The overall figure of international students studying in the U.S. consistently goes up year by year, creating a new opportunity for Plano 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 or even wants than local renters do, which certainly makes figuring out those needs and wants an important element of productively renting to this rather large renter demographic.
Probably 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. The more detailed information you can provide concerning your rental online, the more successfully you can rent to international students.
At the very least, look into creating a simple website with a lot of up-to-date photos of your rental property. Similarly, applying a simple way to receive applications online will give your hard work a big boost. To broaden your reach even farther, list your property on rental websites, and draw attention to what makes it ideal for international students.
One other way to directly attract international students is to rent your property at least partially furnished. Only some international students want to have a house full of furniture when 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 choose can be simple but sturdy, leaving room for the students to add personal touches.
One other effective way you can attract international students to your rental property is to offer short-term or month-to-month leases. Despite that most international students would be planning to settle for at least a year, maybe more, others might only be visiting for a semester at a time. Offering more flexible leases can help make sure that you always have your vacancies leased and your tenant’s needs complied with.
Once the applications start coming in, you’ll need a way to screen them. This process is going to be different from local renters given the fact that international students won’t have a Social Security number or U.S. driver’s license. A few of the things you can carry out are to request financial information, like for example bank statements, and run their name through criminal databases in their home country.
It’s significant to bear in mind that most international students have spent plenty of time and money on their opportunity to study in the U.S., and because of this are far less inclined to deal with many of the more destructive college student behaviors (throwing big parties, for example). Most property owners prefer to rent to international students as against 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 on the lookout to tap into a new rental market. But to do so, you will be required 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 Focus. Our Plano property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 469-820-0088 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.
