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. The most logical thing to do to increase your chances of renting to international students is to provide more information about your rental online.
Consider creating a simple website, complete with many up-to-date photos of your rental property. Plus, a way of accepting applications online would also be very helpful. To widen your reach, list your property on rental websites, and draw attention to what makes it ideal for international students.
International students generally would prefer if you rent your property at least partially furnished. Few international students would want a house fully furnished 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. You should choose furniture that is simple but sturdy, leaving room for the students to add personal touches.
One way to attract international students to your rental property is to offer them short-term or month-to-month leases. While some international students may be planning to stay for at least a year, maybe more, others might only be visiting for a semester at a time. With flexible leases, the situation is a win-win. Your vacancies are filled 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. A few things you can do is to request financial information, such as bank statements, and run their name through criminal databases in their home country.
It is an important point to consider that since international students have spent a lot of time and money just to be able to study in the U.S., it is most unlikely that they engage in destructive college student behaviors (throwing big parties, for example). 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 Longhorn. Our Georgetown property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 512-580-3099 and let us take the work off of your shoulders today.
