International students in the U.S. continue to grow annually and this is creating a new opportunity for Greenwich 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. Since international students have different needs than local renters, one should find out what these unique needs are to be able to successfully rent to this large renter demographic.
Perhaps the most important thing to know about renting to international students is that they often search for accommodations before they arrive in the United States. This means that more information given about your rental online would give you a bigger chance to rent to international students.
It would be very useful to create a simple website with plenty of up-to-date photos of your rental property. If you figure out a way to accept applications online, this could dramatically help in your efforts. What’s more, you can expand your reach if you list your property on rental websites and draw attention to what makes it ideal for international students.
It would be inviting for international students if you rent your property at least partially furnished. Not many international students would want to arrive in the U.S. to a house already filled with furniture. Furnishing your rental home with a few basics can create a much more appealing option for these renters. Choose furniture that is simple but sturdy, leaving room for the students to add personal touches.
If you can offer short-term or month-to-month leases for your rental property, it would be even more attractive to international students. International students may have different plans, some may be planning to stay for at least a year, maybe more, and others might only be visiting for a semester at a time. Flexible leases allow you to fill your vacancies while meeting your tenant’s needs.
Once the applications start coming in, you’ll need a way to screen them. This process will be different from local renters since international students won’t have a Social Security number or U.S. driver’s license. One thing you can do is to request financial information, such as bank statements, and run their name through criminal databases in their home country.
Destructive college student behaviors (throwing big parties, for example) are uncommon for international students since they are more likely to be very diligent in their studies considering they have spent a lot of time, money, and effort just to get into a university in the U.S. Many property owners prefer to rent to international students instead of local students because they tend 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 Southern Connecticut. Our Greenwich property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 203-821-7303 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.