How to Meet Changing Student Expectations of Rentals

As leases with your current tenants expire, you might be wondering: How can I market my units to new students? Given that there are lots of rental and dorm options for first-year and continuing students, you want your unit(s) to stand out and become a top contender. But what should you do to upgrade your place? What’s more cost-effective, or what’s pay now and reap the benefits later? Below is a list of options that can deliver short- and long-term results for your unit, so you can reap the benefits and keep your tenants happy.

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This list is broken up into three sections: Lease Options, Low-Cost Upgrades, and Higher Options, Better Rewards.

Lease Options

A low-cost way to attract tenants is the lease options you provide. While standard 9 to 12-month leases are fine for the school year, alongside one lease for all tenants, having other options can attract more than your part-time and full-time students. You can consider:

• Summer Leases: While most students want leases for the academic semester, some want a place for the summer. This is also beneficial for international students who may not be able to travel home right away.
• Digital Signing: While having a paper copy is still standard procedure, it is great to have digital options for students who can’t come in person to sign the lease right away. It also helps if there are online portals for rent payments and pest control.
• Individual Leases: Consider individual leases to reduce pressure on tenants regarding roommates who might fail to pay, making the property more attractive to students who don’t have to worry about one roommate breaking the lease and forcing them to find a replacement before the rent is due.
• Sub-Lease: Some students who may study abroad or take an internship may want to sub-lease their unit to another student for the time being. By offering this, you can reduce tenant turnover rates and keep your tenants happy. If you’re unsure of how to start the process, How Landlords Can Manage Tenants Who Want to Sublet is a great place to start.

Low-Cost Upgrades

If you’re not ready to put the hammer through the drywall, there are still a few options to keep some money in your pocket and give you fast results to make your tenants stay for the long run. Some options are:

• High-Speed Wi-Fi: Wi-Fi is crucial for students to succeed, from humanities to STEM. By providing Wi-Fi rather than having them pay outright, it can appear more of a win for them to save their money and a win for you to attract more tenants.
• Backsplashes, Vinyl, and Floors: Instead of buying new cabinets and stripping floors entirely, a backsplash in the kitchen can add a great pop of color to the space. Vinyl wrapping cabinets and appliances can give a fresh look for a low cost. Even snap-floor tiles can be placed over original flooring and still look neat.
• Secure Environments: Before you begin interior upgrades, assess the security level of your unit(s). How safe do they appear, and how safe are they in general? Most students will weigh that over everything else you have to offer. So, ensure the property is secure and well-maintained by installing security cameras, key-fob doors, and stronger gates.
• Professional Management: Students often experience delays in repairs. A fast, efficient response to maintenance issues and clear communication of expectations help improve the rental experience. This can include pest control, a complaint portal for reporting issues safely, or an emergency hotline for urgent repairs, such as no hot water.

Higher Options, Better Rewards

If you’re ready to hit the ground running with upgrading your space, you’ll reap some great rewards with your tenants and put your unit(s) on the map. You can try:

• In-Unit Laundry: A big selling point for your unit is laundry. The days of having to go to do dorm laundry and having all the washers and dryers occupied during finals week can be left behind with this one upgrade. Students would be more inclined to pay the increase if it meant not having to lug bags of clothes and bedding down to the basement and hope it’s free to use.
• Fully Furnished Spaces: This can be tricky if your students want more creative freedom to decorate, but providing the unit with a bed, dressers, nightstands, and TV stands is a selling point for new students who do not have the means to furnish their place right away.
• Common Areas: If you own an apartment building, then your lobby area is a great place to turn into a common area. By adding smaller upgrades, such as a coffee machine or going all out with adding TVs and pool tables, you can make your building an all-in-one spot for students to hang out.
• Modern Kitchens and Bathrooms: While you can’t create more space in your unit, you can make it feel livelier by going out with the old and in with the new. Consider electric stoves or gas-powered stoves for the kitchen. A smart refrigerator or one with a water filter is still a great addition. New shower tiles or detachable showerheads with the rainfall attachment can make a bathroom feel like a mini spa.

There are levels for upgrading your units for new tenants, but the most important part is choosing the best upgrades that fit your budget. You can build on these options later to turn your unit from basic to luxurious, affordable for you and your tenants.