Project: Virtuhouse
Market & UX Research
Duration: 3 Weeks
Overview:
Virtuhouse is a real estate service helping users to relocate by viewing properties virtually. The research examined the market competitors and users; young professionals, recent graduates, and university students.
Research Methods
Mixed-Method:
Literary Review (Google Scholar, News Articles)
Competitor Websites
Survey & Interviews (Formal & Informal)
Census Bureau, Data.gov, Kaggle.com
Project Brainstorm & Organization
User #1
Undergraduate Student
Freshman and Sophomores (17-19 yrs)
Junior and Seniors (19-21 yrs.)
What are Undergraduate Student Needs?
Proximity to Campus
Affordability (Roommates)
Proximity to Amenities
Access to Public Transportation
Safety
Private Space
Laundry
Neighbors
Cleanliness
User #1 Location
Why college towns?
87% of students live off campus.
Owning a property near a university and accepting student renters mean reduced vacancies and competitive rents.
Renting to University Students
High Demand:
Many universities and colleges do not offer students four years of housing.
Higher Rents:
Constant demand for housing.
Third Party Payment:
Common for a student attending college to have their rent paid by someone else. Often, parents are the ones who are paying the rent, and they will serve as co-signers on the lease
Word of Mouth Fills Vacancies:
Students may view certain rental properties as very desirable.
Satisfied With Less:
Most college students are not looking for the most high-end finishes.
College Town
Ithaca, NY
State College, PA
Bloomington, IN
Lawrence, KS
Blacksburg, VA
College Station-Bryan, TX
Columbia, MO
Champaign-Urbana, IL
Ann Arbor, MI
Gainesville, FL
Major University
Cornell University
Penn State
Indiana University
University of Kansas
Virginia Tech
Texas A&M
University of Missouri
University of Illinois
University of Michigan
University of Florida
Enrollment
33,451
47,823
44,564
29,512
45,150
60,137
41,057
51,660
76,448
58,453
Population
104,606
158,728
164,233
116,559
181,555
242,884
172,703
237,199
356,823
273,365
Percent
32.0%
30.1%
27.1%
25.3%
24.9%
24.8%
23.8%
21.8%
21.4%
21.38%
User # 1 Survey
User #1 Market Competitors
Roomrs: This product is similar to Virtuhouse in marketing to students and young professionals. The product is an online rental platform focusing on rentals and rental assistance for university students and young professionals. They offer short-term, flexible leases, individual and roommate rentals, and community.
College Student Apartments: has search tools that help college students find the perfect apartments, houses, roommates, and sublets. With the proprietary Smarter Housing Search, you can find student housing based on the closest distance to campus, best price, and preferred amenities.
Uloop: student marketplace for your college.
College Rentals https://www.collegerentals.com/
Academic Housing https://www.academichousingrentals.com/
Handshake: https://joinhandshake.com/
User #2
Young ProfessionaL
Millennials, Gen Z
What are the users’ needs?
Easy access to center-city jobs
Competitive rental prices
Trendy areas
Social amenities
Business center
Short Term or Long term
Flexibility
Roommates or Single
Key Points
Often second rental experience
Student loan debt requires young professionals to rent rather than buy.
Consistent moving at the end of 6 months or one-year lease.
Prefer temporary lease: “millennials love the idea of being able to pick up and go when their lease is up.”
User #2 Location: Atlanta, GA
Statistics: Atlanta, GA Census 2018
Population estimate 2018, 498,044
Owner-occupied housing, 2014-2018, 43.4%
The median value of owner-occupied, 261,400
Median gross rent 2014-2018, $1,099
High school graduates, 90.3%
Bachelors or higher, 49.9%
Civilian labor force, 65.1%
Median household income, $55,279
Per capita income, $43,468
Each year, millennials move to Atlanta to join its major industries: agribusiness, energy, film, aerospace, and more. The cost of living in Atlanta is reasonable with rentals averaging $1500.
2020
Population, 498,044
Ranks 10th economically in the nation with a GDP of $276 billion. The Atlanta metropolitan area is home to 5.6 million, making it the 9th largest in the United States. In 2018 the annual growth rate was 1.28%. In 2020 it was found that the median age in Atlanta is 33.2 years and within that the median age for males is 32.9 years and females 33.6 years.
According to the most recent ACS, the racial composition of Atlanta was:
Black or African American: 51.85%
White: 40.27%
Asian: 4.16%
Two or more races: 2.41%
Other race: 1.05%
Native American: 0.24%
Native Hawaiian or Pacific Islander: 0.03%
User #2 Market Competitors
Rentberry: An online rental marketplace bringing landlords and tenants together, eliminating the need for real estate agents in the rental niche. This alone has not only sped up the process for both landlords and renters, but also minimized costs and maximized profit for both groups. Landlords and renters can negotiate the rental rate directly, reaching a mutually acceptable rate.
Bungalow: An aesthetically pleasing and user-friendly site, uniquely focused on rentals and roommate location. Like Roomrs, Bungalow provides rental advice and community. https://bungalow.com/
Zillo: identifies rentals as a large market opportunity since renters move more often than homeowners and property owners have to spend money on advertising and lease concessions.The network includes Zillow products; Trulia, Hotpads, MyNewPlace, AOL Real Estate, and MSN Real Estate. Industry also listed Zillo as a leader, as well as Apartments.com and Zumper.