Are you a property owner renting mainly to college students? You probably haven’t realized exactly how lucrative an investment commercial rental property furniture can be for your renting ventures. College students are a unique crowd to rent to, and offering furnished spaces can ensure that you have a queue of kids lining up to rent your property! The following traits of college student renters make them uniquely tailored to furnished spaces.
Their Standards Tend To Be Modest
Young college students are typically just starting out living on their own. Their incomes usually aren’t great, as working part-time at a minimum wage job while you’re in school doesn’t pay much. College kids are just happy to be exploring their own personal space away from their childhood home! Their standards tend to be modest as a result. Most don’t care if they have high-end appliances or antique oak furniture in their rental.
If you have touches like Adirondack chairs and simple commercial patio furniture sets on a small outdoor patio? According to a Furniture Today survey, 90% of individuals who buy outdoor furniture have incomes between $30,000 and $100,000, way outside the range of the average college student. Simple commodities like this make your rental property an oasis in the eyes of a college student renter.
They Don’t Typically Own A Lot Of Furniture
Going back to college kids “just starting out” and having minimal income which we talked about in the previous section, students don’t own personally own a lot of furniture yet, and they often can’t afford to just drop hundreds or thousands of dollars on furnishing an apartment themselves. Moving and storing that furniture is another thing they can’t afford and don’t want to deal with. The result? A furnished rental is very appealing.
A worry of some landlords when furnishing their property is that some renters may request temporary storage for furniture in the property that they don’t want during their rental period. College student renters are much less likely to be finicky like this or replace furnished pieces with their own.
Their Rental Periods Are Typically Short
Students may rent for a semester, or two semesters, or anything generally less than the typical year rental contract. When rental periods are short, you’ll have many renters passing through in shorter amounts of time than the typical landlord would experience. Why is furnishing with commercial rental property furniture useful in this case? It’s sturdy and typically very easy to clean and get ready for the next tenants.
Their Parents, Guardians, Or Loans Often Foot The Bill
College students are more reliable renters than you would think. They often have family backing them as co-signers and supporters, and many have the option to use their student loans for important monthly living expenses. While a furnished apartment may need a slight rent hike to make up for the cost of furnishing, college students have means to deal with that. This is especially true if you rent out multiple private rooms in your property with common living spaces. College students don’t tend to mind this arrangement as they’re used to having roommates and it lowers the overall cost for them as renters.
If you’re still not sure whether it’s the right choice for your property’s needs, keep in mind that commercial rental property furniture comes in all shapes, sizes, and styles. If you plan out the basic needs of your rental space, you’ll surely find sturdy commercial furniture that makes it a standout for college renters.