As a Lakeland property manager, you are aware that attracting tenants can be really challenging. In the student housing market, it can be even more challenging to compete against dorms. However, with practical tips and strategies, you can attract good student renters and maximize your profits. This article will discuss ten tips to help you stand out against the competition and attract quality student renters!
1. Advertise online
Most students start their search for housing online. Be sure your rental property is listed on all major websites, such as Zillow, Trulia, and HotPads. Aside from online listings, you should market your rental property on social media platforms like Facebook and Instagram.
2. Offer furnished units
The majority of students are not keen on bringing furniture with them to college. Offer furnished units or simply allow tenants to rent furniture from you. This will keep your units more irresistible to potential renters.
3. Install a washer & dryer
Students do not want to trek down to the laundromat whenever they have to wash their clothes. Having a washer and dryer in your rental property will make it more likable to potential renters. It may likewise save you money in the long run.
4. Include utilities in the rent
A lot of students are on a tight budget and are inquiring about strategies to save money. Including utilities in the rent can make your units more inexpensive and enticing to potential renters.
5. Offer flexible lease terms
College students often have different schedules year to year. Give flexible lease terms so tenants can take up residence for as long or short as may be necessary for them.
6. Provide extra amenities
Various students are going in search of rental homes that offer amenities particularly a nearby gym, pool, or public transportation. If you can provide or highlight these amenities, you will have a greater chance of attracting potential renters.
7. Location, location, location
College students wish to be close to campus and all the action. Be certain your units are in a prime location so tenants can immediately get where they must go. If your rental property is a bit farther away, make it a point to offer information on bus or train routes that will get students to campus.
8. Sell a lifestyle, not just a room
College students want to live in an exciting and vibrant community. Make sure to market your units as being in a desirable location with many things to do nearby. Take into consideration offering information about local hotspots and activities in your listing.
9. Offer extra storage space
College students generally have plenty of personal items, so providing a lot of 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 yearn to feel safe in their homes, so add security features like deadbolts, keyless entry pads, security doorbells and cameras, and other reasonable and budget-friendly items. These factors will help put tenants’ minds at ease and may even cause you to attract higher-paying renters.
Competing against the dorms for student renters can be an unappealing element of owning rental properties. But certainly, by paying attention to these tips, you can effortlessly attract quality student renters and maximize your profits!
Are you looking to learn more about maximizing your rental property’s potential in the student housing market? Real Property Management Lakeside 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.