Teenagers enter a college in order to discover a new world, interact with people coming from multiple backgrounds and fulfil their dreams of making a successful and viable career when they leave college. These devoted students work diligently day and night to complete their assignments and prepare for their quizzes in order to get a good GPA. However, sometimes those students who are away from their respective homes find it hard to compete with others because of not having an ideal place to live!
Available housing doesn’t match the needs of students
The notion of houses for rent for college students has become a very lucrative business these days and some investors see the potential of doing some investment near a college or university to accommodate students. However, student housing does always match the needs of the students looking to live on rent. A study done by The Scion Group LLC, notes that: “many schools have reported that residential learning communities have been effective at increasing students’ engagement and retention.”
The basic facilities such as availability of hot water, spacious and airy rooms, good internet connection and an effective heating and cooling system in winters and summers respectively are often not available in apartments for students and other college housing. Although, universities and colleges try their best to accommodate students in university off campus and on campus housing, this is not always efficient because the number of students coming from other cities and even countries continue to proliferate. Therefore, there is a growing need for private accommodations. Sadly, though, the available state college student housing and exclusive student housing have their own drawbacks.
Who is qualified to provide housing for college students?
The question that comes into mind is that where are the astute investors who are not tapping into the market? It seems that people that have little connection to the college experience or lacks relevant experience are the only ones in the business of constructing houses for rent for college students? Who is best qualified to adequately provide housing for college students may lie with those investors that are able handle the disadvantages of housing students versus those that just see the upside. Nationwide real estate solutions company CTHomes LLC states that the major disadvantages to providing adequate housing to students includes everything from an alarming increase in student loan defaults to college students not being able to pay rent due to not being employed. The majority of the so called ‘astute investors’ contemplate on investing in a venture or business idea that makes them rich quick. Nonetheless, they fail to recognize the potential if they stay in tune to college students needs as well as focus their attention on the disadvantages of constructing affordable housing for college students. Consequently, such investors often struggle to reap large profits because they make a wrong decision of not entering the business of renting out houses and apartments without weighing out the pros and cons.
Advice for investors and companies looking to provide student housing!
Let us now give our investors some piece of advice. Firstly, it is highly recommended to enter into the business of constructing apartments and housing for college students and then inducing students to become tenants. The following steps – if followed – can allow both landlords and investors to conduct business in the most effective way:
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College student housing and college student apartments should be provided at affordable rates because students coming to study in a college do not have enough in their pockets. Hence, they would always look to find a house that provides them with the maximum facilities at the lowest rates.
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While thinking of houses for rent for college students, always equip the houses with the basic requirements such as airy and spacious rooms, laundry, kitchen, hot water, an effective cooling and heating system and if possible access to transportation from house to college.
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Provide a secured environment in rental homes and other types of housing for college students so that the parents feel secure while sending their respective children to a rented house.
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The thing majority of the students hate is boredom and a monotonous routine. In order to make the students enjoy the time they spend at their college housing and their student apartments, provide them with some amenities like a good gym, tennis or basketball court and if possible a swimming pool. You can charge them extra for the additional facilities you are going to provide, but do give them the option so that the students can choose whatever they like in their free time.
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Always think of giving incentives to those students who could be used to further scale the business of rentals for college students. These incentives could include offering them discounts or a referral fee if they help spread the word and convince students at their respective colleges to live in a rented house. This strategy can bring great returns for the landlord as word of mouth marketing is in fact the best type of marketing to scale any business.
To conclude, one must say that quality houses for rent for college students should be present in large numbers near a college or university so that the students do not find it hard to find a place where they can live and study towards becoming professionals in the future.
