People often ask about how long leases are for students. There is a misconception that you can only rent places out for the school term, from September to April and that they sit idle for the summer. Unfortunately, the mortgage payments, utilities, property management and other associated costs don't stop for the summer.
We rent all our houses out from May 1st to April 30th for a full 12 months and there are a few tricks to achieve this. Your rental ad should be placed at the start of December if you are looking to get your house filled for May 1st.
Students will first look at properties closest to the college, and then work from that parameter. The houses in closest proximity and in best condition will rent first.
If your house isn't fully rented by the end of December, continue to advertise into January until it's filled.
Tips to achieve year-round rental:
• Buy a house in a desirable location for students
• Make sure property is above average compared to other student rentals in the area
• Find out where the best place is to advertise and then write great ads - Kijiji/ Off campus housing etc.
• Ensure ads are kept refreshed and consider paying for top result status if necessary
• Organize all showings at the same time to create competition and a sense of demand
• Ensure showings are re-confirmed and all necessary directions are provided (sometimes students forget and need to be reminded)
So if you still have some rooms empty for May 1st, now's a good time to ramp up your marketing and get them rented for 12 months.
For more information, check out www.studentrentalinvesting.com
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Tim Collins from Student Rental Investing outlines how investors can secure long-term leases from students.