The five most important factors for students when choosing a rental property

If you are having trouble finding a tenant please keep reading. We reached out to some of the students who have used our service to search for rental properties and compiled the most important factors for them when they are choosing accommodation. 

Location

Location is very important for most post-secondary students. More often than not, they will look for accommodation that is close to the academic institution they are attending. However, some students will consider living at a location that is not close to their school if the public transport options are good and it will not take them too long to get to school.

Rent and Budget

The price of rent is very important to most students since they have a set budget when it comes to their annual expenses. We were not able to figure out exactly how much a student is willing to pay for rent on average, but if a student lists an amount of money, they are willing to spend on rent, pay attention to it.

Flexible Lease Terms

This one was an interesting factor. Most students prefer to have leases with flexible lease terms since some of them are only in the city for the academic year (fall and winter terms) and then head home for the spring and summer terms. Some of the students suggested having leases that are eight months long or at least giving them the option to sublet the property while they are away for spring and summer. Some students may be more willing to sign long-term agreements if they are allowed to sublet the property during the summer and are allowed to stay in the same place when they return to school for the fall and winter terms.

Financial Incentives

Financial incentives take many forms. They can include; first month rent-free or at a discount, lower rental rates for signing a longer-term lease, reduced security deposit, early payment discount etc. Nowadays some landlords are waiving or reducing costs on things such as utilities, cable and internet. Financial incentives can take many forms, but it’s up to you to do the math and figure out what works for you as a landlord.

Privacy

Some of our students typically end up in shared spaces when selecting accommodation simply because they are trying to save on expenses. For students living in shared spaces, privacy was an important factor. This comes in the form of having a private entrance to their living space e.g. a house with a private entrance to the basement and a private kitchen and having a private bathroom and shower when living with a roommate.

We understand that some of these factors may be new, possibly shocking, and in some cases out of your control, but we do recommend you read them and consider them. If you have a tenant in your current property, maybe take the time to discuss these factors with them and see if they agree.

If you have any other ideas, please comment below, contact us or comment on our social media.