At the start of each new semester, a flood of students pour onto your local college campus, and, as a real estate investor who owns housing investments nearby, you couldn’t be more excited.
The question, though, is, how can you draw these students to your properties, rather than the many others lining the streets leading to the university campus?
Here are a few tips for attracting student tenants to your student housing investment this year.
To draw tenants to your property, it’s critical that you produce a lease agreement that meets college students’ unique needs.
For example, you’ll want the start and end dates for occupancy to align with the local university’s school schedule. Also, you should rent by the room when renting to college students, as this will ensure that one person can be evicted or leave the rental property without necessarily impacting his or her roommate’s status.
Living off campus offers many benefits that on-campus students don’t have the opportunity to enjoy. For this reason, if you’re interested in renting to students off campus, you’ll need to play up these benefits in your advertising.
For example, your property may be much closer to healthy and cheap eateries than the on-campus dorms are, or you may offer amenities like a pool or volleyball court. In addition, your property might be close to a local grocery store or a popular cafe and offer plenty of convenient parking. All of this can quickly grab the attention of a potential student tenant.
Your student housing investment should come with essentials that will make your tenants’ lives as convenient as possible. For starters, consider including furnishings in the property. You’ll also want to include utilities and the Internet, as campus dorms already do this.
When it comes to Internet and cable, make sure that you have these services set up and ready to be used when your tenants arrive. If you can guarantee this, you might discover that the students and their parents would be glad to choose you, no matter what the cost may be.
Having an investment property in a prime location is certainly a smart move, but it’s only half the battle when it comes to generating income as a real estate investor. You also need to know how to draw the right tenants to your property.
As the owner of a student housing investment, you must master how to encourage students to check out and ultimately rent your property versus other investors’ properties. Fortunately, you don’t have to figure this out on your own. I can guide you through the process of promoting your property to potential student tenants successfully through effective apartment marketing.
Work with me today to learn more about how to go about renting to students and thus watching your bottom line grow in the school seasons ahead.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.