he school year may be over this summer, but hard work is just beginning for landlords as well as property managers who manage rentals that are popular with college students. Property managers and landlords who have experience with college season of rentals already know now is the right time to deal with turnover and important improvements to the property; however, there are additional tasks you should put on your list of things to do before students start looking for leases.
The summer may only have just begun; however, it’ll soon be over, and you’ll forget about it. Although college leases for rental may not yet be in place but if you’re trying to reap the highest return from your investment, you should consider doing these important actions now, before school gets back all over the place.
Make Durable Updates
There are probably changes or fixes in your agenda after examining the property before moving out, and you might have some tricks up your sleeve to reduce the turnover of tenants. There are a few important updates that could help you avoid headaches and also save your tenants more money after their tenancy.
For all renters, and especially students at colleges who are usually first-time renters, making lasting changes to your property can be a fantastic method to reduce the effects of damage and avoid the hassle of repairs.
Suggested Durability Updates for Your Rental Property
- Clean up your carpet by replacing it with an alternative such as laminate, tile, or vinyl.
- Choose a paint that you can rent that is anti-mildew as well as more long-lasting than regular house paint.
- Maintain your landscaping in a simple manner or engage an expert landscaping service to manage maintenance.
- Select appliances that are durable in your thoughts (and maintain them on a regular basis).
Add Gen Z-Approved Amenities
The college students you draw to your properties are accustomed to technology and want the convenience of technology features in their homes as well as everyday interactions. Utilize technology to ensure timely digital communication, whether it means responding to text messages immediately or providing tenants with an online portal where tenants can seek help or request repairs. They can also pay their rent on the internet.
Be sure to include Gen Z-approved amenities and updates within the rental
- Smart tech updates, such as power outlets equipped with USB ports and keyless entry, as well as smart thermostats and smart outlets
- Items that are green or energy efficient, such as green appliances and windows that are energy efficient, can also benefit from being cheaper
Offer a Lease Agreement Cheat Sheet
When you’ve taken the time to update your property rental, it’s crucial to protect your investment by limiting the chance of causing damage. Provide a single-page document that outlines important lease information as well as any other important information that a first-time tenant might not be aware of. Include important information on how often to replace the HVAC filter, as well as when garbage collection is scheduled. Make sure you include information about how they can contact you and the best way to pay rent. Also, you can provide additional advice by indicating what can or should not go into the garbage disposal or what flushes through the toilet.
Focus on Optimizing Your Rental Listings
It’s no secret that most renters–especially those in the younger generations–primarily use online sites to find their next rental. If you’re not leveraging these trends by optimizing the content of your web rental listings, you’re not the opportunity to attract a larger number of potential tenants.
Tips to optimize your rental listings
- Make a compelling description of your rental listing to highlight the most appealing aspects of your rental home and the facilities it comes with. Make sure to stay clear of terms that could be illegal or in violation of the state or federal laws regarding fair housing. If you feel that your marketing content might need some help, the software that manages your property might have an AI description generator for listings.
- Take excellent photos of your rental listing that show your unit’s most appealing features. Make sure that you make your area appear as bright and warm as you can by opening the curtains and doors to make the most of the natural light.
- Make your site for marketing (even in the case of only one property). Even if you do syndicate to listing websites with a basic website, having one will make your listing appear more professional and trustworthy, and is particularly helpful as scams with rental listings are all the rage online.
Final Thoughts
The season for college rentals may not be in full swing in the foreseeable future, but extra planning will make the process easier than ever before. As you’re getting ready to have your time outdoors, make sure to take some time to make the small but beneficial changes to your rental home and your website.
