CORT Helping Off-Campus Housing Providers Meet Rising Demand with Furniture Rental Solutions

FAIRFAX, VA (March 15, 2011) Record numbers of students are enrolling in higher education institutions. At many of these institutions there are far too few available beds to meet the current demand for housing. CORT is helping off-campus housing providers take advantage of this opportunity by providing flexible furnishing solutions.

The National Center for Education Statistics projects that from 2006 to 2017, postsecondary enrollment for students under 25 will grow 10 percent and that enrollment will increase by 19 percent for students older than 25. At one state university in Florida, rapid enrollment growth led to a housing shortage, and an opportunity for a regional property management group to provide a solution for the university and students.

After identifying a demand for up-scale, furnished student apartments, the property management group partnered with a developer to construct an apartment community within walking distance of campus that included more than 190 units furnished to suit the preferences of an upscale student renter. The company turned to CORT to provide high-quality furniture packages matching the upscale theme of the property.

The decision to enter into a long-term agreement with one provider has already proved to benefit residents by allowing the property to provide a product that matches the community’s brand as a luxury lifestyle destination, all at a reasonable cost to the property.

Off-campus housing providers have played a critical role in relieving post-secondary institutions from the burden of providing housing for millions of new students. These communities are particularly suited for students who want amenities such as fitness centers, video-gaming areas, high-end furnishings and full-size washers and dryers. Privately-owned student housing can be developed much more quickly than university-funded housing projects, which in recent years have been delayed or canceled as endowment revenues are diminished and state budgets cut.

“Outsourcing the management of furniture allows off-campus housing providers two significant advantages,” said Mark Koepsell, senior vice president for CORT. “Furniture rental offers greater flexibility in how housing providers allocate capital for new projects and furniture rental has the built-in flexibility to adjust furniture inventory based on current business needs.”

CORT provides property managers and student residents full furniture management with immediate service on repairs and replacements as well as an annual inspection and replacement as needed. The cost of the furniture is included in the apartment rent, saving them capital outlay and simplifying the rental process for students.

CORT continues to deliver customer service excellence and has gone the extra mile to support the partnership with collaborative marketing efforts, acting as a trusted partner to manage an inventory of furniture and allow property managers to focus on other critical goals for their business.

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 also provides the nation’s most comprehensive range of rental relocation services, including area-orientation tours and online apartment search services at www.ApartmentSearch.com. CORT is a Berkshire Hathaway company and has offices in every major U.S. market and a global furniture rental network of affiliates in more than 50 countries. For more information about CORT, visit www.cort.com.