The student rental market is brimming with potential for landlords but can lead to problems and stress if the wrong tenants move in. So how can you minimise the risks and ensure that the best tenants want to rent your property?
Offer an Attractive Property
Simply offering tenants what they are looking for is a good start to attracting high-quality student tenants. Priorities often include affordability, convenience, location and an environment that makes both socialising and studying possible.
Budget is often the main concern, and so it is important to be competitive with your pricing. Look at local rental prices to ensure you are demanding an appropriate rent.
Regular maintenance and a well-equipped clean property will also be attractive to good tenants. They are more likely to take care of a property that is well looked after by you – as well as recommending your property to other students.
Market Your Property
Professional companies such as https://www.exeteruniversityaccommodation.co.uk/, which specialises in Exeter university housing, know that good marketing is key for attracting high-quality tenants. This is a good way to highlight key amenities that you are offering, such as high-speed internet, bike storage and communal socialising areas. You should also point out safety and security features, which are likely to be a priority for students who are living away from home for the first time – and their parents.
Make sure you use targeted marketing to ensure you reach students looking for rentals. This might include social media, university housing boards and local shops.
Make Renting Attractive
This means everything from simplifying the leasing and application process to ensuring that a community atmosphere can be created in your property. Think about offering virtual tours to prevent unnecessary travelling and use digital lease signing and online applications to keep things simple.
Flexible lease terms can also help attract good tenants. Some students will want academic year tenancies, while others want a 12-month lease. Being flexible will ensure that as many students as possible are attracted to your property.
