College Apartment Industry
Master of Leadership Development
The apartment industry in West Lafayette offers a unique business opportunity. The nearby university, Purdue, has enrollment of nearly forty thousand students, yet only provides housing for twelve thousand every year. The surrounding community houses the remainder in a combination of apartment buildings and house rentals. Nichols Apartments is a short walk from Purdue and has achieved 100 percent occupancy since 2005. This paper analyzes the profitability of the apartment industry, examines the market, evaluates the needs of Millennials, identifies current technology expectations, and recommends the use of an interactive Website. Although business income is maximized, improvements in technology are needed to continue its success with today’s Millennial tenants. Several recommendations are offered: transfer the Web domain to Web.com, update the Website regularly, monitor finances closely, watch the West Lafayette tax situation, improve advertising on the Internet, and identify different means of measuring success. The culmination of this project is the creation of NicholsApts.com using Web.com, which is ready for posting to the Internet.