How Was Tripalink Able to Achieve a 98% Occupancy Rate in Their Co-Living Properties During the Pandemic?
Sep 14, 2020
LOS ANGELES - September 14, 2020 - (Newswire.com)
Most real estate owners aim to have a 98% occupancy rate during a normal year, however, the challenges of the pandemic and its economic implications have made a high occupancy rate seem unattainable.
Donghao Li, the founder and CEO of Tripalink, a four-year-old co-living company with over 4,000 bed spaces under management, reported an occupancy rate of 98% for 2020, which is only 1.5% lower than its average annual occupancy rate.
Tripalink offers affordable co-living spaces without sacrificing quality.
Tripalink’s co-living properties are fully furnished and have private bedrooms, modern design, in-unit laundry, a weekly cleaning service, and utilities included in the rent.
Donghao Li describes their method, saying, “Tripalink’s model of co-living emphasizes quality while minimizing cost. We provide private bedrooms, vibrant amenities, and community perks and events to improve the overall living experience.”
Based on the rates shown on the Tripalink website, a tenant in Los Angeles can rent a fully furnished private bedroom for as low as $800 without any hidden fees. According to RentJungle, the average rent of a two-bedroom apartment is $3,144, and split between two people is $1,572. That is a savings of $772, without sacrificing quality.
Multi-channel marketing and personalized leasing process based on algorithms are the backbone of high occupancy.
Prior to the pandemic, Tripalink had found a niche with international students. They had started to slowly expand their demographic to American college students and young professionals because they have similar needs.
Tripalink realized the threat that COVID-19 posed much earlier than the average American company. They saw that Asian countries had started a travel ban and started to realize that the U.S. would probably do the same soon, which might cause their international residents to return to their home countries. Tripalink shifted their marketing strategy to focus more on American young professionals and invested in a multi-channel marketing strategy that included paid search, SEO, and social media ads. They also adjusted their pricing to be more market-oriented. These increased the number of interested tenants by 45%.
Tripalink’s leasing team labels their pool of potential tenants in order to give them the best rental options for their budget and location preferences. These are based on internal algorithms. Interested tenants receive a response from Tripalink within seconds of reaching out. This automatic system has saved Tripalink a lot of unnecessary costs in the leasing and marketing process and increased the conversion rate to 33%.
Boosting resident retention rate through community events.
Although community building is not common in the real estate industry, Tripalink has found it beneficial in retaining tenants. According to Donghao Li, due to COVID-19, the retention rate hasn’t been increasing as fast, but it is still 70%.
Tripalink held various community events and introduced different perks to enhance the bond within its community. The most popular events in 2019 were the Yacht Party, Game Night and Wine Tasting Workshop.
In response to COVID-19, Tripalink moved events and perks online by offering discounts of online grocery shopping, free online yoga classes and so on. They also provided masks and hand sanitizers to their tenants and installed a cleaning station at the entrance to the building with disinfection products to help residents stay healthy.
These events create a sense of camaraderie and connection within the Tripalink community. They improve the tenants’ overall living experience and ensure a high lease renewal rate.
Related Links
Co-Living Keeps Growing As Tripalink Raises $10M At $100M Valuation
Press Release Service by Newswire.com
Original Source: How Was Tripalink Able to Achieve a 98% Occupancy Rate in Their Co-Living Properties During the Pandemic?
More News
China’s offshore tax crackdown could inadvertently fuel a digital dollar boom
From October 22, China’s grace period for the disclosure and settlement of certain offshore-trust tax liabilities ends. For the Chinese government, this deadline highlights its desire to affirm control over capital outflows, while for Chinese high-net-worth families, it serves as a reminder that it is now harder to keep international assets beyond the reach of the government. The deadline sits against the backdrop of China tightening scrutiny around cryptocurrency, stablecoins and real-world...
Mitchell Santner wary of Bhuvneshwar Kumar threat in T20I series: He will love it
Mitchell Santner wary of Bhuvneshwar Kumar threat in T20I series: He will love it
Chinese mathematician Sun Zhiwei proposes 1,000 problems to challenge AI
In an age of AI-induced answers to complex mathematical problems, Chinese mathematician Sun Zhiwei maintains that curiosity and asking good questions are more important then ever. Over a career spent probing the edges of number theory, Sun, a 61-year-old professor at Nanjing University’s department of mathematics, has built a vast landscape of problems – more than 1,000 and counting – for the global research community to tackle. While traditional mathematical training emphasises mastering...
Priyansh Arya rejects white-ball specialist tag: I can play all three formats
Priyansh Arya rejects white-ball specialist tag: I can play all three formats
Beijing’s top Taiwan official meets US think tank to reaffirm red lines
The director of Beijing’s Taiwan Affairs Office (TAO), Song Tao, has held a rare meeting with a delegation of US scholars, pledging to push for the peaceful development of cross-strait ties. During the meeting in Beijing on Tuesday with a delegation from the National Committee on American Foreign Policy (NCAFP) led by its president and CEO, Susan Elliott, Song spoke of a broader diplomatic context following summit meetings between Chinese and US leadership. “President Xi Jinping elaborated on...
China’s Type 051C gets a refit as the PLA Navy’s legacy warships near retirement
China’s Type 051C destroyer Shenyang has been spotted undergoing sea trials after a reported refit, as the People’s Liberation Army (PLA) begins phasing out legacy warships following the commissioning of a massive wave of new vessels. Witness photographs circulating on social media appear to show the Shenyang, hull number 115 and lead ship of the Type 051C class, with its Russian-made hardware replaced by domestic air defence systems. While precise details have yet to be independently confirmed,...
Chinese star Fan Zhendong lashes out after fan posts videos of him on social media
Chinese table tennis star Fan Zhendong has again condemned secret filming after photos of a private trip were leaked online. On Tuesday, a self-proclaimed “superfan” uploaded two photo-slide show videos of Fan onto social media, captioning them: “No more hiding, let’s share.” The images showed Fan walking alone through Shanghai Pudong International Airport wearing a mask and hat, showing his movements on escalators and boarding. In one photo taken from just behind him, the poster claimed Fan was...
Nepal to co-host U19 Women's T20 World Cup 2027, India begin campaign in Kirtipur
Nepal to co-host U19 Women's T20 World Cup 2027, India begin campaign in Kirtipur
Live score, 2nd Test Day 4 updates from Gqeberha
Live score, 2nd Test Day 4 updates from Gqeberha
Can China turn national power into world leadership?
As turbulence grows in many countries, it is tempting to ask if there is a global hegemon that can sort everything out fairly. US President Donald Trump has threatened that his country would not defend Nato allies if they failed to spend enough on their defence. Together with new trade barriers, his words suggest that the US is scaling back its ambitions for global leadership and concentrating more on its own region. Our latest projections of national strength for 2027 take into account...
Strongest storm of the year barrels towards Taiwan and mainland China
As Super Typhoon Champi – now the strongest storm of the year worldwide – barrels towards eastern China, authorities are planning evacuations and urging those in its path to prepare. Airports in major Chinese cities could be affected by the storm, including Wenzhou Longwan, Fuzhou Changle, Ningbo Lishe, Hangzhou Xiaoshan, Shanghai Hongqiao, Shanghai Pudong and Xiamen Gaoqi, according to aviation data platform VariFlight. Travellers are bracing for potential disruptions, though there have been no...
China-US team’s ‘gold factory’ relic; next-gen diabetes care: 7 science highlights
We have put together stories from our coverage on science from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. China breakthrough unlocks low-cost, high-margin sustainable aviation fuel Chinese researchers have developed a catalyst that converts synthesis gas into sustainable jet fuel – an advance that could boost production, help meet net-zero carbon goals and yield a gross profit margin above 50 per cent. 2. Landmark...
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.