Conceivably the most important thing to know relating to renting to international students is that they often search for accommodations before they arrive in the United States. The more extensive information you can show concerning your rental online, the more effectively you can rent to international students.
At the very minimum, create a simple website with plenty of up-to-date photos of your rental property. Also, implementing an easy process to accepting applications online will indeed give your efforts and initiatives a big boost. To broaden and extend your reach even farther, list your property on rental websites, and draw attention to what makes it ideal for international students.
One method to purposely captivate international students is to rent your property at least partially furnished. Some international students don’t want to acquire a house full of furniture when they get into the U.S. Furnishing your rental home with a few basics can create a much more appealing option for these renters. The furniture you decide can be simple but sturdy, leaving room for the students to add personal touches.
Another simple yet effective thing you can do to invite international students to your rental property is to give short-term or month-to-month leases. Even though many international students may 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 you keep your vacancies rented and your tenant’s needs truly met.
Once the applications start coming in, you’ll need a way to screen them. This practice would be different from local renters for the reason that international students won’t have a Social Security number or U.S. driver’s license. One thing you can bring about is to request financial information, such as bank statements, and run their name through criminal databases in their home country.
It’s necessary to remember also that most international students have spent a long period and a lot of money on their chance to study in the U.S., and because of this is far less liable to go into plenty of the more destructive college student behaviors (throwing big parties, for example). Countless property owners prefer to rent to international students compared to local students for the reason that they are expected 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 looking to tap into a new rental market. But 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 Cairn. Our Nelson County property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 434-215-3028 and let us take the work off of your shoulders today.