Baltimore County is home to some of the nation’s top universities − Johns Hopkins University, Towson University, Maryland Institute College of Art, and of course, University of Maryland Baltimore County.
And, those are just a few of the most popular.
To say that Towson is a thriving community is an understatement.
For those that own rental property in the Towson area, or even the surrounding Baltimore County region, leasing to student tenants offers plenty of benefits, some of which we will share with you today.
However, in addition to reaping the benefits of leasing your rental property to student tenants, it is important to get an idea of what student tenants are like, what they look for in a rental home, and the best ways to attract them to sign a lease with you.
That’s why today, we are going to share with you the ultimate landlord’s guide to leasing to student tenants in the Towson region.
The Benefits of Leasing to Student Tenants
Before we jump into how to attract student tenants to your Baltimore County rental property, it is crucial we look at some of the best reasons why you should consider leasing to tenants in the first place.
- High Demand. In areas with plenty of high-quality schools to attend, the demand for rental homes by students is real and booming. In fact, it is estimated that upwards of 87% of students live off-campus.
- Steady Income. Leasing to a student that will be attending university for a few years is a great way to secure a steady and reliable income.
- Fewer Vacancies. As mentioned above, student tenants leasing your same rental each school year, and possibly staying throughout the summer, will result in lower turnover rates.
- Easy Advertising. Advertising to the younger crowds today is easy thanks in large part to the internet, social media, and word-of-mouth.
As you can see, there are several reasons why leasing your Towson rental property to a student might be a good idea.
And, with the help of a highly qualified Baltimore County property manager, attracting student tenants, drafting appealing lease agreements, and encouraging lease renewals will not be a problem.
What Student Tenants Look for in Your Baltimore County Rental Property
In the past, we have talked about what student tenants will likely look for in a rental property, as far as amenities are concerned.
To review, let’s take a look:
- Wi-Fi. College students need access to a good solid Wi-Fi signal in order to keep up with both their schoolwork and social obligations.
- Appliances. In-home washer and dryers are a luxury for most student tenants. Add other major appliances such as a dishwasher, microwave, or toaster oven, and your student tenants will be beyond excited to lease from you.
- Prime Location. Being in close proximity to their school, shopping, dining, and entertainment hot spots are going to make your Towson rental very appealing.
- Lots of room. Oftentimes student tenants bring with them all of their personal belongings when living away from home and attending college. And, if they are rooming with other students, they will need enough storage space in their room.
- Security. Increased security measures are something all tenants, especially young tenants with worried parents, want in a rental property. Ensure the safety of your student tenant, and watch their parents help them renew many leases with you.
How to Attract Student Tenants to Your Rental
In addition to the above-mentioned amenities, take a look at some other things student tenants are sure to want when looking to lease your rental property; things you can use to attract them to your property and use to convince them to sign a lease with you.
Flexible Lease Terms
Student tenants need to have flexible lease terms so they don’t feel locked in, trapped, or unable to get out of a lease term, should their life take an unexpected turn.
Being flexible in the length of lease terms you offer, while giving plenty of renewal notice time, will help ease the mind of a tenant who is unsure about their first years away from home, as well as help keep turnover rates low.
Here are some ideas:
- One-year lease
- Six-month lease
- Three-month lease
- Month-to-month lease
Sometimes a student tenant has very little by way of furniture and other necessities for a home when they move out of their parent’s house for the first time.
And, while this is usually okay while living in the dorms, it is not going to get your tenant very far if they live in your property with zero furniture, kitchenware, or linens.
If you hire a Baltimore County property management company to lease your rental property, you can rest assured that they will screen all tenants thoroughly, ensuring only the highest quality tenants will be placed in your property. With this in mind, you should feel confident that should you choose to rent out your income property with furnishings, that your tenants will take good care of all of it, and doing so may attract tenants willing to pay more for the convenience of renting a furnished home.
As mentioned earlier, many student tenants look to lease a property that has room enough for a roommate or two in order to keep costs down.
Allowing roommates into your rental property is not a bad idea, so long as you have a strict lease agreement in place outlining every last detail. Take a look at some important considerations:
- Make roommates joint and several liable
- Do not allow subleasing
- Screen every roommate, including replacement roommates
- Have every tenant sign the lease agreement
- Don’t divide the security deposit
- Insist on receiving one rent check each month
- Encourage your tenants to sign a roommate agreement amongst themselves
- Require renter’s insurance
- Assign a tenant representative to communicate with you about anything property related
Allowing roommates can be a difficult thing to do as a Baltimore County property owner.
However, with an experienced property management team in place helping you with tenant screening, security deposit collections, routine inspections, and rent collection, you are sure to have a monthly rent check in your bank account each month, as well as an intact rental property at the end of the lease term.
If you have a Towson rental property, and are looking to attract student tenants to lease your investment property, get in touch with Bay Management Group today and see how we can help.
With experience in all regions of Baltimore County, including the ones swirling with potential student tenants, we can make sure your rental property is safe and sound, regardless of who is residing there.
There is a lot to reap from leasing your Baltimore County rental to student tenants.
Let the best management property company around aid you in your efforts, and maximize your investment property’s potential by catering to a large and often untapped tenant pool.