The total count of international students studying in the U.S. continues to increase every year, developing into a new opportunity for Searcy rental property owners. If you own or would like to own rental property near one of the many universities that attract international students, you may be wondering how to go about renting to them. International students have several different needs than local renters do, which makes grasping well those needs a significant attribute to fruitfully renting to this pretty big renter demographic.
Maybe the most important thing to know with regards to renting to international students is that they often search for accommodations before they arrive in the United States. The more details you can share in connection with your rental online, the more effectively you can rent to international students.
At any rate, take into consideration creating a simple website with numerous up-to-date photos of your rental property. Likewise, finding an approach to accept applications online will provide your efforts and undertakings with a big boost. To widen your reach even farther, list your property on rental websites, and draw attention to what makes it ideal for international students.
One effective way to become inviting to international students is to rent your property at least partially furnished. Several international students don’t wish to invest in a house full of furniture already once they arrive in the U.S. Furnishing your rental home with a few basics can create a much more appealing option for these renters. The furniture you select should be simple but sturdy, leaving room for the students to add personal touches.
One other factor you can work on to allure international students to your rental property is to offer short-term or month-to-month leases. Know that various international students may be planning to stay for at least a year, maybe more, but others might only be visiting for a semester at a time. Offering more flexible leases can ensure that you keep your vacancies packed and your tenant’s needs realized as well.
Once the applications start coming in, you’ll need a way to screen them. This operation ought to be different from local renters because international students won’t have a Social Security number or U.S. driver’s license. One of the things you can do though is to request financial information, like bank statements, and run their name through criminal databases in their home country.
It’s crucial to pay attention to the fact that most international students have spent a long time and money on their chances to study in the U.S., and because of this are hardly likely to conduct any of the more destructive college student behaviors (throwing big parties, for example). Quite a lot of property owners prefer to rent to international students in contrast to local students given that they incline to be more responsible and conscientious renters.
There are over 1 million international students in the U.S., which presents ample opportunities for rental property owners seeking to tap into a new rental market. However, to do so, you will want to take steps to position your rental property accordingly.
If you’re looking for someone to take over the hard work of advertising, tenant screening, and more, consider speaking to Real Property Management Delta. Our Searcy property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 501-404-0674 and let us take the work off of your shoulders today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.