I believe there is an opportunity in Gainesville to
provide off campus housing to students who only want Fall and Spring Semester
Contracts, and not 12-month contracts. After doing a lot of research, there is barely
any rentals that are not 12-month contracts. This creates a problem because a
lot of students actually want to go home for summer break and will end up either
paying for rooms they do not use or staying in Gainesville because they don’t want
to feel as if they are losing money. Dorms provide these kinds of contracts,
but most people after their freshman year do not want to stay in a dorm and
would like to live off campus. If we could provide the amenities and luxury of
off campus housing with the flexibility of an on-campus contract, I think it would
be a huge disruption and opportunity in the rental market.
#1 Sophomore
Male Who Lives Off Campus:
1. Are
you staying in Gainesville this summer? Possibly.
2. Do
you have a 12 month rental? Yes.
3. If
you are staying in Gainesville this summer, why? Catch up on courses.
4. Do
you prefer on campus housing or off campus housing? I prefer off campus housing
that is close to campus.
5. Would
you like to be able to have Fall and Spring only rentals instead of your
current rental? If so, why? Most definitely because a 12 month rental creates
unnecessary stress. It forces you to either stay for the summer, try to
sublease, or pay rent for a place you are not even living in.
#2 Junior Male Who
Lives Off Campus:
1. Are
you staying in Gainesville this summer? No.
2. Do
you have a 12 month rental? Yes.
3. If
you are staying in Gainesville this summer, why? Not applicable.
4. Do
you prefer on campus housing or off campus housing? Definitely off campus. I
hated the dorm beds and lack of space, it felt like a prison.
5. Would
you like to be able to have Fall and Spring only rentals instead of your
current rental? Yes, I would love that. When I leave for Miami this summer, I
am going to have to pay for rent I am not using.
#3 Sophomore
Female Who Lives Off Campus:
1. Are
you staying in Gainesville this summer? No.
2. Do
you have a 12 month rental? Yes.
3. If
you are staying in Gainesville this summer, why? Not applicable.
4. Do
you prefer on campus housing or off campus housing? Off campus. I like living with
my friends, and feeling more freedom than on campus.
5. Would
you like to be able to have Fall and Spring only rentals instead of your
current rental? For sure. There are not many of those options available at all.
It would save me a lot of money.
Reflection: I learned
that people actually really agree with the idea. Most surprisingly, people
actually went on rants about how annoying it is, although I did not include it.
People seem to really hate the fact that they are forced to pay when most don’t
want to.
Summary: I think all of
my original opportunity is still there in terms of demand. Although my sample
size was extremely small, I am constantly seeing people post about subleases
for the summer. Its because so common these days, people forget to even
question why we have it in a college town in the first place. I don’t know if
my opportunity is more accurate now, but I do believe it is more justified now.
In terms of feedback, I believe entrepreneurs who do not adapt are going to fail.
If you can’t take criticism or alternative opinions, you are not serving your
customer base. Part of what makes a small business threatening to a corporation
is their ability to transition and not remain firm. People change, so ideas must
change as well.
Hey, that’s interesting. I’m sure more students than not would enjoy that. However, as an complex owner what would you do those months were your tenants are gone and nobody is paying? And as a tenant, moving all the way back home for 2 months then back up here to start again sounds kind of annoying for me personally. What I could imagine is tenants paying a premium to make up for the months you aren’t going to be there to the owner and then come back to your furnished place, bam everybody is happy. Good idea though.
ReplyDeleteHi Josh,
ReplyDeleteI think you have a very valid point opportunity belief. I am in the same boat as the people you interviewed because I am planning on not being here for the summer and have to find someone to sublease my place is going to be a huge hassle. I think one that stand out about your idea, is that it fits the market place that you were looking in. I would say close to 75% of students have this problem, especially a lot of kids in the business school, such as myself because a lot of students get internships or just do classes online and do not want to stay in Gainesville. If you were able to figure out a system of how to do this idea, I think you would be very successful.
I have this problem every year. I end up being forced to pay for 3 months of rent that I don't need or find a subleaser and have move all of my stuff around, which is a hassle. Pretty much all of the interviewees hit the nail on the head, 12 month leases cost us money and cause unnecessary stress. It makes sense for the landlords and leasing agencies though, making 3 months more money than they would otherwise.
ReplyDeleteThis is a potentially great idea, both because of the agreement in the concept and the unmet market for which the idea is a part of. Logistically this could be an issue, but I agree with the premise of the idea. I am currently going through this same issue as many listed, as I have three open months on my lease that may force me to stay for the entire summer.
ReplyDeleteI've had this problem every year and I'm tired of it. I don't want to pay hundreds of extra dollars for a place I am not even going to live. The opportunity is for sure there, great idea. From a land lord's perspective, this would not be ideal because they like guarantees of having someone for a year, but I am sure if you can prove someone is taking over your lease in the summer this would be no problem. Maybe an app or website where you can advertise these opportunities year around. There are Facebook pages but it's a little sketchy because Facebook is just sketchy. I like the idea, keep being awesome.
ReplyDelete