Need Help Setting Rent Price

6 Replies

So I just missed the window to rent to the majority of local university renters, and have reduced rent to what looks to be a competitive price.

My 2 questions are:

What are you top tips and tricks to market to college students or young working professionals entering the market for a rental in a great location?

What top renovations or improvements should I target that won't break the bank (e.g. smart home, thermostat, stainless steel appliances, etc.)?

There are no "tricks..." If you want to be a successful real estate investor, you have to think like a business person.  The first step is to learn what the market rent and demand is for a property similar to yours in location and amenities; then look at the next price point and determine what makes that rent higher.  If it's location, it is what it is and no appliance will change that. I see a lot of investors over-improve for a market and they never recoup that expense. And, there is no lost window of time even for college students as that housing can be marketed in many different ways to keep cash flowing and your property occupied. Again, no tips and tricks...it's about knowing your market extremely well and applying that knowledge to get the highest ROI.

I'll disagree with Patricia on this specific case- when you're talking about college students, there is definitely a peak rental season (summer) and there are definitely tips and tricks. 99% of college students aren't going to start a school year without a rental locked up, so although you can definitely rent your unit any time of the year you should organize your lease periods around the school schedule if you are right next to a campus and a good candidate for off campus housing.

On tip: we list our units both as individual rooms and as whole houses- often an individual room renter will market the house to friends and fellow students and fill the remaining vacancies. We also maintain friendly relationships with our existing tenants, and occasionally ask them to post on facebook, their campus groups,  and generally reach out to their network to fill vacancies.

Best of luck!
 

Hey Rachel, definitely agreed wit her and implemented these recommendations. Thank you.

Originally posted by @Rachel Foster :

I want to rent my house to young professionals as well. Some tricks I am using are: use online payment software since they're tech-savvy and they want to do everything from their phones; Offer fitness services since they look for good amenities; Allow pets. Hope these can help you! 

 

Love the idea of listing individual rooms. Had not entertained that idea but will now. Each room has own key and lock so that could work.  I was aiming to stay on that student renter cycle at all costs but had a series of potential renters back out in a row with a rent price too high. Let me know if you have some time to entertain direct follow up questions.

On tip: we list our units both as individual rooms and as whole houses- often an individual room renter will market the house to friends and fellow students and fill the remaining vacancies. We also maintain friendly relationships with our existing tenants, and occasionally ask them to post on facebook, their campus groups,  and generally reach out to their network to fill vacancies.

Best of luck!