You, as a St Peters property manager, are aware that attracting tenants can be challenging. It’s even more difficult to compete against dorms in the student housing market. However, you can attract quality student renters and maximize your profits by following the right tips and strategies. This article will give ten-pointers to help you get noticed against the competition and attract good student renters!
1. Advertise online
Most students begin their housing search online. Ensure that your rental property is listed on every major website, including Zillow, HotPads, and Trulia. You should also promote your rental property on social media sites such as Facebook and Instagram.
2. Offer furnished units
Numerous college students are uninterested in hauling furniture around with them. Allow tenants to rent furniture from you if you have furnished units. This will make your rental units more appealing to prospective tenants.
3. Install a washer & dryer
Students prefer not to travel to the laundromat every time they need to wash their clothes. 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
Numerous students are on a limited budget and seek ways to save money. Renting your units with utilities included can make them more affordable and appealing to potential tenants.
5. Offer flexible lease terms
College students’ schedules vary from year to year. Offer flexible lease terms, allowing tenants to stay for as long or as short a time as necessary.
6. Provide extra amenities
Numerous students seek out rental properties with amenities— access to a gym, pool, or public transportation. If you can provide or emphasize these amenities, you will have a greater chance of attracting prospective tenants.
7. Location, location, location
College students desire to live close to campus and all the action. Ensure that your rental units are situated in a convenient area so that tenants can easily reach their destinations. If your rental property is a bit further away from campus, be sure to provide information on bus or train routes that will get students there.
8. Sell a lifestyle, not just a room
College students desire to reside in a vibrant and exciting community. Make sure your units are advertised as being in an ideal location with plenty of things to do nearby. In your listing, consider including information about local hotspots and activities.
9. Offer extra storage space
Offering additional storage space may help your listing stand out to college students who have a lot of belongings. Highlight the fact that your rental property has numerous closets, a garage, or a shed in the listing.
10. Add security
Add security features such as cameras, security doorbells, keyless entry pads and deadbolts, and other inexpensive items to ensure that students feel safe in their homes. These features will help tenants feel safer, and they may even help you get higher-paying renters.
One unwelcome aspect of owning rental properties is having to compete with dorms for student renters. 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.