What You Should Know When Renting to College Students
If your rental community is located in a college town or a bigger city near a college campus, you may be prime real estate for the students in the area. If this is the case, here is what you should know when renting to college students.
What College Students Are Looking For
College students have different priorities compared to a couple or family interested in renting in your community. One of the things a college student values most is finding housing within close proximity to school while also finding something affordable.
They don't care about many of the upgrades other residents may be looking for, like granite countertops, new appliances, and warranties.
Instead, they value function and habitability over pricey updates and amenities. A student doesn't have a high income, so affordability will be at the top of their list.
Some even bring in roommates to help split the cost of their rental. When pricing in your community, make sure it is on par with fair market rent for the area.
In addition to affordability, a college student is also looking for:
- Distance: Most like being within walking distance of their campus since it is where they will spend most of their time.
- Public Transportation: If the campus is not within walking distance, public transportation availability is next on the list. It also comes in handy when they want to visit local shops, restaurants, and entertainment spots in the area.
- Laundry: Laundromats can prove to be a hassle for many students. Having laundry facilities within the community is a great amenity, and one many residents look for.
- WiFi: A rental that includes WiFi will be much more appealing to college students as they need the internet for school, streaming, browsing the web, and playing games.
- Safety: Finally, safety is also a priority. Parents want to know their child is living in a safe environment. As a property manager, make sure to do regular checks of the property and ensure good exterior lighting and deadbolts.
Avoiding Frequent Turnover
Frequent turnover is a common issue when renting to college students. Many choose to sign short-term leases because their plans can change.
To combat this, offer perks and incentives for repeat residents and referrals. You should also have them sign a one-year lease at a minimum and impose strict rules for subletting.
If you follow these tips and understand what college students want, you will find your occupancy rates will improve.
For more tips and tricks on more efficient property management, contact the experts at Occupancy Solutions, LLC.