Collegiate UK, a student accommodation provider, announces a technology partnership with Lavanda, a UK-based property management system for student accommodation. The partnership seeks to leverage Lavanda’s technology platform to support its dedication to customer experience by making Collegiate’s inventory more flexible and affordable.
Collegiate will use Lavanda’s technology to optimise the performance of vacant or under-utilised units by tapping into seasonal short- and medium-term rental demand, most notably during the summer months when the academic year has ended.
Collegiate’s ‘flexible student living’ initiative seeks to deliver transformational benefits to student residents whilst creating value for underlying investors in the assets. With access to a wider array of leasing options (ie being able to tap into short-, medium- or long-term rentals via Lavanda’s property management system), Collegiate student communities are expected to become more resilient ‘all weather’ assets and be equipped to adapt to any fluctuations in demand both in the short- or long-term resulting, for example, from future economic downturns or fluctuations in demand for student accommodation.
By optimising the utilisation and performance of vacant units over the summer months, Collegiate are expected to be able to offer students more flexible term time leases as opposed to the conventional 51-week lease. The goal is to offer more affordable accommodation options for students and make university education more accessible to a wider audience.
“The pandemic resulted in a shift in rental demand and has been a catalyst for innovation and change across the residential sector. As consumers increasingly value flexibility, demand for shorter stays continues to accelerate with no sign of abating. Flexibility in many cases now drives decision making for students, whether they’re seeking term-time accommodation, or temporary accommodation whilst travelling during the summer months.
“At Collegiate we’re committed to customer experience and innovation, and to the development of student communities that create value for both residents and investors. Our partnership with Lavanda provides our communities with a best-in-class toolkit that allows our buildings to stay agile, respond to emerging trends and offer best value to our student residents. We’re excited to see what the future holds and how this partnership will now develop.”Rob Moyle, CEO, Collegiate
Shorter, more flexible leasing is also expected to allow visiting students to rent accommodation more easily in line with their needs – such as a visiting exchange student seeking accommodation for three to six months. Over the last 24 months, Collegiate has trialled Lavanda in 14 buildings across 12 UK cities representing <30% of its portfolio.
“Historically, purpose-built student accommodation (PBSA) has been considered a premium accommodation option for domestic students. We’re proud that our partnership with Collegiate will help create more flexible and affordable student accommodation options, without compromising on the quality and amenities that students are looking for. We’re delighted to further solidify our leadership position in the European PBSA market, and to continue Lavanda’s exciting growth trajectory.”Fred Lerche-Lerchenborg, CEO, Lavanda