Eclipse on Broad (Feb 2020 Updates)
The current occupancy rate for the Eclipse on Broad 2019/20 school term is 98%. As of February 20th, 2020, the pre-lease rate for the 2020/21 school term reached 91% while the pre-lease rate for the same period last year was 72%. Due to the continued demand of the local student apartment market and the effective management of the management team, the rental rate has increased significantly since the acquisition. We expect to reach 100% full occupancy in the coming weeks.
Eclipse on Broad’s pre-leasing performance continues to be among the best, leading the market by an average of about 13 percent. Currently, the average pre-lease rent is US$807.63, and the average rent is expected to achieve an increase of more than 6%.
Eclipse on Broad continues to benefit from the shortage of student apartments and has a strong rental performance. In order to further enhance and give grounds for rent increase, we plan to upgrade the apartment’s network speed to 500Mb. According to market research, Internet / WiFi speed is the primary consideration when students rent apartments, even more important than indoor washing machines. The upgrade will certainly help increase the competitiveness of Eclipse on Board in the vicinity.
The management company has also launched a social media campaign promotion. The effect is immediate and during the week of the campaign, there are extra bookings of 8 beds, equivalent to 6.25% increase.