It’s that time of year again — graduation is upon us, and college students are packing up and finding off campus housing for the summer months. Some may even choose to stay off campus through the next school year. If you have units to rent in a college-accessible area, you’d be remiss not to consider college students as a potential rental market. However, there are plenty of things to think about if you’re tapping into that well. Here’s our advice.
In high-competition markets, think about what you can offer
What are the students in your area looking for? Cheap rent? Accessibility to campus? Parking? Swanky amenities? Do some research into your competition to find out who’s consistently renting to students and what makes their units so appealing. A lot of young people want it all, but don’t have big bucks. However, that doesn’t mean they won’t scrape up a little extra or find another roommate if the amenities are worth it.
Screen students as you would any other tenant
College students aren’t going to have the income or credit history of established tenants, but that doesn’t mean you shouldn’t screen them. They should have a reliable source of income, whether it’s student loans or a paying parent. Whatever you do, make sure you’re bringing in people who can pay rent. Just scraping by isn’t good enough — if they can spend money on other things, they likely will, so they should have rent plus some.
Make sure you have the basics covered
Offering cool amenities is one thing, but foregoing the things your target market needs is another. A unit without internet access is not going to be rented out, no matter how close it is to campus. Ensure your units are secure, offer what students need to do their work and get to class, and can accommodate the number of people you’ll allow to live there.
Don’t forget to consider cleanup and other policies
Get all of those things squared away right off the bat. What’s your policy for guests? Who cleans and does yard work? Does your neighborhood have noise ordinances the tenants should be aware of? Make the guidelines for rental very clear, and consider whether you’re renting to people who can throw a party without turning it into a rager. As the landlord, you’re the one who has to worry about damage and legal trouble.
If you’ve found this post helpful and would like additional advice or tenant help, we also offer a number of tenant screening packages for new and experienced landlords. Depending on your needs and number of rentable units, we may need to perform an on-site inspection to confirm a separate home office, locking file cabinet for properly storing applicants’ report information, and an acceptance of terms of 25-page agreement for service. These packages will offer you all the peace of mind you need, whether you opt for a mini or full credit check for your tenants.
Additionally, our RentalConnect program offers property owners and landlords a great alternative to tenant screening. Available 24/7, RentalConnect is fast, easy, secure, and delivers reports needed to make an informed decision, including a credit report, a national criminal search, and a national eviction search. This service requires no on-site visit, sign-up, or membership fees, making it extra convenient; the service fee is paid by the applicant. For more information, please contact us anytime!
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