this was one of the key factors that influenced their decision on where to live (pg 8).
Using student furniture packs means you’re providing a solution that the target market is actively looking for. Students want style and comfort, and will almost certainly explore other accommodation options if they feel as though they’re not getting that. This can result in rooms being unrented, and void periods can seriously affect profit margins.
StuRents discovered the average rent a PBSA provider could earn is £128 per person per week outside of London. If even one room goes unrented, you could potentially miss out on £6656 in revenue over a full calendar year. Student furniture packs can help prevent this from happening, provided you choose an interiors partner that’s well known for delivering on the high expectations of students and PBSA providers alike.
Student Furniture Packs are an Investment
Good, quality furniture is a must in student accommodation, but that’s not solely based on the fact students now expect high end finishes. The right student furniture packs, are made up of durable pieces that are designed to last for a long time with regular upkeep and maintenance.
Purchasing a quality student furniture pack is an investment. There’s no point in buying furnishings that are vulnerable to quick wear-and-tear, as students in PBSA spend a lot of their time in the property, engaging with others in communal areas and studying. By investing in high quality furniture sets now, you’ll save on having to make repeat purchases in the future.
But, we understand that not every piece of furniture will be able to withstand constant use from generations of university students. That’s why we also offer a replenishment service. If any of our products are damaged over time, we can arrange a like-for-like replacement. We’ll even take away the old pieces and packaging. Where possible, we recycle materials, including all metals, plastics, cardboard and mattresses, so you can be confident that our service helps create a more sustainable business model, too.
LOFT Has Different Student Furniture Packs to Suit All Budgets
While all students are looking for safe and suitable accommodation, it’s important to remember not everyone wants to live in a high end PBSA. To support students across a range of backgrounds, more low end accommodation is currently being built (pg 12), bringing flexibility to the market.
We have a collection of different furniture packs to suit all budgets and styles. Some students want to spend their time at university in simple accommodation settings to keep costs down. A survey carried out by Save the Student backs up this sentiment with one student remarking:
“Student accommodation is getting more and more expensive and also more luxurious — I would much rather have basic but functional, healthy and cheap accommodation.”
We have basic and functional student furniture packs to meet these requirements. This means it’s possible to deliver on the low cost some students are looking for without them having to compromise on quality, keeping the students happy and helping to keep your PBSA at capacity. Alongside our affordable packages, we also have curated a selection of high end student furniture collections that cater to more affluent demands. Our Autograph Package offers students a full, luxurious furniture solution, giving them all the style and comfort they’re looking for. And the more high end your furniture is, the more likely it is that you’ll achieve a higher rental figure, increasing your ROI.
Why Student Furniture Packs Offer the Best Value for Money
Using furniture packs is a great way for PBSA providers to create a homely, well designed space for students at the best possible price. While we understand why some service providers would prefer to source each individual item, this can take a long time to do and may end up costing more. With our student furniture pack, you’re guaranteed a collection of quality furniture that saves you both time and money.
Our team knows how much pressure there is on PBSA landlords to fashion the perfect space, which is why our trained and experienced installation & delivery team are on hand to help.
After you’ve decided on the student furniture pack that’s right for your property, our team will deliver your furniture on time before assembling, installing and staging the property to create the biggest impact. We will also remove and recycle the packaging. Make sure to view our full student furniture pack range, and get in touch with us if there’s anything we can do to help get the most value out of your PBSA. You can also contact us if you want to create your own furniture package, meaning you can always get the right furnishings you’re looking for at the best price.