7 Things You Need to Know About Renting Out Your Property to College Students

15 September 2021 - 16:15, by , in Property Maintenance, Rental Property, No comments

Now more than ever, landlords and property managers need to utilize effective marketing tools to occupy their vacant units. Our property management company services passionate property managers like yourselves and helps you keep your tenants long-term. 

With college and university students returning back to school, you might have asked yourself the question, “Should I rent out this unit to a student?”. Often landlords tend to avoid student tenants based on stereotypes that they might damage the property, party 24/7 and be messy. Our landlord property management in Toronto can help break down the notion that university students make less-than-stellar tenants. We have compiled a few tips on how to effectively market your units to students and ensure that they are welcomed in the overall building or complex community.

 

7 tips for renting out your unit to college and university students

  1. Provide a range of contacting methods of how to get in touch with leasing, property manager or landlord. Giving students the choice of emailing, texting or calling will create a more inclusive approach to have a constant flow of communication in emergencies.
  2. Request character references or a guarantor, as most students will have little to no credit history. Appointing a guarantor will give all parties involved peace of mind knowing that there is a Plan B.
  3. Provide flexible leasing terms to accommodate the student’s needs. While most contracts are signed on a yearly basis, the study term for most educational programs lasts eight months. Short-term leaving will entice students to occupy your units without having to worry about making rent payments for the other 4 months they might not live in the unit.
  4. Offer an all-inclusive rental unit that is equipped with WIFI, cable and other utilities. Taking the stress away of students having to invest in their own utilities will only make your unit more appealing and will increase your chances of rental.
  5. If you’re renting out the unit to multiple students, ensure to collect rent from each individual, instead of appointing one person to be in charge of collecting it. Have each student sign the lease agreement and reinstate that each individual will be responsible for their own monthly rent.
  6. Include a variety of pictures of the unit. Renters, especially students, will likely be more engaged in your unit if they have a visual representation of the interior and exterior of the unit, with a brief description. Visual aids will also solidify that your rental property is legitimate and you are serious about occupying your unit.
  7. Be very specific and detailed about what is expected during their rental time. Highlighting the amenities and responsibilities of keeping the unit clean while being mindful of neighbours should be addressed from the beginning while reinstating that you will always be there if they have any concerns that need to be addressed.

 

Want to rent out your unit to college students? Great idea – just hire us first!

Renting out your property offers immense benefits for your building, and builds a positive rapport with a younger generation that is seeking a safe and reliable place to live in. At Mareka PM, we can handle all of the complicated parts of leasing, maintenance and tenant management, whether you have student tenants or not!

We can help you sift through applications, screen potential renters and take care of all physical maintenance of your building. If you have been going back and forth between deciding to rent out to students, we think it’s a great idea – just hire our professional services to create a positive and seamless transition for everyone involved.

Contact us today to experience exceptional property management services and rent out your units fast in the GTA!

About author:
Mary is the CEO of Mareka Properties (2000) Ltd. She holds a CPM, RCM, and CRP designation, and brings over thirty years of experience to the helm of the company. Additionally, Mary has a thorough knowledge of the legislation governing the industry, an in-depth comprehension of building components, and a proven track record of guiding condominium corporations and boards of directors to success. She's the full package!

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