Attracting Student Tenants
Your tenant is leaving in May. That means you want to begin looking for and hopefully lock in a new tenant in February, for your June 1st space. There are a few things you can do to attract new tenants quicker and with less hassle than before.
- Set up the internet before they arrive. Having internet included will be appealing to student renters, especially if they don’t need to worry about having it installed while they are also worried about moving in. This makes their transition smoother, meaning less phone calls to you about issues they might be having while moving.
- Advertise nearby amenities. This can be to your advantage, no matter how far away the amenities are. If there is a bus stop nearby, or a grocery store within walking distance, let potential tenants know that this will be an attractive feature of their new home.
- Have safety and security measures in place. Having locks on bedroom doors already installed, giving tenants access to the security cameras and alarm systems can increase the chances that tenants will feel safe in your building, ultimately leading to higher satisfaction from your tenants.
- Keep an eye on the competition. Knowing what their prices are for their buildings, and the utilities that are included will increase the chances that you will be competitive in your own pricing.
- Reward tenants for referrals. This is a relatively inexpensive and simple way to attract new renters. Those who are referred tend to be more profitable, and have a higher loyalty rate than those who are not referred by a friend or family.
Whether you’re a new landlord or you’ve been a landlord for years, following some of these tips will make for a smoother transition and leave you with no units left vacant.