Unless you’ve been living under a rock, or buried under stacks of paperwork (BTW, we have a solution for that) you already know that the student rental market is white hot right now, and shows no signs of cooling down any time soon.
The opportunities for student housing have increased significantly in recent years, as universities and colleges are focusing more on the educational experience, leaving developers to take on the role of providing housing for an ever-growing population of students.
This growing niche sector can be a very attractive one, typically yielding high rents with low vacancy rates, and being relatively recession-proof. However there is one aspect of renting to students that has some landlords and property management firms shying (or perhaps running) away from this golden opportunity — and that’s the prospect of ending up with student renters who throw a party every weekend, elicit noise complaints from neighbours, and completely trash your property.
The Property Manager′s Guide to Extraordinary Marketing has all the inspiration and resources you need to get the right message heard by the right people.
Maybe Hollywood is to blame for planting these nightmare scenarios in our heads, with movies like Animal House and Old School. Or maybe we should be thanking them for the fair warning.
Keeping the dangers of renting to an alcohol-fuelled college fraternity in the back of our minds, let’s focus on strategies for attracting model student renters —ones who are academically focused, proven to be responsible and have parents who are willing to pay a little more to ensure their child’s safety, comfort and well-being.
Here are 4 aspects about your rental properties that you will want to consider providing and promoting:
1) Quiet Study Space
If you want to attract academically focused students, promote that your property offers a quiet space to study. If there is a quiet park or library nearby, you should also mention those as great locations for focused study.
2) Local Amenities
List local businesses that are within walking distance. Mention amenities that are important to a student, such as a grocery store, drug mart, coffee shop, etc. (Tip from Captain Obvious: Leave out any mention of close proximity to the liquor store or local pub!)
Provide a unit that is fully furnished with clean, newer furniture and appliances, and includes utilities such as Internet and Cable/Satellite. Students (and their parents) will likely pay a premium if these modern necessities are already taken care of.
Make sure that your properties are well-maintained with no outstanding major repairs to be done, and give concerned parents peace of mind with secure locks and motion-sensor outdoor lighting.
Although you have done your best to attract responsible student renters, don’t forget to do your due diligence by carefully screening all applicants. Things you may want to consider asking for are academic program details, character references and a parental guarantee.
Following these guidelines will help you to profit in the lucrative student housing market, with as few headaches (and re-creation of classic movie scenes) as possible.
Get your free copy of The Property Manager′s Guide to Extraordinary Marketing. It has all the inspiration and resources you need to get the right message heard by the right people.