With a record number of homebuyers/investors taking advantage of the incredible new opportunities to purchase rental properties, in return there are more property owners trying to attract new tenants during the upcoming New Year. Unfortunately, targeting the ideal tenants at the right time has always proven to be tough for many new investors and it’s certainly no different during the current soft market we are in.
With apartment rentals at extreme lows in many regions across the country, many rental property owners are worried about vacancies during 2010. However, rental apartments are not always a good indication of rentals across the board. In fact, many landlords have experienced much success targeting certain subsets of renters such as students. College enrollments are up all over the country and the market for affordable rental properties throughout the school year is big business for property owners. The vacancies within the rental market overall has created a homebuyer/renter ‘s market with so many options for sophisticated and or picky renters to choose from. There is no difference when it comes to students who, lately, have been opting for rental homes and other properties opposed to the traditional apartment and dorm properties.
The large number of students looking to rent properties throughout the year has created a great new opportunity for many landlords, although its still a matter of knowing how to target and attract students to your rental property. One thing to keep in mind is many students are looking for houses for rent opposed to apartments for the benefits that come with a home such as a backyard or ability to have pets. These are things that you will certainly want to highlight when trying to rent your property to potential student renters. With apartment vacancies at the highest they have been in years, it’s also important to remember that apartment rental prices will inevitably decrease. The value of your rental property in terms of student renters will ultimately be affected by this and you will want to keep that in mind.