Owning an apartment community that rents to a lot of students comes with its own unique set of challenges. Your residents are young, have less experience renting, and have busy schedules outside of the regular 9 - 5 hours. As such, there are some unique property management tips that can come in handy when renting to such students.
1. Require a cosigner on leases.
Students do not typically have much of an income, which means they are are more likely to stop paying rent than the average renter with a decent job. A good strategy to make sure you don't end up with a lot of non-paying residents is to require anyone with an income below a certain threshold to have a cosigner on their lease. Most students will have their parents sign. If the student stops paying rent, you can then go after the cosigner and demand payment.
2. Ask for a significant deposit.
Not all college students party and make messes, but this scenario is pretty common. To ensure you can cover the costs of shampooing the carpet and making other such repairs after each lease is over, make sure you ask for a significant security deposit. One month's rent is standard in the industry, but may not be enough when you're renting primarily to students. Asking for at least $1000 is reasonable.
3. Use technology.
Students tend to be high-tech. They are not going to want to write checks, and they may not stop into the rental office to check a bulletin board for updates. So embrace technology in every way that you can. Accept online payments and direct bank transfers. Set up an apartment community Facebook page where you can post notices. Email residents about problems rather than calling on the phone -- and so forth.
4. Offer some amenities.
Students are less likely to cause trouble and destroy their apartments if they are entertained. So while you do not need to offer a state-of-the-art fitness center or an Olympic pool, offering some community amenities is important. A basic fitness center, a game roof filled with arcade games and board games, and a few tennis courts will keep them busy. Make sure you keep these amenities open late into the evening, as this is when most students have free time.
Managing student apartments can take some getting used to, but with the tips above, you'll be off to a good start. Contact a property management service if you would like more help.Share