6 Ways to Attract Better Tenants in Student Housing
Student Housing
It’s one thing to attract quality tenants. Appealing to quality student tenants is another matter altogether. Thanks to their immature and rowdy reputation, some landlords may avoid having this age group rent their property. They’re missing out because this demographic remains a steady source of renters, especially if a property is near a university, college, or other academic institution.
The key is to find high-quality student tenants. That way, landlords can avoid the type of people who might cause issues in the long run. At ExactEstate, we've got tips to attract better student tenants. Read on and apply this new knowledge for the next enrollment season.
The Challenges of Student Tenants
Only 22% of students live in campus dormitories. Many of them look for lodging outside of their school. However, students aren’t your typical tenants. You might face several challenges when you have many of them as your residents.
Behavioral Issues
One of the most significant drawbacks of student property management is tenants who tend to party or make loud noises during weekends. This is not unique; some older tenants can behave this way. However, the chances of this happening are much higher when you have student residents.
Issues With Rent
Many students don’t have a steady source of income and might also prioritize payments for their studies. Thanks to these factors, many student tenants can get behind on rent. As the landlord or property manager, you might need to set up a few contingencies to ensure tenants can pay rent on time.
Specialized Needs
Many students require a space where they can focus on their studies. In addition, many of them have never lived outside of their parent’s homes. They don’t have many appliances for convenient living, so many of them look for a place where they have access to these items.
Tips To Attract Better Student Residents
You can try incorporating some things into your property and property management strategies to make your listings more appealing.
1. Make Convenience a Priority
As we’ve mentioned, many students don’t have access to amenities they once enjoyed at their parent’s homes. So, ensure you include washers and dryers, internet, and other home furnishings that will make life easier for them.
Keep in mind that students aren’t looking for anything luxurious. Many are on a budget, so don’t go overboard with the inclusions. Just add enough so that your property feels like a student dormitory.
2. Add Quiet or Study Areas
If there’s one common thing that all students need, it’s a place where they can review lessons, prepare for exams, or finish reports. While they can do this in their rooms, there might be times when nearby tenants or their roommates are noisy. Residents will need a dedicated space to get the peace and quiet they need.
You can create areas away from places with huge foot traffic or busy locations. In some cases, you can advertise the entirety of your property as a place far from busy streets or noisy downtown areas. This is one of the biggest advantages you can offer to students who are looking for off-campus locations.
3. Market on Social Media
Since students belong to a younger age group, many have some digital presence. So, traditional marketing strategies like print ads may not be as effective for them as they are for regular tenants. To ensure maximum reach, you must market on major social media platforms like TikTok or Instagram. We don’t recommend investing too much in Facebook, as the news has mentioned that many younger people are leaving the platform.
You can make your marketing efforts more manageable with tools like ExactEstate. We’ve teamed up with companies like RentPath and Apartments.com, adding marketing integrations to our software to make things more streamlined and easy to track.
4. Work With the Nearby University or College
Most universities and colleges have housing referral programs, especially when they have very limited dormitory slots. You can ask to be included in one. To be in one, you might need to accomplish a few requirements—nothing too hard. But you get the coveted approval, recommendation, and advertisement from established institutions.
However, you’ll still need to screen your applicants. The university won’t be able to ensure that the students finding your listings are high-quality tenants. So, we recommend doing background checks, asking for character references, and double-checking academic program information to ensure an applicant becomes a high-quality tenant.
5. Improve Security
Many students want a place where they can feel safe and secure. This is especially true for female student tenants who value their privacy. So, to give tenants and their parents peace of mind, ensure your property has security upgrades. These can include:
- Secure locks and alarm systems against intruders.
- Adequate lighting, especially in isolated areas or places with low foot traffic. Don’t forget to add porch lights, motion sensors, and emergency lights.
- Clear and highly visible surroundings. Avoid tall trees and thick shrubbery obstructing views and pathways during emergencies.
6. Use a Comprehensive Property Management Software
Student property management can be complex, especially if you’re a landlord supervising tenants without the help of property managers or staff. It might prove difficult and inefficient to do things on your own, leading to dissatisfaction from your tenants. So, use property management software like ExactEstate to make things easier.
These programs can do so much of the work for you. They can automate repeated tasks, collect and manage tenant information, and serve as a central database for daily operations. Moreover, some have innovative integrations that handle other processes like marketing and payments.
Take Advantage of ExactEstate
With dedicated software like ExactEstate, student property management is easier and more convenient. Its many features streamline day-to-day operations, resulting in happier tenants, a better reputation, and increased revenue.
- Marketing Integration: The ExactEstate software lets you launch and monitor ad campaigns across various platforms.
- Resident Portal: Having a place where tenants can request maintenance, find announcements, and accomplish requirements will improve their satisfaction.
- Online Payments: We’ve partnered with Swipe4Free to make rent collection effortless.
- Centralized Database: The software can serve as a centralized database where you include tenant information and data, making tracking and reporting easier.
Ready to try the advantages of ExactEstate today?
