Every owner and operator understands the value of the student housing market. These people are going to be the renters of the future, and so it’s a good place to watch for emerging trends that can be adopted in other areas within the multifamily industry. The Executive Insights on Student Housing Trends and Tech Strategies panel at Entrata Summit took a deep dive into what trends are on the horizon along with the challenges and opportunities student housing operators face when it comes to technology adoption, along with the impact AI is having and how the needs of student residents are evolving. The key takeaways include:

• Evaluating technology requires a critical eye. Make sure you look beyond marketing hype when choosing new technology to implement and focus on solutions that truly leverage AI, integrate seamlessly with existing systems, and reduce complexity for on-site teams.
• Focus on the problem, not the solution. When evaluating new technologies, start by identifying the specific challenge you're trying to address, rather than fixating on a particular tool or solution.
• Partnerships are crucial. Choose technology partners with a proven track record, strong leadership, and a commitment to scalability and long-term support.
• Don't be afraid to pivot. Even with thorough due diligence, not every technology implementation will be successful. Be prepared to adapt, change course, or even pull the plug if necessary.
• AI addresses key challenges in student housing. The panelists see significant potential for AI in areas like customer service, lead nurturing, delinquency follow-up, and automating routine tasks.
• Technology can free up staff time for more meaningful interactions. By automating tasks and improving efficiency, technology allows on-site teams to focus on building relationships with residents and fostering a sense of community.
• The human touch still matters. While technology can enhance the student experience, it can't replace the value of human connection and personalized support.

Looking Back and Moving Forward

Reflecting on past experiences, the panelists shared valuable lessons learned in making technology decisions, including:

• Collaborate with key stakeholders. Gather input from various departments and on-site teams to ensure that new technologies meet the needs of all users.
• Don't be a laggard. Getting onboard early and embracing change can lead to significant improvements in efficiency and growth.The best time to implement new technology is yesterday, the second best time is now.
• Challenge assumptions and learn from others. Be open to questioning traditional practices and adopting new approaches that can improve operations and resident satisfaction.

Changing Perspectives

The panelists also discussed how their beliefs about student housing have evolved:

• It's not just about the price. While affordability is important, student housing operators are increasingly recognizing the value of creating positive resident experiences and fostering a sense of community.
• Prioritize resident well-being. The mental health and social engagement of student residents are critical considerations for student housing providers.

In conclusion, this session provided valuable insights into the evolving landscape of student housing and the role of technology in shaping the future of the industry. By embracing innovation, prioritizing resident well-being, and building strong partnerships, student housing operators can create thriving communities that support academic success and personal growth. To learn more about how Entrata can help improve management of student housing, request a demo today.