When searching for the perfect home away from home, college students (and their parents) have specific needs because of their situation, which sets them apart from other tenants. If you are targeting student renters, you need to know what they are looking for in a student apartment. Students will not give your property a second glance if it lacks what they want. Discover the key features of apartments for students so you can create an effective student rental listing and stand out in the market.
What student renters are looking for in apartments is:
- Affordability
- Location
- Individual leases
- Flexible lease terms
- Safety
- Stable Wi-Fi
- Laundry options
- Furnished units
- Common spaces
Affordability: Budget-Friendly Housing for Students
The most important factor influencing a student's choice of where to rent is affordability. College is expensive, and students are on a tight budget with or without their parents' help. You're more likely to attract student tenants with competitive rental rates. Student renters also love a good deal, so consider offering a rent concession to get them in the door.
Location: Why Proximity Matters for Student Housing
Many students walk, bike, or take public transportation to campus, so they don’t want to be far away. During their free time, they also love exploring local offerings, like coffee shops, bars, small businesses, and restaurants. Highlighting your location and distance to popular areas when advertising your property online will get your property more attention, as it is a huge selling point.
Apartments.com highlights valuable location information about nearby amenities, schools, and transportation options. It’s especially helpful for students as Apartments.com provides the distance and driving times to nearby colleges and universities. Reach students searching near colleges and universities by listing on Apartments.com.
Individual Leases: Student-Friendly Leasing
Individual leases provide flexibility and peace of mind for both you and student renters. Instead of a lease for the entire apartment, an individual lease is for each roommate. That means that each tenant is responsible for their portion of rent and expenses. Therefore, if one roommate falls behind on rent and other expenses, the others are not affected.
Flexible Lease Terms: Aligning with Academic Schedules
Flexible or short lease terms can make your property more appealing, as many students leave during the summer or study abroad. Students don’t want to worry about what to do with their apartment during the summer or pay for it when they’re not living there, so they look for leases that correspond with the university calendar. If you don’t want to allow subleasing, consider flexible lease terms because many students sublet their apartments when they go home during the summer.
Safety: Security Features That Attract Student Tenants
Students have enough to worry about without having to keep their safety in mind, so they look for a place where they will feel safe. Properties with good security, like security cameras, well-lit entrances, and secure door locks, show that you take your tenant’s security seriously.
Stable Wi-Fi: A Must-Have in Apartments for Students
Today, most college students do a majority of their work online or even take online classes; it's essential to include high-speed Wi-Fi in each unit. Outside of coursework, students use Wi-Fi a lot in their free time for entertainment, whether it’s binge-watching TV or gaming. Offering a fast and stable internet connection as part of the rent is a must-have for most students.
Laundry Options: Convenience with In-Unit or On-Site Facilities
College students have hectic schedules, so finding the time to do laundry can be challenging. Doing laundry while studying, cooking, or doing another task is preferable for students because they can multitask; they don’t want to waste time by trekking to a laundromat. Having in-unit laundry or laundry facilities is one of the top amenities for students because it makes laundry more convenient.
Furnished Units: Simplifying the Move for Students
Whether they’re moving across the country or to the other side of town, students don’t want to have to deal with furnishing their own apartment. Buying or bringing furniture is not always feasible for one reason or the other. Students will likely choose a furnished apartment to save time, money, and the hassle of moving heavy items. As a landlord, it is an added cost, but a worthwhile one because you can reuse the furniture for different tenants. Just be sure to give them a good cleaning before a new tenant moves in.
Common Spaces: Building Community in Student Housing
Socialization is a big part of college life, from group study sessions to board game sessions. Getting a sense of community when not living on campus can be tougher, so students look for ways to foster that. Having areas where your tenants can gather and hang out, like a pool or clubhouse, is a great way to get your property noticed.
Sometimes when studying, students want a change of pace to refresh their minds, or just like having a dedicated space to study separate from their apartment. A trek to the library or study rooms on campus can seem too far, so they want a place to work where they live. Offering a study area with niceties, like a printer, whiteboards, and computers, gives students another reason to choose your property.
Offer Convenience with Apartments.com
Parents and students are busy people who will appreciate convenience offerings, like online rent payments, virtual tours, and electronic maintenance management. Whether it is the parents or the student paying rent, making rent payments conveniently online will ensure rent is paid on time. Students may be moving from out of state and can’t attend an in-person tour (or they might not have the time), so offering virtual tours helps you reach a wider audience of potential tenants. Attract tenants looking for convenience by using Rental Manager, which offers these tools and much more.
FAQ
What do I need to know about renting to college students?
There are a couple of tips for landlords when renting to college students, such as advertising your property in ways that students will see it, verifying student status, and setting noise ordinances. Following these tips will help you rent successfully to students.
How do I handle renters with no credit?
College students may not have a credit history, meaning they have no credit. As credit checks are a vital part of the tenant screening process, you want to know what to do when faced with this challenge. First, you should discuss the issue with the applicant and closely examine their background check. Once you understand the situation, you can decide on your next steps, such as contacting landlord references, requesting proof of income, requiring a cosigner/guarantor, asking for a higher security deposit, and getting first and last month’s rent.
