There are many things to consider when renting to students. The student housing market is unique, so your renting strategy should accurately fit your audience. We have created a list of ways you can develop positive relationships with your student tenants and ultimately help grow your portfolio.
Communication is key when it comes to maintaining strong relationships with your tenants. It is very important to provide a number of ways your tenants can contact you, whether it’s via phone, email, or social media. Head here for the best ways you can connect with your tenants online. Making yourself available and present will go a long way in the development of a good relationship. Being easy to get a hold of will ultimately benefit you long term. Tenants will be more likely to contact you as soon as a problem arises, rather than wait until things have escalated further.
Be flexible and accommodating. Signing a joint lease as a group is common, but by-the-room rentals are another great option to offer students. Renting by-the-room allows each student to be solely responsible for their share of the rent. This type of lease absolves them of their responsibility to collectively pay if one roommate is late on a payment. Turnover rates in student housing are relatively high, so by-the-room is good if one roommate is older and were to graduate before the others. Offering tenants both of these renting options will emphasize that you’re interested in what is best for your tenants, not just your bottom line.
“Cleanliness is next to godliness” is a very cheesy line, but that doesn’t make it any less true. Student housing often has the reputation of being dirty and dingy, but this doesn’t need to be the case. Ensuring the apartment is clean when tenants move in will make a good first impression. If you dare to be different and maintain a clean premises, your tenants will really appreciate it, but their parents will love you for it.
Responding to maintenance requests in a timely manner will create a strong sense of reliability between tenant and landlord. You can head here for more information on how to respond to repair requests. Many students are used to living at home where their parents would handle repairs quickly, so it is important that you promptly deal with maintenance requests.
Developing positive relationships between students and landlords is mutually beneficial for both parties. Renting to students can be seen as a bad idea, but students are a great demographic to rent to. They’re generally easy going and spend most of their time at school. Having strong rapport with student tenants could mean future leads and potential tenant referrals. Learn more about collecting payments online while rewarding your tenants at https://rentmoola.com/acceptpayments