As a Burbank property manager, you understand how difficult it is to find tenants. In the student housing market, dorms can make the competition even more difficult. You can, however, attract quality student renters and maximize your profits with the right tips and strategies. This article will cover ten pointers to help you stand out from the crowd and attract high-quality student renters!
1. Advertise online
The majority of students start their housing search online. See to it that your rental property is listed on all major rental websites, such as HotPads, Zillow, and Trulia. In addition to online listings, you should also advertise your rental property on social media sites such as Facebook and Instagram.
2. Offer furnished units
Many students do not want to bring furniture to college with them. Allow tenants to rent furniture from you or offer furnished units. This will increase the appeal of your rental units to potential tenants.
3. Install a washer & dryer
Students do not want to go to the laundromat every time they need to do laundry. A washer and dryer will increase the desirability of your rental property among potential tenants. It may also save you money over time.
4. Include utilities in the rent
Most students are on a budget and are looking for ways to cut costs. Renting your units with included utilities can make them more affordable and enticing to potential renters.
5. Offer flexible lease terms
Year to year, college students’ schedules frequently change. Provide flexible lease terms so that tenants can stay as long or as short as necessary.
6. Provide extra amenities
Several students are looking for rental homes with amenities like a pool, gym, or public transportation close by. If you can provide or highlight these amenities, you will increase your chances of attracting potential renters.
7. Location, location, location
Students want to be close to the action on campus. Ensure that your units are in a convenient location so that tenants can get where they need to go quickly. If your rental property is a little further away from campus, make sure to provide information on bus or train routes that will get students there.
8. Sell a lifestyle, not just a room
College students want to be a part of a lively and exciting community. Be sure to market your units as being in a desirable area with numerous nearby activities. 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 additional storage space in your listing may help it stand out. If your rental place has a lot of closets, a garage, or a shed, be sure to mention it in your listing.
10. Add security
To help students feel safe in their homes, add security features such as deadbolts, keyless entry pads, cameras and security doorbells, and other budget-friendly items. These features will help tenants relax, and they may even help you attract higher-paying tenants.
Owning rental properties and competing against dorms for student renters can be an unpleasant experience. But if you follow these pointers, you’ll be able to attract 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.