As international student arrivals in the U.S. grow each year, this creates new opportunities for Miami 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. To successfully rent to this large renter demographic, it is essential to fully understand the needs of international students because their needs are different from local renters.
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. When more information about your rental is made available online, your chances of renting to international students increases drastically.
Consider creating a simple website, complete with many up-to-date photos of your rental property. If you figure out a way to accept applications online, this could dramatically help in your efforts. To get more mileage, list your property on rental websites and draw attention to what makes it ideal for international students.
It would be inviting for international students if you rent your property at least partially furnished. Not many international students want a house full of furniture 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. These should be simple but sturdy, leaving room for the students to add personal touches.
It would be an advantage if you can offer short-term or month-to-month leases when it comes to your rental property for international students. This is because 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. Offering flexible leases is hitting two birds with one stone. Vacancies are filled and your tenant’s needs are met.
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. One thing you can do is to request financial information, such as bank statements, and run their name through criminal databases in their home country.
Destructive college student behaviors (throwing big parties, for example) are uncommon for international students since they are more likely to be very diligent in their studies considering they have spent a lot of time, money, and effort just to get into a university in the U.S. 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 Dade. Our Miami property managers are experts in the industry and can make owning rental properties a hassle-free experience. Contact us online or call us at 305-501-1511 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.