Introducing Student Housing Express
We’re excited to announce Student Housing Express, the first-ever platform designed to speed up and simplify the leasing process for student housing property managers.
Strict guarantor requirements have long created problems for both students and property managers. These requirements not only stand in the way of housing for many students - either preventing them from getting approved for the buildings they want or leaving them with cost-prohibitive up-front fees - but they force student housing properties to turn away residents and therefore risk not filling units.
Now, with Student Housing Express, student housing properties can use Jetty Lease Guaranty to instantly approve qualifying students who aren’t able to get a traditional guarantor. This enables them to get leases signed faster and more easily than ever.
In addition to using Jetty Lease Guaranty, Jetty’s student housing partners can customize their Student Housing Express platforms to include Jetty’s full suite of innovative rental products, which includes Jetty Deposit (our security deposit replacement) and Jetty Renters Insurance. The platform is designed to be flexible, giving properties the ability to incorporate any combination of Jetty’s three products to streamline the leasing process.
The growing student housing segment
The student housing segment is growing rapidly, thanks to a record amount of investment in this sector in 2018. According to GlobeSt.com, investors spent a total of $10.8 billion - the highest volume of student housing deals in the history of the industry. Greystar’s widely reported $4.6 billion acquisition of EdR is a prime example of this trend.
Staying competitive in the battle for students
As this segment grows, more property managers are tasked with guiding students through the leasing process. This group of renters is not only burdened with similar income requirements to other multi-family renters, but also often needs to complete the leasing process in a much shorter time frame.
To meet these challenges, many property managers need to find new ways to streamline the renting process, and to help students gain faster, easier access to housing. At Jetty, we see this as an opportunity to introduce new tools and services tailored to the unique challenges of the student housing sector.
How Student Housing Express will help increase occupancy
Student Housing Express uses real-time underwriting to instantly grant qualifying students access to Jetty as an institutional guarantor. This product was built with a focus on eliminating the barrier to entry caused by strict guarantor requirements in the student housing sector.
Applicants in need of a guarantor typically fall into one of two categories: U.S. residents without their parents’ financial backing, and foreign national students whose parents will not qualify as guarantors because they’re not U.S. citizens.
Some properties will approve these students if they’re willing to pay a significant portion of rent (typically three months’ worth) up front, while other properties simply won’t accept students without a guarantor at all. Both of these options can prevent students from accessing the housing they want, and can cause student housing property managers to lose out on great residents.
Student Housing Express removes those barriers. By offering Jetty Lease Guaranty, property managers can enable eligible students to instantly qualify for housing and bypass potentially cost-prohibitive move-in costs.
Property managers can also use Student Housing Express to fill units faster, because it gives them the ability to help students meet the guarantor requirement at the exact same time as the lease signing. Students can upload the required documents or take photos of them on a smartphone right in the leasing office to be instantly approved. This turns a three- to four-day process into a three- to four-minute process - ultimately enabling the property manager to lock in students faster. Students can upload the required documents directly from their phones.
Jetty Lease Guaranty also provides the property manager with even more protection than a traditional guarantor, by covering monthly payments until the end of the lease term if a resident doesn’t pay rent or show up - without requiring the property manager to track down a human guarantor. Plus, because it was built with a focus on design, it’s intuitive, user-friendly, and nice to look at.
Tech-forward products and the future of student housing
The student housing sector is moving quickly. There’s plenty of room for innovation in the leasing process, and Jetty’s Student Housing Express platform is only the first we’re launching in this sector.
At Jetty, we believe that tech-forward products are the future of student housing - and we’re excited to work with more properties to make the lease-signing process faster, easier, and more cost-effective than ever.
Ready to Jetty?
E-mail our team (firstname.lastname@example.org) to learn more about how we work with student housing property managers, or read more about our offerings.