Is Student Housing Your Target Rental Market? - Part 1

Monday, March 29, 2021

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When entering the rental market, finding your target demographic is a crucial step to ensuring success. Student housing is an extremely lucrative and fast-growing component of the rental industry. But how do landlords know whether students would be the best demographic for their rental property?

 

Students tend to look for specific criteria in a rental and value different amenities than adult tenants or families. Places4Students.com provides some insight into this diverse demographic below, in order to help landlords determine if the niche off-campus housing market is a good fit for their rental units.

 

Typical student tenants are…

  • 18 to 24 years of age
  • Very budget-conscientious
  • Tech-savvy and engage in social media
  • Spending a lot of time studying in the quiet
  • Living independently for the first time
  • Eating takeout more often than other renters
  • Sharing the rental with roommates to reduce expenses
  • Preferring experiences over monetary things
  • Relying on public transportation
  • Normally coming from out of province/state or abroad

 

Most student tenants prefer...

  • Affordable accommodations – 74% of students say price is the #1 consideration when deciding where to live
  • Furnished units and non-furnished units
  • Locations near required amenities such as stores, Laundromat, public transit, etc.
  • Sense of community and comradery
  • Lease duration that matches their school term/sessions
  • Rentals with utilities and internet included

 

Students search for housing by...

  • Utilizing the college or university’s off-campus housing department and website in order to find student-friendly accommodations
  • Looking at online listings on their mobile devices
  • Asking for input from family, friends and potential roommates

 

Part 2 of this blog is coming next month on Places4Students.com and will break down the key things to consider when advertising in the off-campus housing market.

 

SEE ALSO: A Guide For Landlords Advertising Student Rentals



The Places4Students.com Team