CORT and Student Housing Developers Partner to Provide Furnished Apartments

CORT helps sustain “fresh” appeal of properties while relieving staff from furniture management

CHANTILLY, VA (October 5, 2011)The private student housing sector is booming as student enrollment grows along with a preference among students and parents for an upscale living experience. CORT, a Berkshire Hathaway company and the only national provider of furniture rental, is partnering with private student housing developers to provide sought-after furnished housing.

The National Multi-Housing Council’s (NMHC) National Student Council surveyed 56 universities and found an average 20 percent growth rate in freshman applications for the fall of 2010 compared to fall 2008. According to the U.S. Department of Education, approximately half of these students will live off-campus.

Partnering with CORT allows off-campus housing providers to rely on a trusted partner to manage an inventory of furniture while focusing their efforts on leasing and marketing student housing communities. CORT provides flexible furnishing solutions to allow a property to deliver a high-standard of living and adjust furniture inventory based on current business needs, whether the property offers furnished or unfurnished units.

“CORT establishes national contracts with housing providers to provide the furnishings and accessories students and their parents are seeking in an off-campus housing experience,” said Mark Koepsell, senior vice president for CORT. “By leaving the management, maintenance and storage of furniture to our experts, staff time spent on furniture will be freed, units once used for storage can be rented, and residents will consistently enjoy the highest standard of living.”

Many properties deliver a full array of amenities including a private bedroom and bathroom which deliver the standard of living students have known at home. These furnished properties are popular solutions to attract student residents. While these competitive features and amenities are critical, they also represent a cost and operational burden to managers. CORT helps housing developers and managers provide these amenities while assuming the cost and burden of furniture management.

Private student housing developers are challenged to maintain the appeal of a property after it has been in operation for a few years and lost its distinction as the newest option for students. By outsourcing the delivery, maintenance and replacement of furniture to CORT, property managers can be confident that each student will enjoy a fresh unit and the living experience necessary to drive a continued positive reputation for the property. This positive reputation thereby generates greater property revenues and a higher ROI. CORT provides property managers and residents full furniture management programs including prompt service for repairs and replacements and an annual inspection in advance of the upcoming student enrollment cycle.

Properties offering unfurnished housing often partner with CORT to offer residents a furniture option that is included in their monthly rent, or refer residents to CORT in exchange for a percentage of revenue from resulting leases. These programs help attract students and continue a streamlined rental process while creating an additional revenue stream for the property.

NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S.

For the past 40 years, CORT has been a leading provider in rental furniture and has provided services to more than 80 percent of the Fortune 500 companies. CORT is a Berkshire Hathaway company and has offices in every major U.S. market, offers a full range of rental and transition support services, including area-orientation tours and online apartment search services at www.ApartmentSearch.com. For more information about CORT, visit www.cort.com.