As a Steel Creek property manager, you know how difficult it can be to lure tenants In the student housing market, it can be even more difficult to compete with dorms. However, with the proper advice and strategies, you can attract high-quality student renters and maximize your profits. 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 advertised on all major websites, including Zillow, Trulia, and HotPads. You should advertise your rental property on social media platforms like Facebook and Instagram in addition to online listings.
2. Offer furnished units
Most students do not want to bring their furniture to college with them. Provide furnished units or the option to rent furniture to tenants. This will increase the appeal of your units to potential renters.
3. Install a washer & dryer
Students don’t want to go to the laundromat every time they need to do laundry. Including a washer and dryer in your rental property will increase its desirability to prospective tenants. In the long run, it may also save you money.
4. Include utilities in the rent
Many students are on a limited budget and are looking for ways to cut costs. 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 schedule changes are common among college students. 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 seek rental homes with amenities like a nearby gym, pool, or public transportation. You will be more likely to attract potential renters if you can provide or highlight these amenities.
7. Location, location, location
College students want to be close to the action on campus. 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
Students want to be a part of an exciting and outgoing community. Be sure to market your units as being located in a desirable area with plenty of activities nearby. Include information about local attractions and activities in your listing.
9. Offer extra storage space
In light of the fact that college students typically have plenty of belongings, offering additional storage space may help your listing 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 such as deadbolts, keyless entry pads, security doorbells and cameras, and other cost-friendly items to make students feel safe in their homes. These amenities will help tenants feel at ease and may help you attract higher-paying tenants.
Competing for student renters with dorms can be an unwelcome aspect of owning rental properties. However, by adhering to these suggestions, you can attract quality student renters and optimize 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.