Students make up a large sector of the rental market, with an average of 44 percent of students living in off-campus housing according to The College Board. It comes as no surprise then that the student rental market is a highly competitive but lucrative industry.
There are many colleges and universities in DC, including The George Washington University, among others. With so many students seeking off-campus housing, how can you make your rental unit stand out from the rest in this competitive market?
Use a Property Manager
Taking advantage of a professional property manager can help you better market your property and make the rental process much simpler. Property managers have a keen awareness of the competition you face as well as what students are looking for in a rental.
The insight an experienced property manager provides can help you get the most out of your investment when renting to students. A property management company will also handle applications and showings of your unit, therefore taking stress off of you.
In addition, there are peak times to rent to students in DC, and your property manager knows this. Students going to Howard University among the other institutions in DC will be looking for housing in May and June for the fall semester, and again in December and January for the spring semester.
Market Your Location
Students want to have an ideal location near their school, whether they’re going to Catholic University or University of the District of Columbia.
However, students also want to be near other convenient locations, such as stores, coffee shops, bars, and restaurants. Many of these individuals don’t have a vehicle, so advertising public transportation near your rental that provides access to these locations can attract more students than a property that’s just close to school.
In addition, the market in Georgetown has gotten more difficult because Georgetown University has provided more student housing in recent years. Students going to American University won’t have a huge selection of apartment buildings near their school, so they’re more likely to rent farther away from campus.
Consider Multiple Tenants
About 50 percent of students in DC will be renting a two-bedroom unit. 25 percent will rent a one-bedroom apartment while the remaining 25 percent will end up in houses. In these instances, it’s important for you as a landlord to be open to having additional tenants in the space.
Students are often on a tight budget and so are motivated to share their space in exchange for a lower rent. A property manager can help you determine the amount of people legally allowed to live in your space.
Considering the layout of your unit when renting to multiple students is important, as people are looking for a combination of shared and private space. Having multiple bathrooms and private areas is more appealing, while having a functional common area is beneficial as well.
Have the Right Amenities
While student renters tend to be less particular about where they live, they’ll still look for the certain amenities that are essential for their lifestyle.
These amenities include desks and sofas, large TVs and a large fridge, and extra electrical sockets, especially so you can avoid multi-way adaptors that could pose a risk. Many of these amenities aren’t expensive to include but increase the value on your property and better appeal to the student population.
Keep in mind that most students are looking for on-site laundry, so if you can, be sure to provide this service to students who may be looking for rental properties near Gallaudet University.
Keep the Rent Simple
When renting to students from universities in DC, it’s a good idea to keep the rent as simple as possible. A property manager can help you factor in all the costs for the rent to make it easier for students to pay.
Students tend to have a lot going on in their lives and may not be as diligent as keeping up with rent in addition to separate bills such as electric, internet, and water in addition to their personal bills.
Are You Looking to Rent to Students in DC?
If you’re considering renting out your property to students in DC, you can take advantage of this great sector of the rental market by working with a professional property manager. Give us a call at FAS Management to learn more about our services and how we can help you better market your property to the right tenants for long-term success!