As with every industry, off-campus housing has evolved. In order to compete, it’s important for landlords to keep on top of trends and benchmarks in the industry.

Below are several things landlords should consider in the off-campus housing market this year.

Advertise rental vacancies online

• 49% of renters are under the age of 30 years old
• Increases your vacancy visibility online
• Reach the student demographic, as the majority of them use the internet to find their off-campus housing

Post property listings with images

• Listings online that contained images were filled 32% faster than those without photos
• 86% of student renters will not contact a landlord who did not have any property photos within their listing
• 79% of students renters want to see, at minimum, one photo of the exterior and multiple interior photos

Do market research to compare rental rates

• Review other listings online that compare to the property and what they are charging for rent
• Check the local rental by-laws and regulations for restrictions on charging/increasing a rental rate
• Research if there are laws specific to student tenants or maximum number of unrelated renters

Utilize technology to collect rental payments

• Makes it seamless for continuing to collect rent, in the case of social distancing regulations, etc.
• Easily provide rental payment reminders to tenants
• Allows tenants to set up fund transfers by e-transfer, recurring withdrawals, etc.
• BONUS TIP: Offer a discount to tenants who sign up for automatic payment, as this increases the likelihood of rental payments on-time or with little follow-up

Perform rountine maintenace checks

• Avoid costly repairs by doing yearly and quarterly maintenance checks
• Check appliances, perform HVAC tune-ups, evaluate plumbing systems, do touch-up painting, ensure security systems and locks are working properly

Invest in efficient appliance

• Reduce the excessive amounts of electricity and water use by upgrading dishwashers, refrigerators, washers, dryers, etc. to energy-efficient models
• Save money on utility bills for all-inclusive units

SEE ALSO:  Marketing Student Housing On a Budget