August is right around the corner, which means the long awaited back-to-school season is upon us. It’s hard to bid our summer barbecues farewell, but the start of the new school year has plenty to offer, like football, camp fires, and for many of our customers, new renters.
After your units have been thoroughly inspected and your vacancies have been posted, there’s one more step before you’re ready to start leasing.
Take a moment to think about the interactions and conversations you’re going to have with the upcoming class of young renters. How will you form trusting relationships with this year’s group of new tenants?
Renting to students is a totally different ball game compared to other facets of the property management industry. They’re younger, newly liberated from parental restrictions, and probably focused on enjoying the unique time in life that is college.
All of these factors mean it’s going to take a little added consideration on your end to ensure this school year runs smoothly.
Prepare yourself for this year’s new batch of renters with our top tips for leasing to students:
Remember students want to be treated like adults. As young undergraduates, your renters are slowly discovering their place in the world. Don’t go into the lease assuming your tenants will be irresponsible. Give the students a chance to prove themselves.
Put precautions in place. While you’re trusting your new renters to take care of your property, it might also be beneficial to put a few strict rules about damages and disturbances if there comes a time to address an issue.
Be open and honest with your tenants so they can be open and honest with you. If they feel like you’re someone they can speak honestly with, instead of a threatening landlord waiting to take away their security deposit, they might be more willing to talk to you before problems get out of hand.
Show some school spirit! Recognize the thing you have most in common with your tenants—local school pride. Hang a university flag and cheer on your team when they face their opponents.
Leasing to students can be hard work but it’s sure to pay off. In just a few years, these students will be the young professionals in search of their first apartment as a graduate and full-time employee. You’re shaping the next generation of tenants—enjoy the experience while it lasts.