The number of international students studying in the U.S. has continued to increase annually, providing a new opportunity for Greenwood 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 separate needs and requirements than local renters do, and this makes comprehending those needs and requirements a key element for renting to this huge renter demographic.
Possibly the most important thing to know regarding renting to international students is that they often search for accommodations before they arrive in the United States. The more info you can give related to your rental online, the more favorably you can rent to international students.
At least think of creating a simple website with numerous up-to-date photos of your rental property. On top of that, implementing a strategy to apply online will give your hard work a big boost. To grow your reach even further, list your property on rental websites, and draw attention to what makes it ideal for international students.
One course of action to directly attract international students is to rent your property at least partially furnished. Several international students don’t want to rent a house full of furniture whenever they show up 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 may be simple but sturdy, leaving room for the students to add personal touches.
Another tip you can execute to draw international students to your rental property is to offer short-term or month-to-month leases. Although a few international students may be preparing to reside for at least a year, maybe more, others might only be visiting for a semester at a time. Giving more flexible leases can help you consistently keep your vacancies filled and inhabited and your tenant’s needs fulfilled.
Once the applications start coming in, you’ll need a way to screen them. This procedure will have to be different from local renters considering international students won’t have a Social Security number or U.S. driver’s license. Some things you can do is to request financial information, like bank statements, and run their name through criminal databases in their home country.
It’s essential to consider that most international students have consumed a lot of time and money on their opportunity to study in the U.S., and because of this they are hardly likely to take part in any of the more destructive college student behaviors (throwing big parties, for example). Numerous property owners prefer to rent to international students rather than local students since they are inclined 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 searching to tap into a new rental market. Though to do so, you will need 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 Indianapolis Edge. Our Greenwood property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 317-420-8500 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.