Donghao Li, the founder, and CEO of Tripalink, a 4-year-old coliving 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. With such great performance, they are actively preparing for Series C funding and have been connected with multiple investors.
They have many properties in the USC area and receive about 500 inquiries per week when they only had 15 rooms vacant. They received about 400 inquiries per week about their properties in West LA, particularly those near UCLA and SMC, however, they didn’t have any vacancies. In Seattle, they also have no vacancies and are unable to accommodate those on the waiting list.
Due to this increased demand, Tripalink is seeking new master leases to create more co-living communities in the greater Los Angeles area. They are focused on the areas they have already seen success in, near USC, UCLA, and SMC, however, they are also looking to expand into new areas like Pasadena. Outside of California, they plan on increasing the number of properties under management in Seattle.
Keep reading to learn more about how Tripalink has maintained such a high occupancy rate and increased demand for its co-living offerings.
Tripalink offers affordable co-living spaces without sacrificing quality.
Tripalink’s coliving properties are fully furnished and have private bedrooms, modern design, in-unit laundry, a weekly cleaning service, and utilities included in the rent.
Li describes their method, saying, “Tripalink’s model of coliving emphasizes quality while minimizing cost. We provide private bedrooms, vibrant amenities, and community parks 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 2 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 backbones of high occupancy and lead.
Tripalink’s marketing strategy focuses on targeting college students and young professionals. They have 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 strategies 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 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. 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 more. They also provided masks and hand sanitizer 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.
Tripalink’s community-based coliving experience and its marketing and leasing strategies have caused a high occupancy rate and demand.
Tripalink is determined to create a better living experience for the largest number of tenants. Their community events help ensure that residents will continue to enjoy their experience and renew their leases. Their marketing strategy and leasing process is unique and seems successful in generating new leads. Tripalink is definitely a coliving company to watch and it will be interesting to see where they expand to next.