From short term rentals to student rentals with BedStudent!
Whether they are tourists or students, rental houses are increasingly in demand and if in the first case, the meeting between supply and demand is now more structured with a market approaching maturity, in the case of student housing, which is still in short supply and whose quality is still a question mark, the spaces for growth are very interesting. We talk about it with Massimiliano Piarulli and Angelo Pellegrino, founder of MyPlace, recently acquired by SweetGuest and now founding members of BedStudent, a reality that currently manages over 50 single rooms in Padua, a city with over 60,000 students and 1000 Erasmus per year.
Question – No more tourists but students and young workers, what are the differences in terms of supply and demand?
Massimiliano Piarulli / Angelo Pellegrino – The tourist market has had a boom in the last 5 years which has led to a physiological increase in operators, often unprofessional. We believe that only large groups able to structure themselves and offer quality will stand out in the tourist rental market.
As regards the medium-term rental market aimed at students and young workers, we note that in Italy there are about 900,000 university students, all concentrated in the major university cities such as Milan, Rome, Naples and Padua.
A market that historically has never been valued, and characterized by the complete lack of a structured offer, as if young people away from home were not a resource and did not bring induced. Until some time ago it was thought that it was a poor market and that it did not deserve quality. Today, however, students and their families are willing to pay higher fees, despite a structured offer, characterized by well-furnished rooms, in safe contexts and with flexible contracts.
Question – In many university cities is there a lower availability of student apartments necessarily due to the increase in short rents, are they two different supply segments or do they cross?
Massimiliano Piarulli / Angelo Pellegrino – In reality we do not believe in the two markets are cannibalized. Indeed, while the short leases requested, by definition, occupy residential spaces in the historic centers of cities, co-living spaces are, on the contrary, a great opportunity for “urban revitalization” for all surfaces that, very often, in cities such as Padua , Trieste and Bologna, are vacant. Think of the thousands of square meters destined for former completely vacant offices. Through a change of intended use, almost always admitted by urban instruments and well seen by public administrations, we are able to revive these vacant properties, almost always positioned near universities, stations, hospitals and in any case on site. logistically perfect for the needs of our guests.
Question – What are the advantages for the owner and the types of contracts?
Massimiliano Piarulli / Angelo Pellegrino – Use the two classic formulas, borrowed from our experience in short rents: rent for rent, or direct rent by BedStudent, which provides the owner with efficient and guaranteed profitability over time, and the management mandate, in which the owner (typically the private individual) sustains an increase of up to 25% more than a classic rental, benefiting for the other from the dry coupon. On the driver’s side, these pay only a month of security deposit, have no duration restrictions and can easily withdraw with just one month’s notice. In short, flexibility as a password.
Question – What are the potentials of the segment in general and in particular in the city of Padua?
Massimiliano Piarulli / Angelo Pellegrino – The medium-term rental segment for young people away from home is a market that is constantly growing from a demand point of view, poor in terms of supply and a driving force for qualified operators. In Padua, while on the one hand the student market enjoys the stability and reputation of a thousand-year-old university and with an increasingly high rating, the workers’ market certainly benefits from the growing need of young people to live the city without restrictions, being able to connect quickly in different working situations, without the burden of long contracts, significant and penalties for withdrawal. All the features in our contracts.
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