College students provide a steady source of income for property owners. However, not all college students make appropriate tenants. Know how to identify the right college students for a tenancy to assure full occupancy of your residences and protection of your property.
Market To The Demographic
To find a quality candidate, make sure you have a wide variety of applicants to choose from. The right marketing tactics will get young students flooding through your doors. College students find most of their information online, so having a well-developed online presence and active social media pages is essential. Other marketing must-dos: include virtual tours and high-quality photos, syndicate your listings across several websites, and consider adding the cost of utilities to the rent for the less money-savvy demographic.
Invest in a Quality Screening Process
The right marketing techniques will pique a lot of interest in your rental units, so the next step is having a rigorous screening process that helps pick the best candidates. References from previous landlords and employers are a plus, as is requesting proof of being able to pay rent (through pay stubs or bank statements, for example).
Require a Co-Signer
Many college students have little to no credit history, which makes them a higher risk for renting. It can be difficult to predict who will reliably pay rent and who will pay late or skip months altogether if you don’t have a clear idea of their financial habits. A cosigner helps mitigate risk and adds an extra layer of security to improve confidence in your future tenant.
Offer Online Services
Younger demographics, like college students, crave convenience. They want to do as much as possible online, from applying for the residence to paying rent. Offering a suite of online services will help appeal to college students and ultimately save you time and money. Home 365’s tenant management system, for example, allows tenants to report any issues with their property via their app and ensures speedy conflict resolution. Home 365’s sensory system detects any potential maintenance issues, so our Las Vegas property management company can solve them before they become a problem.
College students can provide a steady stream of revenue, but it may also require a little extra legwork to find quality candidates. Home 365 takes on all aspects of screening tenants and keeping your occupancy rates full. Our technology-driven suite of tools makes renting and owning property convenient. For more information about our services, please contact us.