In the U.S., the number of international students continues to grow annually. This creates a new opportunity for Spokane Valley 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. The needs of international students are different from local renters. It is important to know these needs to arrive at a successful deal for this 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.
At the least, consider creating a simple website with plenty of up-to-date photos of your rental property. Plus, a way of accepting applications online would also be very helpful. To reach a wider audience, list your property on rental websites, and draw attention to what makes it ideal for international students.
International students would find it appealing 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. The furniture that you provide should be simple but sturdy, leaving room for the students to add personal touches.
A short-term or month-to-month lease on your rental property is an attractive option for international students. The reason for this is that 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. The ideal solution for this is offering flexible leases. This would fill your vacancies while meeting the 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.
A point to consider is that it takes a lot of effort, time, and money for international students just to enter and study in the U.S. Because of this, they are unlikely to 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 Spokane County. Our Spokane Valley property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 509-462-1042 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.