If you own rental property in a college town, chances are a large majority of your clientele is going to be college students. While this does mean that you’ll always have a steady stream of candidates for renting, it also means that you’re likely to see heavy turnover and difficulty in keeping your property occupied during the summer months. Plus, there is the added risk of heavy partying causing damage to your property. If you own rental property that sees a great deal of use by college students, here are some tips for renting to students in a way that benefits you as a landlord.
Define your subletting agreement.
If you require year-long leases at your property, then you’re likely going to see students who want to rent their spaces for 9 months out of the year and then sublet these spaces during the summer months when they aren’t attending classes. In these situations, be sure that you include a subletting agreement as part of your contract. Some landlords choose not to allow sublets at all, while others choose to charge a subletting fee to the renter.
Offer furnished properties.
Students often move between living accommodations without furniture of their own, making pre-furnished properties very appealing. Consider offering both unfurnished and furnished options to your renters to accommodate students without furniture as well as students who have managed to snag used pieces from friends over the years.
Choose durable flooring options.
Floors in college living spaces tend to see a lot of spills, dirt, and stink. For this reason, it’s a good idea to opt for flooring materials that are durable, affordable, and easy to replace. Vinyl or laminate flooring in the bathroom or kitchen, for example, is easy to clean and replace. Hardy carpets, meanwhile, are best for the living room and bedrooms because they won’t harbor stains and smells, and they will stand up to heavy wear and tear.
Include ample storage space.
Remember—when multiple students are going to be occupying the same living space, storage is sure to go quickly. Students who live together tend to accumulate multiples of the same item, and kitchen storage space becomes especially valuable as students still purchase their own groceries and carve out their own areas in the refrigerator. Consider installing extra cabinet space and an extra large refrigerator and freezer to make your property more attractive to incoming students.