As a Fort Worth property manager, you understand that attracting tenants can be tough. In the student housing market, it might be particularly challenging to compete against dorms. However, with the correct tips and strategies, you can attract quality student renters and maximize your profits. This article will review ten tips to help you stand out against the competition and attract quality student renters!
1. Advertise online
Most students start their search for housing online. First, make certain your rental property is listed on all major websites, such as Zillow, Trulia, and HotPads. Aside from online listings, you need to market your rental property on social media platforms like Facebook and Instagram.
2. Offer furnished units
Numerous students are not keen on bringing furniture with them to college. Therefore, provide furnished units or permit tenants to rent furniture from you. This will make your units more desirable to potential renters.
3. Install a washer & dryer
Students do not want to trek down to the laundromat whenever they want to wash their clothes. Having a washer and dryer in your rental property will make it more attractive to potential renters. It may also save you money in the long run.
4. Include utilities in the rent
Numerous students are on a tight budget and are searching for methods to save money. Including utilities in the rent can make your units more reasonable and appealing to potential renters.
5. Offer flexible lease terms
College students often have different schedules from year to year. Provide flexible lease terms so tenants can remain for as long or short as necessary.
6. Provide extra amenities
Several students are in search of rental homes that offer amenities like a nearby gym, pool, or public transportation. If you can provide or highlight these amenities, you will be more able to impress potential renters.
7. Location, location, location
College students like to be close to campus and all the action. Make sure your units are in a prime location so tenants can quickly reach where they want to go. If your rental property is a bit farther away, you should offer information on bus or train routes that will get students to campus.
8. Sell a lifestyle, not just a room
College students love to reside in an exciting and vibrant community. Don’t forget to market your units as being in a desirable location with lots of things to do nearby. Think about including information about local hotspots and activities in your listing.
9. Offer extra storage space
College students generally have a lot of stuff, so providing extra 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 deserve to feel safe in their homes, so add security features like deadbolts, keyless entry pads, security doorbells and cameras, and other affordable items. These elements will help put tenants’ minds at ease and may even help you recruit higher-paying renters.
Competing against the dorms for student renters can be a difficult portion of owning rental properties. However, by implementing these tips, you can more easily attract quality student renters and maximize your profits!
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.