Are you renting out property near a college campus in Baltimore? If you are, you are on an excellent way to establish a steady monthly income by renting to students, as they are always looking for comfortable housing options with great locations. College students are an excellent demographic to target for your rental property business, but you must understand their only needs and lifestyle to make them your tenants.
In this text, we will outline how to attract college students to your Baltimore rental property and how working with the property management company will help you.
Maximize Online Advertising
The first step in attracting college students to your Baltimore rental property is having a good marketing strategy for online visibility and presence. Nowadays, 72% of people start their rental search online, and college students make up most of that percentage. Therefore, leveraging platforms like Facebook marketplace, Craigslist.Com, and university boards are excellent places to list your Baltimore rental property.
To stand out in the sea of listings, you need to include detailed descriptions of your rental property with high-quality photos that highlight the unique features and comfort of the rental unit. Also, you need to talk about how close it is to campus, what local amenities are, and the transportation options.
College students are usually social people with a limited budget, so they would care to know if there are popular local hangout places, coffee shops, and eateries that offer student discounts nearby. Give as much information as possible so students can visualize and assess your housing options. So, here is to rent to college students.
Highlight Desirable Amenities
As mentioned in the previous section, giving as much information as possible about what the students would love to have is extra important for deciding to check out the property in person. So, talk about the following amenities that cater to a usual student:
High-speed internet: Many students have several devices that they use that require fast internet so they can satisfy their study and streaming needs. This makes reliable Wi-Fi non-negotiable.
In-unit laundry: If you have a washer and a dryer in the unit, that is a huge plus. This will save students time because no student wants to go to a laundromat and waste time waiting for their laundry to be done.
Furnished spaces: Basic furnishings like beds, desks, and chairs are needed because most students might not own furniture.
Utilities included: Adding utility bills to the rent eliminates the hassle of the students worrying and stressing about multiple utility accounts.
Study areas: Offer quiet and well-lit space for students to study within the property.
Set Competitive Rental Rates
Explore the rental market now and ensure that your rental rates are competitive yet manageable for college students. Remember that they have limited budgets, so avoid overpricing because it will drive away tenants. However, don't underprice your property; you will be financially at a loss.
When setting rental rates, consider offering flexible list terms that correspond to the academic calendar. It has been proven that leases that align with the academic year attract more students to the property.
Ensure Security
It is a significant concern for college students and their parents, so don't think twice about implementing a sound security system. It will give the students and parents peace of mind that they are safe and protected while renting. Install deadbolt locks, use external lighting, security cameras, and even an alarm system, depending on the neighborhood. Make the property's exterior as visible as possible and do some landscaping, like trimming bushes and clearing walkways.
Provide Ample Storage
It is a unique but actual fact that students often have more belongings than they realize, so consider that not offering ample storage might be a deal breaker when they decide whether to rent the place. Therefore, ensure that the property offers plenty of storage options, including closets, cabinets, and shelving. Consider additional storage solutions like bike racks or extra space in the basement.
Offer Move-in Incentives
Moving incentives can be quite powerful when attracting Baltimore college students as renters. For example, you can offer gift cards for a nearby grocery store or free high-speed internet for the first few months. In addition, offering a discount on the first month's rent is also quite motivating. Yes, they are all small gestures, but they can attract Baltimore college students and make a big difference in a student's decision to choose their property over others.
Work with a Property Manager
Pioneer Enterprises is a team of Baltimore property managers who can manage rental property hassle-free, and catering to college students is one of the services. Working with us can remove a lot of burden off your landlord's shoulders when renting to students in several ways:
We have marketing expertise and know where to list your property and how to highlight the features to attract Baltimore college students.
We do a thorough background check of the college students and ensure that they are reliable tenants.
We handle all maintenance and repair issues promptly.
We manage lease agreements and make sure that the properties are always in good condition.
We handle tenant disputes and enforce lease terms.
Conclusion
If you want to attract college students to your Baltimore rental property, it will take several effective strategies, including proper marketing, understanding the student needs, and providing desirable amenities. If you follow the tips outlined in this text, you can make your property stand out. Additionally, if you partner with a Baltimore property manager company like Pioneer Enterprise, which will streamline the process, you will have a smooth and profitable experience renting to students.