The overall number of international students studying in the U.S. continues to rise year after year, bringing about a new opportunity for Hoffman Estates 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 different needs and wants than local renters do, which makes knowing these needs a crucial part of efficiently renting to this renter demographic.
Quite possibly the most important thing to know related to renting to international students is that they often search for accommodations before they arrive in the United States. The more details you can present regarding your rental online, the more advantageously you can rent to international students.
In any case, think about creating a simple website with various up-to-date photos of your rental property. In a like manner, employing a way to easily accept applications online will indeed give your effort a big boost. To stretch your reach even farther, list your property on rental websites, and draw attention to what makes it ideal for international students.
One strategy to gain the interest of international students is to rent your property at least partially furnished. Most international students may not like to rent 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 must be simple but sturdy, leaving room for the students to add personal touches.
One other way you can enact to captivate international students to your rental property is to offer short-term or month-to-month leases. Even though most international students will be planning to stay for at least a year, maybe more, others might only be visiting for a semester at a time. Extending more flexible leases can help ensure to keep your vacancies filled and your tenant’s needs met as well.
Once the applications start coming in, you’ll need a way to screen them. This manner would have 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. One of the things you can do though is to request financial information, particularly bank statements, and run their name through criminal databases in their home country.
It’s critical to be aware that most international students have spent most of their time and money on their opportunity to study in the U.S., and because of this have far less tendency to carry out some of the more destructive college student behaviors (throwing big parties, for example). A lot of property owners prefer to rent to international students rather than local students for the reason that they are apt 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 searching to tap into a new rental market. But as it happens, 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 Northwest Chicago Suburbs. Our Hoffman Estates property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 847-892-4040 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.
