Currently many property owners decide to rent their apartments for extra income at the end of each month. A good way to take advantage of it is to turn it into a student flat.

Student apartments are one of the best ways to make an apartment profitable, since there is a lot of demand and student accommodation. In this way if you want to continue renting your flat, you can also stop doing it

In this post we are going to indicate 8 tips you should keep in mind before renting your student apartment:

1. Internet is the best ad portal

If you want to rent your apartment for students, the best way to promote it is through the internet. Internet makes your apartment accessible to everyone, and although there is a lot of offer of flats for students, there is also a lot of demand.

At Lodgerin we facilitate the entire process of renting flats to students to make it as simple as possible and start with the rental as soon as possible. In addition, we are available to both students and owners for any questions that may arise, either during the stay or before or after it.

2. Adjust the price

Check the average rental price in the students flat area. So you will know what the price you should put on your floor is more or less.

Be objective when setting the price. Although surely the student apartment is emotionally linked to you, do not raise the price for that.

The best way to adjust the price is to compare with apartments in the same area and apartments for students with similar characteristics.

Keep in mind also the city in which it is since the rent in Madrid is not the same as the Rent in Barcelona or Valencia.

3. Make sure the floor is in condition

The flat must be delivered in the best possible conditions. Not only in terms of cleanliness, but also in terms of habitability.

By law the owner is not obliged to rent the student flat clean. But it is good for him that the student finds it in good condition and feels comfortable in his new accommodation.

This will undoubtedly improve not only the student experience, also the speed of renting your apartment.

4. Make improvements to your apartments

Making the flat evolve is a clear way to attract new students. Even the student who is currently staying will appreciate it.

Making improvements to your apartment not only benefits the student. If the conditions of the apartment improve, the value will also increase, and with it the rent, because you will be offering a higher quality product. Making good investments to a student apartment can increase the profitability of the rent.

It is very useful for students to make a decoration according to their style. This way it will attract more attention and you will not have to worry about looking for new students since you will have a high demand.

5. Rent by rooms and not the entire floor

Renting rooms to students is a better way to increase the benefits of your accommodation. According to some studies. 92% of students share a flat.

This strategy is very good, since for the student the rental price decreases and the sum of the rooms can be beneficial for the owner.

6. The contract

Many students prefer a contract that includes electricity, water and heating expenses. Thus they avoid surprises at the end of the month and have fixed expenses for this part.

It is very important that the contract is written clearly. The contract must reflect the monthly price, expenses included and the amount, deposit and under what conditions it is returned, duration of the contract and the property that the accommodation has when renting it.

Extra assessments may be introduced, although they are not mandatory. These assessments can be from rights and obligations of the student, rules of coexistence, specifications on the pet, etc.

7. The floor must be furnished

Keep in mind that when renting it to students, the flat must be fully furnished. The duration of your stay is relatively short.

It is not necessary to have complex furniture, due to its short stay. Having the most demanded is very good, such as: bed, desk, closet and kitchen utensils.

With those 4 demands and several more, your student apartment will be sufficiently furnished.

8. Take care of the students

Taking care of the students will make them recommend your accommodation to the next ones. You should keep in mind that students will stay for a relatively short stay. Therefore, generating a good reputation will mean that in the future there is no lack of demand for your apartment.

In addition, the relationship with them will be better, so there will be more chances of taking care of your apartment more than if you had a bad relationship.

In conclusion, before renting your students flat, you must consider a number of tips. Among those tips is the specifications of the contract, improve housing or adjust the price of the apartment for students. You should also keep in mind that there is more demand for room rentals than for the entire floor.