For many of our partner schools in Canada and the United States, there has been a substantial increase in demand for off-campus housing. With the mismatch between supply and demand, it has been typically easier for many landlords to find tenants in this current market.
Regardless of the rental market conditions, landlords still strive to find suitable tenants for their rental property. Finding a tenant who takes care of a landlord’s investment, cohabitates well with other tenants and pays rent on time is worth their weight in gold.
Looking to create a competitive advantage as a landlord? Here are some tactics to keep in mind.
First impressions are key
First impressions can be the deciding factor between an applicant signing a lease or going with another rental unit. First impressions include the tone of communication, timeliness of landlord responses and initial viewing of the rental property. It’s important to be respectful and professional, keep the rental unit clean, remove any clutter and be prepared for the arrival of potential tenants.
Be open and honest
Communicate with applicants regarding the requirements, rules and what qualities make a potential tenant suitable for the rental unit. It’s best not to waste anyone’s time during the screening process by being upfront and honest.
Use an effective rental listing
Create an easy-to-read, detailed rental listing, complete with all the information a renter would benefit from knowing. An effective rental listing includes several photos of the unit (indoors and outside), a detailed description including stores and features of the surrounding community, amenities, virtual tour, an address or indication of nearby cross roads and the neighborhood. It’s always recommended to advertise on the school’s official rental property listing website when looking for student tenants.
Simplify the leasing process
Have a checklist prepared outlining all the information needed from applicants and steps to be taken to complete the leasing process. A simply process assists potential tenants in making an easier decision to sign the lease quickly.
Offer flexible leases
Some students return home for the summer, whereas others arrive specifically for one semester only. Offering shorter leases to match a student’s academic schedule or the ability to sublet can be an attractive feature for student tenants. When subletting, many landlords simply request to meet the subletter prior to moving in and signing a sublease agreement.
Provide renewal incentives
Renewal incentives are easy to implement, a good return on investment and increase tenant satisfaction. Lease renewals are beneficial to landlords as they reduce turnover, move-in costs and save significant time in the process of signing new renters.
SEE ALSO: Resident Experience Effects Tenant Retention
The Places4Students.com Team