If you own or plan to invest in rental properties, college students can make great tenants. You simply need to know ways to attract them to your property. Some property owners may be hesitant about renting to students because they may envision wild parties. Keep in mind that just as the adult population is versatile and full of people with different personalities, so is the diverse population of college students.
Offer attractive move-in specials.
Some college students may be on fixed incomes. Offering move-in specials or pro-rated leases may make it possible for you to offer housing to these students.
Offer a roommate matching service.
Some students may be new to the area and not know anyone. They also may not be able to afford to pay a lease alone, and they may not need the space that larger apartments offer. Matching them with other college students who need roommates can lower the individual cost of the lease.
If you offer a matching service, ensure you have a questionnaire available to reduce the chances of problems. Issues such as a smoker and non-smoker residing together or a pet owner and someone who has pet allergies should be be identified before placement.
Offer flexible leasing options.
You need to decide whether you will offer traditional or month-to-month leases. You can offer both. Month-to-month leases may be ideal for people who don't utilize a roommate matching service because if there are significant disagreements, they will not feel "trapped" in a lease.
Ensure you also offer tenants that rent as roommates separate leasing options. This protects the person who diligently pays their rent on time from being affected by the tenants who may pay late.
Offer privacy within your units.
Ensure that each bedroom has a unique lock on it. This ensures that tenants cannot enter each other's rooms, which could cause problems.
You may come into contact with a student who wants to install their own lock that they purchase on their door. Be prepared for this request in advance. You may choose to honor the request with specific requirements. For example, you may allow them to purchase their own lock, but require that your maintenance staff installs the lock to minimize the chances of damages occurring to the door.
Offer furnished and unfurnished options.
Some college students may not be able to afford the expenses associated with buying furniture. Offering some apartments that are already furnished can attract these students to renting from you. There are others who will want to furnish their own apartments to make their space feel more like home.
Rely on the services of a property management service.
Attracting a certain profile of tenants may be difficult for some property owners. Managing different types of properties may also be challenging. This is why it makes sense to use a property management company like Horizon Court Properties as a resource for running your properties in an organized manner.