Do you want to rent your property to students?
Students are looking for simple rental properties to live in while completing their university studies. If you own a rental property near a college or university, it may be beneficial to aim towards renting to students.
So how do you attract students renters? Address their wants and needs.
In the following paragraphs, we'll focus on the essentials for student tenants. You'll learn about their preferences and what you can do to make your rental property as desirable as possible.
1. Maximize a Convenient Lifestyle
Many students prefer a convenient rental property that allows them to minimize the need for buying additional household electronics and items. However, it's important not to mix up convenience and luxury, as students aren't typically looking for luxury. Students aim to save up money for their other expenses.
You may consider including cable, furnishing and internet in the rent price. You may also consider including utilities in the rent, so you can compete with the campus dorms to a certain extent.
However, the conveniences won't only have to be inside your property. You can point out amenities in the area surrounding your rental. For instance, highlight popular college bars and restaurants that give student discounts.
2. Create a Study Focus Space
Not all students want to head out to the library to study. Some prefer to have a designated study space in their home.
Make it known that your rental has a quiet environment for studying and doing work. Remind your prospective tenants that the right study space can foster academic success.
3. Provide Storage Space
Storage space is valuable to students. You want them to feel comfortable and not crowded. You should ensure that your student tenants have ample storage space for their clothes and various personal belongings.
4. Advertise Online
Students are often young people who browse for information online. You may want to focus on online resources, including Trulia and Zillow. It's more than likely that students are looking for a rental on these websites instead of local newspapers.
5. Determine a Competitive Rent Rate
The areas located close to campuses usually have tough competition. This is why you have to determine the right rent that will be competitive. To do so, you should conduct a comparative market analysis.
The right price hits the sweet spot between overcharging and undercharging. You'll be left with a healthy profit. A student renter will be more likely to resign thier lease when you charge the right price.
6. Ensure Top-Rate Security
Do you want to maximize the chance of a college student's parents approving your rental property? In this case, adding adequate security measures is your best bet. Since parents are concerned about safety issues, you'll get approved more easily if you have top-notch security measures installed on the premises.
The best student rental properties use a deadbolt lock and come with enough external lighting. Additionally, the use of security cameras and an alarm system helps to boost the security of your rental even further.
You may want to communicate the security features in your rental ads. This way, people who are more concerned about security will have a good reason to contact you straight away.
Here are some additional ideas for safety and security:
- Keep the view of your rental clear. For instance, remove thick greenery and large trees that could block visibility of the entrance.
- Install motion sensor lighting that triggers lights every time someone wanders around the property at night.
- Maintain safety in and around the property. Fix any problems that could contribute to safety hazards.
7. Offer Incentives for Moving In
Students form a target group that can be easily incentivized when you know what to offer. Gift cards for groceries or free WiFi for three months are just two great examples of what students could find enticing.
Offering an incentive isn't only an efficient method to increase the chance of someone moving in. You'll solidify a landlord-tenant relationship when you provide a nice gift upon tenant move-in.
8. Consider Installing a Washer & Dryer
Students lead busy lives. Their studies and social gatherings may take up a lot of time. That's why going to a laundromat can become a major inconvenience for students living in your rental.
Offering a washer and dryer as an amenity in your rental property could get more people interested in your rental. Some students may even agree to pay a premium for this convenience in their rental homes.
9. Utilize Social Media
Student housing providers still aren't using the full potential of social media. You could use various social media platforms as a viable marketing channel for your student-oriented rental properties.
The best video formats include testimonials, vlogs and virtual home tours. Shoot and edit videos with the help of someone who knows the ins and outs of social platform video production. Otherwise, your promotional materials could fail to engage students.
In a Nutshell: Attracting Student Renters
Students make up an important target group for tenancy. This is especially true if your rental property is in the vicinity of college and university buildings. As with any other group of potential tenants, you need to attract and engage student renters in the right way.
Provide study space, storage opportunities and conveniences that help to save time for your student tenants. Use the power of social media marketing to reach your target group of students looking to live in their first rental home.