As a Brentwood property manager, you are aware that attracting tenants can be difficult. In the student housing market, it could be even more difficult to compete against dorms. However, with the correct tips and strategies, you can attract quality 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 begin their search for housing online. Check that your rental property is listed on all major websites, such as Zillow, Trulia, and HotPads. In addition to online listings, you would have to promote your rental property on social media platforms like Facebook and Instagram.
2. Offer furnished units
Many students were not interested in bringing furniture with them to college. Offer furnished units or allow tenants to rent furniture from you. It will make your units more attractive to potential renters.
3. Install a washer & dryer
Students do not want to trek down to the laundromat whenever they need to wash their clothes. Having a washer and dryer in your rental property will make it more appealing to potential renters. It may also save you money in the long run.
4. Include utilities in the rent
Many students are on a tight budget and are looking for ways to save money. Including utilities in the rent can make your units more accessible and appealing for potential renters.
5. Offer flexible lease terms
College students often have different schedules from year to year. Offer flexible lease terms so tenants can stay for as long or short as needed.
6. Provide extra amenities
Many students are searching for rental homes that offer amenities such as a nearby gym, pool, or public transportation. If you can provide or highlight these amenities, you will be more likely to attract potential renters.
7. Location, location, location
College students want to be close to campus and all the action. Ensure your units are in a prime location so tenants can easily obtain where they need to go. If your rental property is a bit farther away, be sure to offer information on bus or train routes that will get students to campus.
8. Sell a lifestyle, not just a room
College students are looking 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 incorporating information about local hotspots and activities in your listing.
9. Offer extra storage space
College students usually have a lot of belongings, so that offer 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 want to feel safe in their homes, so add security features such as deadbolts, keyless entry pads, security doorbells and cameras, and other budget-friendly items. These features will help put tenants’ minds at ease and may even help you attract higher-paying renters.
Competing against the dorms for student renters can be an undesirable aspect of owning rental properties. But rather by following these tips, you can more easily attract quality student renters and maximize 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.