College rental season is just around the corner. To ensure you get the best ROI possible for your portfolio, if you are a landlord or property manager in a college town, don’t forget to put these four helpful tasks on your list of to-dos this summer.
School may be out for the summer, but the work is just beginning for landlords and property managers with rentals that attract college students. Landlords and managers who are experienced with the college rental season already know that now is the time to tackle turnover and key updates to the property, but there are other items that should be on your to-do list before students are again seeking out new leases.
Summer may have just started, but it will be over before you know it. While college rental leases may not yet begin, if you’re hoping to get the most ROI on your investments, consider taking these key steps now, before school is, once again, on everyone’s mind.
Make Durable Updates:
You likely already have some updates or fixes on your list after inspecting the property during move-out, and you may already have some tricks up your sleeve to save on tenant turnover. Still, there are some key updates that can save you headaches and your tenants more of their security deposits at the end of tenancy.
For all renters, but especially college students who are often first-time renters, making durable updates to the property can be a great way to mitigate damage and the hassle of repairs.
Suggested Durability Updates for Your Rental Property:
Replace carpet with an easy-to-clean counterpart like tile, laminate, or vinyl.
Choose paint for your rental that is mildew-resistant and more durable than standard house paint
Keep landscaping simple, or hire a professional landscaping service to take care of upkeep.
Choose appliances with durability in mind (and service them regularly
Learn more: How to Save Money During Tenant Turnover
Add Gen Z-Approved Amenities:
The college students you attract to your rentals have grown up with technology, and many desire the added convenience of tech amenities within their homes and daily interactions. Use technology to ensure prompt digital communication, whether that means simply answering a text right away, or offering an app-based tenant portal so renters can ask questions, request repairs, or pay rent online.
Be sure to add Gen Z-approved amenities or updates within the rental:
Smart tech updates like power outlets with USB ports, keyless entry, smart thermostats, and smart outlets
Green or energy-efficient items like eco-friendly appliances and energy-efficient window panes, which also offer the benefit of being more affordable
Learn more: How to Attract Gen Z Renters
Offer a Lease Agreement Cheat Sheet:
After taking the time to make additional updates to your rental property, it’s important to help protect your ROI by mitigating the risk of damage. Offer a one-page document outlining key lease information and any important notes that first-time renters may not know. Include key information about when to change the HVAC filter and when garbage is collected. Be sure to include additional information on contacting you and how they can pay rent. You can also provide extra guidance by listing what can or cannot go in the garbage disposal or what can be flushed down the toilet.
Find a downloadable sample cheat sheet: New Tenant Success Tips – Renter Maintenance Checklist
Focus on Optimizing Your Rental Listings:
It’s no secret that most renters—especially those in the younger generations—primarily use online sites to find their next rental. If you are not taking advantage of this fact by optimizing your online rental listings, you’re missing out on attracting a bigger pool of potential tenants.
Before the college rental season officially arrives, take some time to focus on updating key areas of your rental listings.
Tips to Optimize your rental listings:
Create a great rental listing description to highlight the best aspects of your rental property and its respective amenities. Be sure to avoid any rental listing phrases that could be illegal or noncompliant with state or federal fair housing laws. If you feel like your marketing writing could use some additional help, your property management software may offer an AI listing description generator.
Get great rental listing photos that highlight your unit’s best side. Be sure to make the unit look as bright and welcoming as possible by opening curtains and doors to take advantage of natural light.
Create your own marketing website (even if you have a single property). Even if you syndicate to listing sites, having a simple website can make your listing look more trustworthy and polished, which is especially helpful when rental listings scams are so prevalent online.
Learn more: How to Write a Great Rental Listing
Final Thoughts:
College rental season may not be here yet, but a little additional preparation can make the process more seamless than ever. While you’re ready to enjoy some fun in the sun, be sure to carve out some time this summer to make those small but helpful updates to your rental property and your listing.
