Contrary to popular belief, students do make great tenants. The era of excess partying or damaging of property is fading out. I am not saying students are angels or the perfect tenants. Moreover, is there such thing as the perfect tenant? Every tenant has their flaws.
Renting to students can be an excellent idea for landlords. Do you want to know why?
First of all, competition and demand areas are high and consistent – your house will ALWAYS be in demand. Secondly, you don’t have to keep searching for new tenants every time because students usually rent for a minimum of one year.
And lastly, high yields!
Now you know why letting to students might be a wise decision. How do you attract students to your house? So let’s get to the main purpose of this article.
Some Important Tips for Renting to Students:
Marketing your house:
One of the mistakes house owners make is to advertise via the local newspaper. Remember that you are dealing with students here and not some oldies. These people sleep, eat, and practically do everything on the internet. They don’t have the time to read the local newspaper; everything is on the internet. So if you want to reach out to them, it’s through the internet!
Posting a listing online isn’t enough to capture the attention of students. Your writing style matters a lot. You have to make your advert readable and interesting. Never use paragraphs to show them what you have to offer. Use a bulleted list to provide rental property descriptions; it is easier and faster to read.
Always remember your targeted audience:
Know what your target audience wants, what they need. Your information about the property should meet their needs. Highlight reason(s) why they should come to you. For instance, students need internet services, setting up cable, internet and other utilities are one way to attract your prospective tenants. Remember to keep it short and simple.
Pictures pictures pictures!
Don’t forget to add pictures to your listings; any advert without picture has no future. Students want to SEE what you have to offer, so include both interior and exterior pictures of the house.
It Pays to be Specific
Be specific in your rental descriptions and avoid ambiguous statements. For instance, if you have parking included in your rental parking, ensure you specify how many parking spaces are available for tenants and guests. If your tenants are responsible for mowing the lawn, and any necessary maintenance ensures to stipulate it and also provide the tools for maintenance.
Paying to the landlord, agent or to the bank is getting old. Students cherish the freedom of paying bills online and rent online. Enable this feature, and watch how students flock to your house.
Flexibility is Key
Be flexible with your terms and conditions; most students round off their educational program in 8 months, 12 months may seem too much for some students. However, offering short-term leasing options will give you an added advantage. Request for a guarantor, character reference or find any other means of conducting a credit check because students have little or no credit history.
Create diverse means of communication with the leasing agent or landlord. Most students prefer emails or text instead of phone calls.
If you are renting a unit to multiple roommates, ensure each student sign the lease agreement and collect rent from each person separately rather than operating the “one tenant is in charge.”
It is advisable for landlords to create and maintain a good landlord-tenant with their tenants because they can be an excellent source of tenant referrals for landlords.