Do you have a property or building leased to students? Are you looking for ways to attract and retain incredible tenants? Having a successful student housing property requires considering the needs of young adults and implementing strategies that will ensure they are getting the best service possible.
As we know, gone are the days of traditional leasing processes. Technology has revolutionized the way people look for and sign leases for their new homes. It’s no surprise that more and more properties are adopting digital leasing solutions to attract incredible tenants and streamline their processes.
Students have a lot on their plates. They won't have a lot of time to spend looking for the perfect apartment. Having an online presence and leveraging digital marketing strategies will help you reach student tenants faster.
When we say online, this includes having your own website or social media. Facebook, Instagram, and Twitter are great ways to share your properties, special offers, and events. Millions of students have their own accounts on these platforms, so make sure you're actively engaging with them.
Offer a Study Focus Space
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Imagine being in the shoes of a student. It's amazing to have a leisurely space for them to enjoy, but having an environment that is conducive to studying can be just as important. Try to create spaces in your building or property where students can focus on their studies. Provide free WiFi and create a vibrant space with comfortable furniture. This way, you are offering them more than just a place to stay, but also a space to study peacefully.
Give Them a Storage Space
Though this might be out of the norm for some, providing extra storage space within the property can be an incredible asset for students. This helps them save money on renting a storage unit and keeps their belongings safe without them having to worry about losing anything. Provide them with lockers that come with keys and are spacious enough to fit a variety of items. Not only will students feel that you, as a property owner or a manager, care about them, but it also makes living in your space even more convenient.
Offer Competitive Rent Rates
Students are unlike young professionals that have their own jobs and salaries. Most of them are on a budget and dependent on their parents or scholarships. Keeping your rent rate competitive is key for you to attract incredible tenants, so make sure to research the market and offer a fair price.
To determine the sweet spot, look into the surrounding area and what other properties are charging. Also consider offering incentives such as discounts, freebies, or even a reward system to those that pay their rent on time.
Keep Payment Processes Simple
Technology is what keeps businesses afloat, and the same applies to student housing. Implementing property management software that is easy to use and navigate will help you make the payment process simple for both yourself and tenants.
If ever you are ready to integrate property management software, feel free to contact ExactEstate. We offer a comprehensive suite of software solutions to leasing agents, property managers, and owners that have been specifically designed to make the leasing process faster and more convenient.
Prioritize Security
Not only for student apartments, but any property should prioritize security. Having a secure entry system and surveillance cameras that record 24/7 will help you keep an eye on your tenants and provide them with a sense of security.
You can also think about installing smart locks for extra protection, as well as smoke and CO2 detectors to alert tenants in case of an emergency. If you have an extra budget, hiring a security guard is also an option. This will not only ensure your property is safe from whatever danger may come, but it will also make your tenants feel more at ease.
Offer Incentives and Rewards
Incentives and rewards are great ways to keep your tenants satisfied. Offer flexible payment options, discounts, freebies, or even a reward system to those that pay their rent on time. You can also consider rolling out loyalty programs where you reward them for using amenities or participating in activities.
These incentives and rewards make it fun and competitive for tenants to stay in the property, which makes it easier for you to keep them around.
Have a Space for Drying and Washing
Another thing you can consider adding to your property is a dedicated space for drying and washing. Not all students have the time or resources to go to a local laundromat, so having one on your property can be extremely beneficial. You can simply install a pay-to-use washer and dryer in a dedicated space, so your tenants can do their laundry without having to leave the property.
Apart from offering convenience, this also adds value to the rental and helps you attract more incredible tenants. It also gives you additional income since tenants are charged for using the service.
Include Nearby Amenities in Your Advertising
When it comes to advertising, not only creativity is key but also specificity. Include nearby amenities in your advertising, such as restaurants, parks, malls, and universities to make it easier for students to know what the area offers.
This gives them a better idea of the lifestyle they can expect when living on your property. Make sure you highlight these amenities in all your advertisements, so potential tenants can get a better understanding of what your property can offer.
Organize Regular Events
Studying can be exhausting, and a timeout every once in a while can be a great way for students to unwind. Organizing events or activities will give them an opportunity to de-stress and get to know the people living on your property. You can start by renting a movie projector, arranging game nights, or cooking together in the communal kitchen. Other options include outdoor activities, tournaments, or even a community garden.
The Bottom Line
Staying ahead of the competition doesn't mean you need to invest a lot of money. With the right strategies, you can be sure to attract incredible tenants and ensure tenant satisfaction at your student housing or apartment property. From offering incentives and rewards to integrating digital leasing features and organizing events — there are endless possibilities for success.
Don't forget to include a property management system to make the process easier and more efficient. If you want to get started, simply give ExactEstate a call and request a free demo. Here you'll have first-hand experience with how it works and can leverage all its features to your advantage.
