The total number of international students studying in the U.S. goes on to multiply yearly, producing a new opportunity for Winston-Salem 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 wants and needs than local renters do, which makes perceiving those wants and needs a critical part of profitably renting to this big renter demographic.
Probably the most important thing to know concerning renting to international students is that they often search for accommodations before they arrive in the United States. The more facts and details you can display about your rental online, the better you can rent to international students.
At the very least, think about creating a simple website with a lot of up-to-date photos of your rental property. On top of that, finding a means to receive applications online will grant your efforts a big boost. To increase your reach even farther, list your property on rental websites, and draw attention to what makes it ideal for international students.
One measure to become attractive to international students is to rent your property at least partially furnished. A number of international students don’t need to have a house full of furniture as soon as they turn up 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 prefer could be simple but sturdy, leaving room for the students to add personal touches.
An additional detail you can carry out to entice international students to your rental property is to give short-term or month-to-month leases. Even though several international students could be arranging to stay for at least a year, maybe more, others might only be visiting for a semester at a time. Giving more flexible leases can ensure that you always keep your vacancies tenanted and your tenant’s needs addressed, as well.
Once the applications start coming in, you’ll need a way to screen them. This method needs to be different from local renters given that international students won’t have a Social Security number or U.S. driver’s license. Several things you can implement are to request financial information, for example, bank statements, and run their name through criminal databases in their home country.
It’s vital to keep in mind that most international students have exhausted their time and money on their opportunity to study in the U.S., and because of this are far less likely to participate in a lot of the more destructive college student behaviors (throwing big parties, for example). Several property owners prefer to rent to international students rather than local students because they are disposed 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 who are looking to tap into a new rental market. Although to do so, you will have to take steps to position your rental property accordingly.
While doing research on every potential income property is a lot of work, Real Property Management of the Triad can help lighten your load. We offer free rental property analyses for investors, which can help you more easily identify whether the income property you want to buy is a profitable option. Contact us online or call us at 336-355-6677 or 336-777-7444 to learn more!
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.