You’ve likely already considered options like renting by the room with separate contractual leases as a method of attracting student renters. So as a property owner, how do you make changes to your property itself that will attract even more of these surefire renters? Here are a few amenities that draw in higher education students.
Proximity to Campus
So this isn’t so much an amenity as it is a “feature” of the property, but the key to really luring in student renters is being close to the campus. Keep in mind, college students tend to play hard, party hard, and likely work hard in addition to all that studying, so being close to the college campus is ideal for those that punch snooze several time before getting out of bed. Being within two miles of campus is the target distance for most students, so if you’re considering buying a rental property designed for students, get as close to the campus as possible.
Consider adjusting your lease lengths to accommodate the periods that students are in school. Most students put in about 9 months each year, although a few will stay on for summer session. However, by giving students the option for a lease that encompasses the traditional two semester year, you will likely attract even more students. Word gets around fast on campus about that cool property owner that isn’t forcing them to pay for three months of rent they won’t even use.
Add an Exercise Area
Staying in peak physical shape is high on many students’ priority list, and if you have an empty room anywhere on the property, go ahead and consider the inclusion of a weight and fitness room. The equipment doesn’t’ have to be fancy or even brand new, but the addition of an exercise room will certainly attract student renters that don’t want to commit to a gym membership.
Consider a Clubhouse or Other Central Common Area
Again, college students seem to like options for partying, and the addition of a clubhouse or common area to your property can meet that need. You certainly can consider charging additional funds beyond rent for utilizing the clubhouse for a party or gathering, which can increase your bottom line on rentals. If there’s a room and nothing happening in it, consider transitioning it into a money maker that will attract both college students and other renters.
As a property owner, do keep in mind that college students also appreciate additions such as extra storage, bike racks, and privacy. However, making a slight change in your amenities can help your property become one of the most recommended on campus!
Interested in learning more about student housing trends and what you can do to capitalize on this growing market? Check out this free webinar.
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AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money. Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.