You, as a Lacey property manager, are aware that attracting tenants can be challenging. It’s even more difficult to compete against dorms in the student housing market. You can entice good student renters and increase your profits with the right tips and techniques. This article will discuss ten tips for standing out from the competition and attracting quality student renters!
1. Advertise online
Most students begin their housing search online. Ensure that your rental property is advertised on all major websites, including Zillow, Trulia, and HotPads. In addition to these online listings, you should promote your rental property on social media platforms such as Facebook and Instagram.
2. Offer furnished units
Many students do not want to bring furniture to college with them. Provide furnished units or the option to rent furniture to tenants. This will add to the value of your 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. Potential renters will be more interested in your rental property if it has a washer and dryer. In the long run, it could 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. Offer flexible lease terms, allowing tenants to stay for as long or as short a time as necessary.
6. Provide extra amenities
Many students are looking for rental homes with 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 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, be sure to provide information on bus or train routes.
8. Sell a lifestyle, not just a room
College students desire to reside in a vibrant and exciting community. Make sure your units are advertised as being in an ideal location with plenty of things to do nearby. In your listing, consider including information about local attractions and activities.
9. Offer extra storage space
Offering additional storage space may help your listing stand out, as college students often have plenty of belongings. Highlight the fact that your rental property has numerous closets, a garage, or a shed in the listing.
10. Add security
Add budget-friendly security features, such as deadbolts, keyless entry pads, security doorbells, and cameras, to ensure that students feel safe in their homes. These amenities will help tenants feel at ease and may help you attract higher-paying tenants.
Owning rental properties and competing against dorms for student renters can be an unpleasant experience. However, by adhering to these suggestions, you can attract quality student renters and optimize your profits!
Would you like to learn more about maximizing your rental property’s potential in the student housing market? Real Property Management Imagine 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.
