The student housing market is unique for many reasons, but one stands out in particular: turnover. Instead of planting their roots, college students tend to hop from place to place, leaving behind their landlords with vacant units and broken hearts. We at Rent College Pads understood this predicament and decided to probe for answers to the age-old question: what makes students want to dust off their pens, call up their landlords and ask to be legally bound to them for another whole year?
We sent out a survey and waited patiently as the responses flew in. From a pool of twenty options, here are the five most important factors students consider when deciding whether or not to renew their current lease:
1. Laundry On-Site
According to our survey, over 82 percent of students—more than any other factor—said they take into account whether or not their place has on-site laundry options when deciding if they want to renew their lease.
Lugging mountains of clothes to your parents’ house on the weekends isn’t always convenient, and spending hours at a laundromat can be time-consuming and expensive. If you’re a landlord, investing in a few washers and dryers could make a huge difference in your tenants’ overall happiness and your pre-lease percentage, saving you time and money in the long run.
2. Proximity To Campus
This one seems obvious, but it’s important nonethleless—especially for those of us without the luxury of four wheels and a parking spot. A whopping 80 percent of students said proximity to campus is a major determinant when deciding whether or not to renew, and we can understand why.
When your schedule is chock-full of lectures and studying, the extra minutes saved from the lack of a morning commute could mean more time for good grades, socializing, and even a few much-needed naps. Being able to roll out of bed and walk to class in ten minutes flat can be a real asset for students, and investing in places like these can be an even bigger asset for landlords.
3. Pros Of The Living Space
Whether it’s the addition of conveniences like a dishwasher or some interior updates, nearly 80 percent of students appreciate the advantages their living spaces provide. When you’re busy pulling all-nighters and darting from class to class, comfort and convenience don’t go unnoticed. According to students, when landlords invest the time and energy into updating their properties, they are more likely to stay.
4. Relationship With Landlords
Not so surprisingly, a student’s relationship with their current landlord plays a crucial role in the decision remain at their current place. To be more specific, almost 70 percent of students said they factor in this relationship when thinking about renewing their current lease. Whether it’s making yourself available for questions or getting to know your tenants on a personal level, providing that extra level of customer service can be the thing that keeps residents from jumping ship.
5. Parking Availability
Much like on-site laundry or proximity to campus, the availability—and affordability—of parking is a huge advantage when renting a place near campus. Many students choose to bring vehicles with them to school for the added benefit of not having to deal with missing the bus or have friends driving to campus to visit on the weekends.
Whether it’s the use of a driveway, a secure parking lot, or a cushy heated garage, having a place for tenants to store their wheels could save students hundreds of dollars in parking tickets. More importantly, it could save landlords the stress of losing their tenants.