1. Advertise online
Most students start looking for housing on the internet. Ensure that your rental property is listed on all major websites, including Zillow, Trulia, and HotPads. In addition to these online listings, you should promote your rental property on social media platforms such as Facebook and Instagram.
2. Offer furnished units
Most students do not want to bring their furniture with them to college. Provide furnished units or allow tenants to rent from you. This will add to the value of your units to potential tenants.
3. Install a washer & dryer
Students dislike having to go to the laundromat every time they need to wash their clothes. Renters will be more interested in your rental if it has a washer and dryer. In the long run, it may save you some money.
4. Include utilities in the rent
Many students have limited financial resources and are looking for ways to save money. Including utilities in the rent can increase the affordability and desirability of your rental units.
5. Offer flexible lease terms
Year to year, college students’ schedules can vary significantly. Allow tenants to stay for as long or as little time as they need by offering flexible lease terms.
6. Provide extra amenities
Many students are looking for rental homes with amenities like a gym, pool, or public transportation nearby. You will be more likely to attract potential renters if you can provide or highlight these features.
7. Location, location, location
Students want to be near campus and all of the action. Guarantee that your units are situated in an ideal location so that tenants can easily reach their destinations. If your rental property is a little further away from campus, be sure to provide information on bus or train routes.
8. Sell a lifestyle, not just a room
College students want to be a part of a vibrant and exciting community. Make sure your units are advertised as being in a desirable location with plenty to do nearby. Consider including local attractions and activities in your listing.
9. Offer extra storage space
Offering additional storage space may help your listing stand out, as college students often have plenty of belongings. If your rental home has a lot of closets, a garage, or a shed, make sure to mention it in the listing.
10. Add security
Add budget-friendly security features, such as deadbolts, keyless entry pads, security doorbells, and cameras, to ensure that students feel safe in their homes. These features will put tenants’ minds at ease and may even help you attract higher-paying renters.
Owning rental properties and competing with dorms for student renters can be an awful experience. However, by adhering to these tips, you will be able to attract higher-quality student renters and increase your profits!
Would you like to learn more about maximizing your rental property’s potential in the student housing market? Real Property Management Connection has the answers! Contact us online today.