Student Housing Can Boost Rental Revenue – Get The Most Cash Flow in 2023

All these new students have to live somewhere, and especially if they’re grad students who are new to the area, they’re going to be looking for student housing off campus but still close by. If you’re a landlord who’s been leery of renting to students (or just haven’t given much thought to doing so), the prospect of having grad student renters may be a little easier to stomach. 

Student Housing

As a rental property owner, the prospects of rising inflation and a looming recession likely make you eager to insulate yourself against any negative economic effects that may be headed our way. Fortunately, if you own property near a college or university campus, you may be in luck – even if you’ve historically never rented to students, this may be the time, as the saying goes, to give it the old college try. 

If the 2009 recession is a harbinger of what we might see in the coming year, it’s likely Canadian colleges and universities will see a spike in enrollment, both in undergraduate and graduate programs. One study at the time saw graduate enrollment jump by 7.1 percent, compared to 4.1 percent for undergraduate enrollment. 

All these new students have to live somewhere, and especially if they’re grad students who are new to the area, they’re going to be looking for student housing off campus but still close by. If you’re a landlord who’s been leery of renting to students (or just haven’t given much thought to doing so), the prospect of having grad student renters may be a little easier to stomach.

However, before we get started and look at the advantages of student housing, we need to start by getting you the best financing. After all, there are lenders that do not want to touch student housing, so it can be difficult to find one that will give you a good rent for a student housing property.

That is why we want to offer you a free strategy call. That way you can secure the best rates while making student housing that is affordable and profitable at the same time. Simply click the link below to book your call today.

What’s so great about renting to students? 

If you own a property close to a college or university campus, you’re uniquely positioned to benefit from venturing into the student housing market. This proximity brings with it the advantages of high demand, higher rent and ease of marketing. 

The great thing about students is that their numbers are replenished in an endless cycle, and at predictable times of the year—and with a recession increasingly likely, now’s the time to think about trying to attract student renters for the coming fall semester. With grad students in particular, you’re also likely to benefit from longer-term occupancy through renewed leases. 

While some campus communities are more car-oriented, many aren’t, and owning a student housing property within walking distance of campus makes yours an appealing option to students who may need to go back and forth between their home and school several times a day. There’s often a finite amount of great student housing close to campus, and with limited supply comes greater demand. Students will be willing to pay more for a better location, particularly if the property comes with other advantages (which we’ll cover in greater detail below). 

Finally, there’s the matter of marketing—and this gets to be a whole lot easier when you’re targeting student renters, for a couple reasons. First, students are typically going to move in either in August or January, and move out either in May or December. This allows you to concentrate your marketing efforts at key times of year. 

Even then, you may not have to do much work at all, because one of the great things about renting to students is the opportunity for marketing via word of mouth. Students know how hard it can be to find great student housing, and if they have a good experience in your property, they’ll likely recommend it to friends. 

Discover How To Buy Unlimited Rental Properties With This Step By Step Guide

How can you make your property appeal to student renters? 

Now that you’re seeing the advantages of student housing, how do you go about making your property one they’ll all be excited to move into? 

The first thing you’ll want to do is ensure your lease terms align with what typical undergraduates or grad students will be looking for. If your current tenant’s lease ends in March, it may make sense to spend next summer fixing up the place, with the intent of the next tenant moving in come August. 

It can also help to maximize the qualities that will make your property a convenient place for students to live. A home that comes with basic appliances and AC is often the bare minimum—installing a washer and dryer can raise the bar and including utilities in the rent relieves your tenants of the responsibility of setting up accounts (while also ensuring the bills get paid on time). 

It can also help to maximize the qualities that will make your property a convenient place for students to live. A home that comes with basic appliances and AC is often the bare minimum—installing a washer and dryer can raise the bar and including utilities in the rent relieves your tenants of the responsibility of setting up accounts (while also ensuring the bills get paid on time). 

There are other ways to attract students, as well. Making basic security upgrades like installing new deadbolts and motion sensor lights can relieve some anxiety. Highlighting specific rooms as great for studying—whether because they’re out of the way or because they aren’t exposed to much exterior noise—can appeal to grad students who may be very focused on their studies. You might even consider offering some incentives, like a few months of free wi-fi, to help get your relationship with prospective tenants off on the right foot. 

School’s out – but it’ll be in before you know it 

It may seem like you have a lot to do to get your student housing property ready for new student tenants to move in later this summer, but with the tips above and six weeks of basic upgrades and marketing, you can have your property move-in ready in time for the fall semester. It’s worth the effort now to set yourself up for years of consistent cash flow and predictable tenant cycles! 

For access to a FREE student rental property analyzer and to learn more about the benefits of student rentals click  HERE or email Gillian HERE Alternatively, you can click the link below to book your free strategy call today.

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