Yara Lewisham which runs the student accommodation on Mercy Terrace, Ladywell, is seeking planning permission to change the use of 92 rooms in the building.
It wants to turn the small studios into serviced apartments for a limited period.
The student accommodation sector has been hit hard by the coronavirus crisis after universities shut their doors earlier this year.
Under planning regulations, student accommodation is reserved for students – even in summer months.
But the British Property Federation has been pressing the government and councils for some flexibility.
Yara wants to offer 92 rooms as short term lets. It is not clear who the rooms would be offered to.
In a submission to the government earlier this year the BPF refers to the need for affordable homes and rooms for healthcare workers.
Yara currently offers luxury student accommodation. A standard studio of 17.0-17.5 m2 costs £230 a week.
Yara says the site would be managed 24/7 by on site staff. It says it would also set up a community liaison group.