As the number of students in the country grows so does the cost of tuition and the price of living in student housing. While some universities require students to live in dorms for the entire duration of their studies, a good portion of schools now allow their students to roam free and begin what is often their first adult living experience renting an apartment or home of their own.
For landlords and property managers, the student market is one that keeps space profitable and busy for a long time. If you own buildings near a college campus, you’ll pretty much always have a pool of potential lessees to choose from. But what are students looking for in a short-term rental during their college years? And what steps should landlords and property managers take to secure the safety and health of their properties with lessees that are young and so frequently in-and-out?
It may be obvious, but the number one draw for students when it comes to renting property is free internet access. Students need an internet connection to socialize and do their work, so any rental space that offers no-hassle internet will attract young renters. Students are also more likely than other renters to prefer new and updated spaces. Keeping properties modern will draw in those students with more money to spend, often courtesy of their parents.
While the student market is profitable for property managers, it can be stressful to have a constantly swinging door of new lessees. By requiring longer-term leases, a property manager can assure that their space is occupied year to year. This also keep students invested in the wellness and upkeep of their living space, as younger renters are sometimes prone to recklessness and untidiness.