6 Ways to Secure Lease Renewals for Student Tenants

By Alicia Geigel on March 24, 2022

The pandemic drove students out of college campuses and away from off-campus rentals, which understandably affected property managers everywhere. Now, however, students are back on campus and renting homes and apartments off-campus, which means it’s important to do anything and everything possible to keep their business and secure lease renewals.

Securing a lease renewal with college students is typically not hard. You can assume with a decent amount of confidence that the student(s) will be staying in the area for the duration of their education and will take advantage of staying in the same apartment or housing unit during that time. As college campuses are incredibly competitive places for housing, you could find yourself fighting with other complexes and businesses over the same tenants, but there are some great ways to secure lease renewals and keep your tenants.

Are you a property manager? Looking for ways to secure renewals for your leases? Here are six ways you can do so and keep your rental business thriving!

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1. Have On-site Laundry Facilities: Though students may put off laundry and not do it nearly as frequently as they should, on-site laundry facilities are great for students in apartment buildings. By having washers and dryers in the building, whether it be on select floors or just on one, students have the convenience of doing laundry at their home rather than having to travel elsewhere to do so, which can definitely be an enticing factor that can help secure a lease. Including the school-based payment can also help to build a greater relationship with the surrounding school through this collaboration.

2. Consider Adding in Certain Utilities to the Rent Cost: For students, one of the most important necessities needed for both school and leisure time is the internet. If the internet service is bad or is a hassle to set up, your student tenant will be more likely to move elsewhere after their lease ends. To help secure more leases, consider adding in the cost of internet to the rent. Students will definitely love the idea of not having to purchase and set up their own plan and calculate that between roommates. When included in the rent, it is a lot easier to manage and pay for.

3. Keep in Touch with Residents: No one wants to be viewed as simply a commodity, but rather, a person first. Some of your student renters could still be in a tight situation due to the pandemic, so it means a lot to value and show compassion toward your residents. Reach out to them, whether it be through an email, a video call, or a letter, and ask them how they are doing. Ask them what you can do as a property manager to make their life easier. Do routine check-ins and inquire about their lease, and when they would like to renew it. Doing this gives your tenants a feeling of security and will help you secure a renewal.

4. Offer Multi-Year Leases: Offering multi-year leases is another way that could help secure more leases for your property units. As students are more likely to stay in the same area while working towards their degree, they are equally as likely to want to stay in the same apartment building/home to avoid any moving chaos which can eat up valuable work/party time. In a blog post by Landlord tips, writer Mariia Kislitsyna further notes, “[Students] can lock in a set rent for several years, eliminating worries about increasing rental charges. And by locking in a unit, they can also avoid paying multiple security deposits.”

5. Offer Flat Renewals: Though you are managing a business and trying to maintain a steady income as a property manager, it can be better for your business and your tenants to offer flat lease renewals. What is that exactly? A flat renewal means you keep the same price of rent/expenses for the upcoming lease renewal as the current one. Typically, these prices can change due to insurance rates or increases in the cost of running the units, but having a flat renewal can further secure your tenants’ renewal while showing them your support.

6. Online everything: In an age where the internet is used more frequently than not, many students prefer to do most of their transactions online. As a means to make interactions simpler and to appeal to your college renters, make it possible for your current and future tenants to lease online, submit payments/bills for rent and utilities online, as well as request maintenance help online. This all-inclusive way of handling payments can be another way to secure lease renewals, as tenants will find this both modern and convenient.

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Image via Pexels

Figuring out ways to secure lease renewals is not as difficult as it seems. Whether it’s through offering different lease agreements or adding in new amenities, there are several ways to get student renters back into a lease agreement and keep your rental business running smoothly.

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