If you own a rental in a college town or a city near to a college campus, it can be a prime market for student renters and always having someone who would like to rent your property. According to the college board somewhere around 44% percent of all college students live off of campus. With the right knowledge and renting strategies, you can make owning a rental property near a college pay off. One of the best strategies is to offer features that your target renter is looking for.
What Most College Students are Looking for in a Rental
When it comes to college students the priorities are much different from that of a long term renter. Students are looking for a dwelling close to their school for a very affordable price before they are searching for all the cool new amenities. (Unless of course, they are in a position where the money is not an issue.) For the most part, the majority of college students are looking for a decent living space that won’t take long to get to school. They are aware that more amenities mean a higher price, so they are more likely to forgo the fancy frills.
Here are some basic niceties that the majority of college students look for in a rental:
- Proximity to Campus: Students spend most of their life at the campus and maybe work, so a property within walking distance or next to easy and quick transit is a plus.
- Transportation: Many college students do not have cars so if they can find a place where they can have quick access to public transportation that can get them to shopping, popular hangouts, etc. they are more inclined to rent there.
- Affordability: Many college students live on a tight budget, so rent that allows them to pay the rest of tuition, get groceries, and maybe even afford to go have fun once in a while is a definite must.
- Laundry: We all see the tv shows where the firstborn goes off to college and comes home to visit with a massive laundry bag in tow. Going to the laundry mat or even using the school washers is a huge hassle for students on an already crazy schedule. On-site laundry is a huge plus for a college student.
- Wi-Fi: The internet is a much-needed source of information and place to turn in assignments or maybe even take a test. Not to mention it is where most younger generations pull from for entertainment. Offering easy high-speed hookup, or even including it in a bonus package will really appeal to the college market.
- Safety: For many, this is the first time they will be living on their own. Safety is a huge concern for college kids and their parents (some who will be paying the rental fees). Rentals with plenty of exterior lighting, deadbolts on doors, a secure area to receive mail and packages, and even a camera security system will go a long way.
For more great rental advice or information about rental property management in Savannah and surrounding areas, please check out the website or contact me anytime.