How You Should Prepare Your Property To Rent As A Student Accommodation
Are you a homeowner with rental property in an area close to a higher education campus?
If yes, you may have to deal with many students.
Offering rental properties to students of higher institutions is very competitive.
This is because many rental agencies and landlords often prefer areas with several students.
However, the good news is that you can make lots of money from renting to students.
Foremost, you may not be able to deal with the challenges and competition.
In such a case, you should consider hiring a property manager.
Reneza is here to go extra miles to ensure that your property is properly managed.
Contact us now and get 2 months for free!
The knowledge and experience of our property managers will go a long way in dealing with the competition.
You can always count on us for the best services.
Preparing your property to rent to student
Before finding tenants for your student rental, there are certain things you need to consider. These things include:
The location of your rentals
For students, the choicest property to rent is not just about proximity to their campus.
They want to stay in a place that is close to restaurants, supermarkets, café, bars, sports clubs, and so on.
Also, lots of students do not own a vehicle.
Therefore, they want a residence that is near these places.
Resultantly, you want to make sure your rentals are close to these places.
Such proximity will increase its appeal to the students.
Apart from location, the second most important thing is affordability.
Lots of students are not financially buoyant.
Nevertheless, they get housing allowances which allow them to pay rent regularly.
Notably, you do not have to reduce your rent.
You should rather consider making it possible for students to share an apartment.
With a few tenants, it will be possible for them to raise the rent without owing the landlords.
This will not only provide advantages for the tenants, but it will also help the homeowners.
However, you need to ascertain the local laws.
With this, you can know the number of renters that you can accommodate in your property.
Furnishings and fixtures
Nowadays, students do not settle for houses with poor fixtures and furnishings.
They want the best apartments that offer almost everything they want.
So, you should give great considerations to the furniture and furnishings of your property.
Furnishing and fixtures of your property may include a top-quality standard bed, desks, and kitchen gadgets.
You can also install other items such as wardrobe, flatscreen TVs, cable TV, fridges, utensils, and Wi-Fi.
Most of these items will not cost you lots of money.
However, they will increase the attractiveness of your property significantly.
If your renters damage these items, you can deduct the money from their security deposit.
Useful privacy and common areas
Since lots of students may be living inside a single flat, the physical layout of your rentals is essential.
With a functional layout, these students enjoy their privacy.
And they will still share the common areas with other tenants.
Individual suites, multiple bathrooms, and well-maintained communal room are usually attractive to students.
Another important consideration that many students find appealing is on-site laundry facilities.
The number of laundry equipment and facilities that you need depends on the number of people living within the place.
For instance, a single apartment or flat can utilize one washer and one dryer.
Nevertheless, you will have to buy more if your property is a multi-family building.
Decoration of the house
Generally, it is accepted that using neutral colors attract more tenants.
But in the case of student rentals, consider dark colors.
Choosing dark colors will ensure that the property does not become dirty easily.
Consequently, you do not have to spend money every year to maintain the paint of your property.
We are in the internet age; hence, most students are internet-savvy.
You will do yourself lots of disservices if your rental property does not have free broadband.
Subtly add the cost of the broadband to your rent.
You will be surprised how lots of students will have an interest in your property.
Cleaning of flooring can be a big issue for many students.
So, you should go for easy-to-maintain flooring that they can clean with ease.
You can choose linoleum instead of the more expensive wooden floors.
Also, linoleum floors are easier and cheaper to replace when damaged.
For property with a garden, you need to ensure that the garden is easy to maintain.
There is no need for your garden to be too elaborate.
You are better off with a simple garden that the student can maintain without much problem.
Also, you can consider providing them with a lawnmower or any other tools.
These tools will make it easier for them to maintain the garden.
Undoubtedly, the tenants are responsible for cleaning your rental property.
However, lots of students will not come with a vacuum cleaner.
As a result, they will not have the right equipment to clean your rentals.
You can ensure that they keep your rentals clean by providing them with a vacuum cleaner.
This ensures your property does not need extensive cleaning after they have moved out.
Without a doubt, student renters are usually good tenants who pay their rents consistently.
However, it is important for you to avoid any unforeseen circumstances.
Therefore, you should get landlord insurance.
The insurance will put your mind at rest as you are certain that you are covered.
If you need assistance with getting landlord insurance, you should contact Reneza today.
We will recommend the best landlord insurance providers that you can trust.
Now you have all the tips that you need.
You should be able to prepare your rental property for student tenants with ease.
For more tips for tenants and landlords, check Reneza website now.