Different from houses for sale that cater to all types of homebuyers, owners of rental properties need to find ways to attract particular demographics, so they can accommodate to them specifically. If your desired demographic is college students, you need to find ways to attract them to your rental property. College students usually want convenience and value when they are on the lookout for rental properties. But they also look for places with specific benefits that allow them to live a more comfortable lifestyle.
Adjust The Lease Timing Of Your Property
You should ideally adjust the lease time of your property to suit the number of months students spend in colleges. This will elevate the attractiveness of your property, since college students don't have to pay for longer than necessary. Typically, undergraduate and postgraduate college students start their courses in March. The duration may vary depending on the specific courses. Adjusting your lease timing to suit their course from start to finish will make your property well worth its value since students don't have to pay for longer than necessary.
Proximity To College Campuses
Most college students will prefer properties close to their campus to reduce the time and money they spend commuting. Students that have to spend on travel will find transport costs eating into their limited budgets, so they are unlikely to look for places far from their campus. Keep an eye out for all the colleges in your city and make sure you buy rental properties close to them. Buying rental properties within walking distance of college campuses provides ideal proximity and is likely to be in greater demand with this demographic.
Offer Value-For-Money Furnishing For Your Property
Most students are unlikely to have their own furniture since they come from different cities or countries. Furnishing your property with basic necessities like sofas, beds, microwaves, ovens, cooktops, built-in wardrobes and working tables will make your property more attractive for this demographic. You'll ideally want to choose low-maintenance furnishings because their busy college schedules prevent them from spending too much time on household chores. You can also add a few optional and complimentary extras like televisions, Wi-Fi Internet, heating and air conditioning to attract more students to your rental property. College students will always look for worthwhile prices, so offering certain optional extras and low-maintenance furnishings is sure to make your property far more valuable to this demographic.
Students generally don't look for state-of-the art properties. They generally look for rental properties that are clean, neat and have some aesthetical appeal. Follow these tactics for attracting this demographic to your property.
Hi, my name is Molly. I have been a property owner since my grandma died when I was eighteen, and I inherited a rental property. Over the years, I have managed that property very successfully, and about ten years ago, I started adding to my collection. While I would definitely say that the investment property game is not a get-rich-quick scheme, it can make lucrative money. To help others who are interested in getting into the game, I have decided to start a blog. Here, I am going to share insider tips, experiences and ideas. Get comfortable and feel free to explore!