As a Stow property manager, you know how difficult it can be to lure tenants It’s even more difficult to compete against dorms in the student housing market. With the right tips and strategies, you can attract quality student renters and increase your profits. This article will go over ten tips to help you stand out from the crowd and attract good student renters!
1. Advertise online
Many students start their housing search on the internet. Make sure your rental property is listed on all major real estate websites, including Zillow, Trulia, and HotPads. In addition to online listings, you should also advertise your rental property on social media sites such as Facebook and Instagram.
2. Offer furnished units
Most students do not want to bring their furniture with them to college. Allow tenants to rent furniture from you if you have furnished units. 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. Potential renters will be more interested in your rental property if it has a washer and dryer. Additionally, it may save you money over time.
4. Include utilities in the rent
Many students are on a limited budget and are looking for ways to cut costs. By including utilities in the rent, you can make your units more affordable and appealing to prospective renters.
5. Offer flexible lease terms
Year to year, college students’ schedules can vary significantly. Provide tenants with flexible lease terms so they can stay for as long or as little time as they need.
6. Provide extra amenities
Many students are searching for rental properties with amenities— convenient access to a gym, a swimming pool, or public transportation. You’ll have a better chance of attracting potential renters if you can provide or highlight these features.
7. Location, location, location
Students prefer to live close to campus and the action. Make sure your units are in a convenient location so tenants can get around quickly. 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
Students want to be a part of an exciting and outgoing community. Make sure your units are advertised as being in an ideal location with plenty of things to do nearby. Consider including local attractions and activities in your listing.
9. Offer extra storage space
Because college students often have a lot of belongings, including additional storage space in your listing may help it stand out. If your rental property has lots of closets, a shed, or a garage, make sure to highlight it in the listing.
10. Add security
To help students feel safe in their homes, add security features such as deadbolts, keyless entry pads, cameras and security doorbells, and other budget-friendly items. These features will help tenants feel safer, and they may even help you get higher-paying renters.
Owning rental properties and competing with dorms for student renters can be an awful experience. However, if you follow these pointers, you’ll be able to lure better student renters and increase your profits!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.