As a Marlborough property manager, you very well know that attracting tenants can be tough. In the student housing market, it can be even tougher to compete against dorms. However, with the correct tips and strategies, you can attract quality student renters and maximize your profits. This article will talk about ten tips to help you stand out against the competition and attract quality student renters!
1. Advertise online
Most students initiate their housing search online. Ensure your rental property is listed on all major websites, such as Zillow, Trulia, and HotPads. Besides online listings, you should advertise your rental property on social media platforms like Facebook and Instagram.
2. Offer furnished units
Various students are not agreeable to bringing furniture with them to college. Offer furnished units or permit tenants to rent furniture from you. This will cause your units to be more attractive and delightful to potential renters.
3. Install a washer & dryer
Students do not want to trek down to the laundromat whenever they have to wash their clothes. Having a washer and dryer in your rental property will make it more attractive to potential renters. It may moreover save you money in the long run.
4. Include utilities in the rent
Plenty of students are on a tight budget and are searching for methods to save money. Including utilities in the rent can make your units less expensive and inviting to potential renters.
5. Offer flexible lease terms
College students often have different schedules from year to year. Present flexible lease terms so tenants can reside for as long or short as they require.
6. Provide extra amenities
A lot of students are seeking rental homes that offer amenities like a nearby gym, pool, or public transportation. If you can provide or highlight these amenities, you will indeed be more likely to draw potential renters.
7. Location, location, location
College students desire to be close to campus and all the action. Make sure your units are in a prime location so tenants can simply get where they have to go. If your rental property is a bit farther away, make 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 like to reside in an exciting and vibrant community. Make it a point to market your units as being in a desirable location with various things to do nearby. Think of adding information about local hotspots and activities in your listing.
9. Offer extra storage space
College students usually have plenty of possessions, so providing added 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 wish to feel safe in their homes, so add security features particularly deadbolts, keyless entry pads, security doorbells and cameras, and other economical and budget-friendly items. These elements will help put tenants’ minds at ease and may even aid to entice higher-paying renters.
Competing against the dorms for student renters can be an unwanted attribute of owning rental properties. Though by using these tips, you can favorably attract quality student renters and maximize your profits!
Would you want to learn more about maximizing your rental property’s potential in the student housing market? Real Property Management MetroWest-Worcester 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.
