Charge a Premium rent to let Tenants paint Walls
I am working on closing on a rental property in my old College town.
My partners and I have a plan to buy a townhouse, and then work on buy all the townhouses in this complex over the next 15 years.
We have plans on how to improve the area and make it more appealing to the students. It is in a good location across the road, is where the University begins.
We were brain storming on how to obtain and retain tenants. In our area, we deal with a lot of annual turnover because of the students.
The first and leading idea is to market to Graduate Students charge them a little below market rent. With the theory we can get them to sign 2 year leases, and they will take better care of our property than a group of undergraduates.
The second idea I came up with is to market to Art students.
Charge them a premium rent. Then allow them to paint designated walls in the living room.
They would also have to sign a 2 year lease.
With the possibility of getting a talented artist, and then leave their art up for the next tenant.
Thoughts?