Growing trend of studying abroad and completing a college degree from a foreign country has increased the demand for rental properties in major countries across the world. Territories like UK, USA and UAE are receiving a significant number of international students.
Though universities often possess on-campus hostels to accommodate students, they can fail to lodge all students. Moreover few students don’t like to stay in campus hostel and willing to rent apartments University City to avail the comfort of home living.
Perhaps you own a property in the proximity of a college or university in your city and willing to rent it out to students, you will need to understand their desires they are expecting to see in the rental accommodation.
Easy access to Campus
Proximity to university is the priority of students. Lodging space should be located within walking distance of few minutes’ drives away. They will never pick an accommodation situated several hours away from their campus to enjoy privacy and home living. If your apartment is in the campus radius, you will quickly find a renter.
Don’t expect to earn a significant amount of money as rent after renting your apartment to a student. This is because they lack funds and can’t afford expensive lodging. Finding an affordable lodging space is their priority. They will opt for moderately priced or a bit expensive place only if they are sharing space with roommates. They can’t spend all money on rent payment. Review market and check rent rates to decide a suitable amount as rent.
Presence of lifestyle amenities
In addition to convenient access to an educational institute, they also desire quick access to other lifestyle amenities like retail outlets, shopping, entertainment and dining opportunities. They prefer to acquire lodging close to downtown.
Availability of public transport
As they don’t have personal cars and motorbikes to commute around the city, they are entirely dependent on public transportation. They carefully review the presence of public transports like buses, taxis and trains. Don’t forget to tell them if your place has easy access to transportation facilities don’t hide it with renters; tell them loud.
Safety and crime rate in the neighborhood
Being a foreigner, college/university students don’t want to accommodate in the area with the high crime rate. They want to know whether the apartment they have chosen is safe for accommodation. Fix any broken locks of exterior windows and doors before you schedule a meeting with the prospective tenant.
Privacy within the apartment
Students sharing a living space with roommates still need privacy. If you are tending to lease your apartment, you will need to ensure that it has multiple bedrooms with separate doors and a standard living room and kitchen. Don’t expect to rent a studio to 2 strangers, as everyone needs privacy.
Onsite laundry facility
It will be a plus point if the residential block has an onsite laundry. However, it’s a not a necessity.
Upgrades and cleanliness
Don’t make a mistake to upgrade your apartment to attract more students to rent your place. Though they would like to live in an updated lodging space, they will rent it out only if it comes within their budget. However, they never want to accommodate in an untidy area with rodents and pest. So deep clean and disinfect your rental before viewing it to a future lodger.
Endnote: Renting your apartments in University City is an excellent way to make money, all you need is to review the expectation of students to do it successfully.