As a Hillsboro property manager, you understand how tough attracting tenants can be. In the student housing market, it might be even more difficult to compete against dorms. However, with the right tips and strategies, you can attract quality student renters and maximize your profits. This article will go over 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 that your rental property is listed on all major websites, such as Zillow, Trulia, and HotPads. Besides online listings, it is important to advertise your rental property on social media platforms like Facebook and Instagram.
2. Offer furnished units
Most students are not interested in bringing furniture with them to college. Supply furnished units or permit your tenants to rent furniture from you. This will make your units more enticing to potential renters.
3. Install a washer & dryer
Students do not want to trek down to the laundromat whenever they want to wash their clothes. Having a washer and dryer in your rental property will increase its attractiveness to potential renters. It may also save you money in the long run.
4. Include utilities in the rent
Several students are on a tight budget and are looking for techniques to save money. Including utilities in the rent can make your units more economical and desirable to potential renters.
5. Offer flexible lease terms
College students often have different schedules from year to year. Allow flexible lease terms so tenants can stay for as long or short as necessary.
6. Provide extra amenities
Most students are seeking rental homes that offer amenities like a gym, pool, or public transportation nearby. 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 campus and all the action. Guarantee that your units are in a prime location so tenants can get there effortlessly. 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 want to live in an exciting and vibrant community. Be sure to market your units as being in a desirable location with plenty of things to do nearby. Consider including information about local hotspots and activities in your listing.
9. Offer extra storage space
College students often have a lot of belongings, 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 love to feel safe in their homes, so add security features, for example, deadbolts, keyless entry pads, security doorbells and cameras, and other low-cost items. These things will help put tenants’ minds at ease and may even help you obtain higher-paying renters.
Competing against the dorms for student renters can be a difficult part of owning rental properties. However, by taking these tips, you will be able to attract quality student renters and maximize your profits!
Do you want to learn more about maximizing your rental property’s potential in the student housing market? Real Property Management Assurance 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.