Renting to students is not a bad idea. In fact, it may be an investment decision that most landlord can benefit from. Student renters are unique. Most of them will pay your rent in full or even before the month starts since their parents are the one taking care of the bills. Moreover, most student renters are not even looking for a rental property with high-end amenities.
If you have a rental property in Los Angeles, you may benefit from targeting student renters. Part of the benefits that come with working with this type of renters is that you can significantly reduce the cost of your advertising. Moreover, when you choose these types of renters, you can also reduce what you spend on property upgrade. Indeed, you can gain a lot by renting to students.
If you are considering this option, below are ways you can attract student renters.
Rental Property Proximity To Campus
Ideally, students want to stay in a property is that is close to their campus. If your property is close to campus, you have an upper hand when it comes to attracting student renters. Alternatively, if your property is a bit far but close to bus station that leads to the campus, make sure you also put this in your marketing material.
Students like to stay within two miles of campus. You can benefit if your rental property is close to the campus.
- The Timing of Your Lease
A good way to attract student renters is to adjust your lease lengths to accommodate the periods that students are in school. Typically, this is around nine months. You will need to give the students an option for a lease that encompasses the traditional two-semester year, this way, you can increase the number of students you are getting as renters. Moreover, this will allow you have a great relationship with your renters and they will spread the word or handover the property to their friends at the end of the stay in school.
Internet Connectivity (Wi-Fi)
Students nowadays need an internet to do their assignments. In fact, most landlords in Los Angeles are now offering free Wi-Fi as part of amenities you can enjoy. Since students are usually struggling with money, you can help them by offering free Wi-Fi connectivity.
This will help you attract more students to your property. However, I will recommend giving each user a password and monthly limit to avoid abuse of this free Wi-Fi by inviting their friends over to use the Wi-Fi which can tremendously increase your budget.
- Add Fitness Area
Students are mostly young people who want to stay fit and healthy. Most of them will like to exercise or go to gym once-in-a-while. By adding a fitness center in your property, you can easily attract more students. Ideally, you can charge them for the fitness center by adding the money on their rent. You don’t need to have all the items in a gym; just a couple of dumbbells and weight will do. If you have the money, you can add a treadmill.
Add Common Area
If your property is strictly for student renters, you should consider adding a common area where the students can socialize. If you have an empty room, you can convert this room into a common room. Students can use this room for parties and other events; you can charge them for using it for parties.
Working with student renters is a great way to ensure that you always have renters. However, note that working with students can sometimes be a little difficult. The best way to work with student renters is to make use of an experienced Los Angeles Property Management Company. This way, you can enjoy peace of mind while you sit back and allow your property manager to do all the work.