You know how difficult it is to attract tenants as a Wheatland property manager. It can be even more difficult to compete against dorms in the student housing market. You can, however, attract quality student renters and maximize your profits with the right tips and strategies. This article will discuss ten tips that will help you distinguish yourself from the competition and attract quality student renters!
1. Advertise online
The vast majority of students start searching for housing online. Ensure that your rental property is listed on all major websites, including Zillow, Trulia, and HotPads. You should promote your rental property on social media sites such as Instagram and Facebook in addition to online listings.
2. Offer furnished units
Numerous college students are uninterested in hauling furniture around with them. Permit tenants to rent furniture from you if they want it furnished. 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. In the long run, it could save you money.
4. Include utilities in the rent
Many students are on a low budget and are looking for different ways to save money. The inclusion of utilities in the rent can make your units more affordable and appealing to prospective tenants.
5. Offer flexible lease terms
Year to year, college students’ schedules frequently change. Allow tenants to stay as long or as little as they want under flexible lease terms.
6. Provide extra amenities
Several students are looking for rental homes with amenities like a pool, gym, or public transportation close by. You will be more likely to attract potential renters if you can provide or highlight these amenities.
7. Location, location, location
Students want to be near campus and all of the action. Make sure your units are in a convenient location so tenants can get where they need to go quickly. If your rental property is somewhat further from campus, be sure to provide information about bus and 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. Include information about local attractions and activities in your listing.
9. Offer extra storage space
Because college students often have a lot of belongings, including extra storage space in your listing may help it to stand out. Include this information in your listing if your rental property has numerous closets, a garage, or a shed.
10. Add security
Add security features like keyless entry pads, deadbolts, security doorbells and cameras, and other budget-friendly items to make students feel safe in their homes. These features will put tenants’ minds at ease and may even help you attract higher-paying renters.
One unwelcome aspect of owning rental properties is having to compete with dorms for student renters. However, if you follow these guidelines, you’ll be able to attract better 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 Trailhead has the answers! Contact us online today.
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.
