There is a huge market for student rental right now, and if you wish to be competitive, then there are certainly a few easy things you could do to make you stand out from the rest. It doesn’t matter if you’re sharing your home, renting a whole apartment, or if you have an entire portfolio of studios to rent, there’s something here for every landlord.
We’re starting with the most obvious one, which is to try and rent your property at a lower price than the competition. This is a student market and, mostly, they’ll be looking to find the best value for their money. They’re not searching for something to settle into for years to come but only a home for a few months, so they’ll pay more attention to a property that’s more financially accessible. Do a little market research and see what other similar properties are offering in your area. Don’t be afraid to set the price a little lower than the competition if that means you’ll always have students willing to rent your property, as this will end up making your property more popular, either by word-of-mouth or by satisfied tenants who review your property online.
Making the utility bills part of the total price of the offer is definitely something that has the potential to make your property more attractive, so it’s worth looking into. For a more in-depth analysis, check this article about including the bills in the offer price.
Offering your prospective tenants a board service is something you’re most likely to do if you’re sharing your home, but it’s a great idea nonetheless. By providing all the meals or even just breakfast, you help students by taking their minds off it, while at the same time making them feel more welcome.
Let’s face it, no one really likes to clean, and students are no different. By providing a cleaning service, not only will you make sure your property stays fit and clean but you’ll make the whole experience for the student better. Who doesn’t like coming home and finding everything cleaned up?
Professional photos can go a long way when it comes to convincing students to book a place. Professional photographers know how to highlight the best features of your property and make the whole offer more appealing from the very first impression, and that’s why at Uniplaces we usually offer this service to our new landlords.
Make sure to highlight how close your property is to certain universities and transport links. Since we’re trying to target the student market, it’s very useful for them to know how close they will be to certain universities and faculties, as well as public transport links such as metro, train and bus stops. It might also be worth pointing out if there are any popular entertainment venues, bars or clubs nearby.
Install an internet connection with Wi-Fi or improve the one you already have (for a more in-depth look on how you can improve your wi-fi, check out this article – to be written next).
Next up we have furniture. This may not be the easiest feature to change but it surely has a big impact, which is why we left this for last. Try to make sure that the property you have has newer and more modern (albeit basic) furniture as this is easier to maintain and it won’t be something for you to worry about as much. At the same time, students will feel much more at ease with using basic furniture instead of some antique table from the 18th century that might actually prove to be quite expensive. Also, worn out and broken furniture is a turn down. Changing only a few things such as the closet, dinner table and perhaps the desk or coffee table in the living room is something that will immediately make your property more attractive and modern, so it’s worth investing a bit of money and attention into.