When searching for the perfect home away from home, college students have unique wants and needs that set them apart from other demographics looking for an apartment. Whether moving away from home for the first time or moving from the dorms, students tend to have specific preferences along with their parents. Understanding what student renters look for in an apartment can help you cater to this market.
Affordability
The most important factor influencing a student's choice of where to rent is affordability. College is expensive, and students are on a tight budget with or without their parent's help. Property managers or landlords who offer competitive rental rates and flexible leasing options are more likely to attract student tenants. If you find that your apartment is reasonably priced and you still have issues securing tenants, consider running a special such as half off rent for the first month or no application fees for a week to draw student renters in.
Appealing to Both Parents and Students
Both student renters and their parents need to agree on an apartment since parents are often the ones paying rent. To maximize the appeal of your property for both students and parents, consider using the following:
- Offer online rent payment: Since parents usually pay rent, making rent payments conveniently online is great for parents and will ensure rent is paid on time.
- Host in-person and virtual tours: To accommodate any parents or students who cannot attend an in-person tour, offer a virtual tour of model units.
- Provide safety information: To give parents and students peace of mind, be sure to include any safety features your property offers such as cameras and secure entrances.
Location
Student renters search for apartments that are close to campus, local amenities, and public transportation. Walking distance to their classes, the local coffee shop, or library can be a huge selling point. So, make sure you highlight these features when advertising your property online.
Individual Leases for Roommates
For college students, having individual leases provides flexibility and peace of mind not only for them but also for the property owner or landlord. An individual lease for each roommate, instead of one lease, means that each tenant is responsible for their portion of rent and expenses. Therefore, if one roommate falls behind on rent and other expenses, the others are not affected.
Flexible Lease Terms
Students' schedules are anything but traditional. They may need to leave for summer break or study abroad for a semester. Flexible lease terms can make your property more appealing to this transient demographic.
Safety and Security
Students and their parents prioritize safety when choosing an apartment. They want to feel secure at home and in their surroundings. Therefore, installing security cameras, providing well-lit entrances, secure door locks, and a security guard can help boost the appeal of your property.
Stable Wi-Fi
Today, most college students complete and turn their work in online; therefore, it's essential to include high-speed Wi-Fi in each unit. Offering a fast and stable internet connection as part of the rent can be a significant draw for students.
In-Unit Laundry or Laundry Facilities
College students have hectic schedules, so finding the time to do laundry can be challenging. Still, students can easily do laundry while studying or cooking a meal if in-unit laundry or laundry facilities exist.
Furnished Units
Students often move from far away to attend their chosen schools, and bringing furniture isn't always feasible. Furnished apartments save students time, money, and the hassle of moving heavy items. Plus, as a landlord or property manager, you can easily reuse the furniture for different tenants. Just be sure to give them a good cleaning before a new tenant moves in.
Pet-Friendly
Pet-friendly apartments are a big plus for students who have pets or are considering getting one. A landlord's willingness to accommodate pets can set their property apart in the student rental market. But this should be balanced with reasonable pet policies to ensure the property remains well-maintained.
Study-Friendly Spaces
A quiet, study-friendly environment is highly desirable for student renters. Creating a study room with plenty of outlets and a printer will help your tenants not have to leave their homes to get some peace and quiet. If you don't have the space to create a study room, set reasonable noise policies, such as quiet times from 8 pm to 8 am; that way, late-night study sessions or early mornings after a late-night study session can be uninterrupted.
Maintenance
Responsive maintenance and support from landlords are essential. Students, especially those living away from home for the first time, may encounter issues requiring prompt attention. Landlords who can provide quick and efficient solutions to maintenance problems create a positive renting experience.
Dealing with maintenance requests can often feel like a juggling act. You’ve got tenants reaching out, schedules to coordinate, and service professionals to contact. It can get hectic, but Apartments.com has the solution. With our online maintenance platform, tenants can submit maintenance requests online. We notify you when you have a request, and you can easily update your tenants as the repair progresses. You can even attach receipts, upload notes, and track expenses for the repairs. You and your tenants can even share images and videos. Keeping everything in one place makes it easy to keep track of repairs, how often something is requiring repair, and how future repairs might impact your budget.
Understanding what student renters look for in an apartment can help you tailor your property to their needs. You will attract a steady stream of student renters by offering a well-located, safe, affordable, furnished apartment with flexible lease terms and essential amenities.
