As a Middleton property manager, you know that attracting tenants can be troublesome. In the student housing market, it can be even more challenging to compete against dorms. However, with the right tips and strategies, you can attract quality student renters and maximize your profits. This article will examine ten tips to help you stand out against the competition and attract quality student renters!
1. Advertise online
Most students begin their search for housing online. Ensure your rental property is listed on all major websites, such as Zillow, Trulia, and HotPads. On top of online listings, it is advisable to endorse your rental property on social media platforms like Facebook and Instagram.
2. Offer furnished units
Many students are not interested in bringing furniture with them to college. Offer furnished units or allow tenants to rent furniture from you. This will make your units more attractive to potential renters.
3. Install a washer & dryer
Students do not want to trek down to the laundromat whenever they need to wash their clothes. Having a washer and dryer in your rental property will make it more appealing to potential renters. It may also save you money in the long run.
4. Include utilities in the rent
Numerous students are on a tight budget and are seeking solutions to save money. Including utilities in the rent can make your units more economical and appealing to potential renters.
5. Offer flexible lease terms
College students often have different schedules from year to year. Suggest flexible lease terms so tenants can remain for as long or short as needed.
6. Provide extra amenities
Numerous students are searching for rental homes that offer amenities like a nearby gym, pool, or public transportation. If you can provide or highlight these amenities, you will be bound to draw in potential renters.
7. Location, location, location
College students need to be close to campus and all the action. Make sure your units are in a prime location so tenants can go where they need to go with ease. If your rental property is a bit farther away, you need to offer information on bus or train routes that will get students to campus.
8. Sell a lifestyle, not just a room
College students desire to reside in an exciting and vibrant community. Make certain to market your units as being in a desirable location with plenty of things to do close by. Consider adding information about local hotspots and activities in your listing.
9. Offer extra storage space
College students often have a lot of possessions, so offering additional storage space may help make your listing stand out. If your rental property has many closets, a garage, or a shed, highlight that in your listing.
10. Add security
Students want to feel safe in their homes, so add security features, for instance, deadbolts, keyless entry pads, security doorbells and cameras, and other reasonably priced equipment. This equipment will help put tenants’ minds at ease and may even assist you with drawing in higher-paying renters.
Competing against the dorms for student renters can be an unwanted part of owning rental properties. But by acknowledging these tips, you can more easily attract quality student renters and maximize 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.