If you own a rental property in a big U.S. city, chances are you are wondering how to make the most of your rental. Indeed, as the rental prices are going up, more and more people are looking to buy their first home. As a result, landlords can struggle to find tenants.
However, there are some tips for real estate investors to make their rental properties more appealing to a specific group: Students. Indeed, students are more likely to rent a property during their studies and the first years of their careers. Unfortunately, students have a limited budget; therefore, as a landlady, you need to be smart about your property.
Remodel with a long-term plan
Remodeling is all about planning for the future. Therefore, if you consider upgrading your property, you may want to focus on areas that will profit your future tenants and yourself. First of all, the bathroom and kitchen can be a game-changer in a rental. These two areas are likely to show signs of wear and tear after a few years. Nothing says quality like a beautiful and practical cooking or showering space.
Additionally, working with a professional through the remodel can help gain more usable space, which means you could increase your rental’s capacity.
Students prefer rentals that are already partially or fully furnished. It can be a good idea to focus on hard-working and practical pieces such as student desks, bookshelves, and beds. The typical student will attend a post-secondary institution for 2 to 4 years on average. During this period, rentals that contribute to creating a study space are more likely to retain their tenants for the whole during of their education.
Consider free broadband as part of the deal
Ultimately, students need a reliable broadband connection as part of their studies. They will need the Internet for research, submitting their work, and connecting with their peers and professors. New York City has been discussing providing free Internet to all tenants. It goes without saying that landlords can work together as part of a union or a community to request reduced Internet fees from selected providers. This can help your investment in more than one way:
- Make the rental attractive to students
- Include Internet fees in your rental price
- Keep Internet costs low for students
- Negotiate student deals with providers for reduced fees
Consider the future use for your family
If you have young children, your rental could be instrumental to their post-secondary education in the future. Indeed, the rental income can serve as savings to pay for their tuition once they go to college. Depending on their choices, they could also stay in the rental during their studies, saving you costs on accommodation.
Register your rental for exchange students
Exchange students do not always have access to the same accommodation choices as local students. Many exchange students only attend college for a semester or a few months before going back to their home university, and they often struggle to find a rental or a dorm room for the duration of their stay. However, if you specifically register as a landlord for foreign exchange students by the local colleges and schools, you can provide them with suitable accommodation. Additionally, it can save you a lot of advertising costs while guaranteeing a constant stream of new tenants!
Are you ready to grow your family income with a rental property? Dedicating your rental to students can be a fantastic way of helping future generations and securing passive income.