International students in the U.S. continue to grow annually and this is creating a new opportunity for Essex 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. It is important to know the needs of this large renter demographic. International students have different needs compared to local renters. To know and address these needs could ensure your success.
Perhaps the most important thing to know about renting to international students is that they often search for accommodations before they arrive in the United States. To be able to rent to international students, that would mean providing more information about your rental online.
You should consider making a simple website with plenty of up-to-date photos of your rental property. Also, thinking about a way to accept applications online shall reward your efforts with a huge boost. To make sure that more people know about your property, list it on rental websites, and draw attention to what makes it ideal for international students.
International students generally would prefer if you rent your property at least partially furnished. When they arrive in the U.S., few international students would want a house filled with furniture. Furnishing your rental home with a few basics can create a much more appealing option for these renters. These should be simple but sturdy, leaving room for the students to add personal touches.
One way to attract international students to your rental property is to offer them short-term or month-to-month leases. The reason for this is that while some international students may be planning to stay for at least a year, maybe more, others might only be visiting for a semester at a time. Offering flexible leases is hitting two birds with one stone. Vacancies are filled and your tenant’s needs are met.
Once the applications start coming in, you’ll need a way to screen them. This process will be different from local renters since international students won’t have a Social Security number or U.S. driver’s license. One thing you can do is to request financial information, such as bank statements, and run their name through criminal databases in their home country.
Considering the many requirements international students need to fulfill just to study in the U.S., they are more likely to be serious when it comes to their studies and likely wouldn’t engage in destructive college student behaviors (throwing big parties, for example). Many property owners prefer to rent to international students instead of local students because they tend 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 looking to tap into a new rental market. But 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 Sterling. Our Essex property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 802-861-6468 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.
