How and When Do I Find the Best Student Tenants?
Students at Western University or Fanshawe College in London, Ontario are primarily on 12 month leases that either begins in May (Western University) or September (Fanshawe College). There is some overlap, and there are such things at 4 or 8 month leases, but usually it’s 12 months and these leases are joint leases if living with others or single leases if living by themselves. The real question for current student landlords in London is how and when is one supposed to find the best tenants?
The “when to find the best student tenants” is complex. The golden rule here is that you must respect the rights of your current tenants. If you are a good landlord, and your tenants are happy with your product and your service, and have more years of education in front of them, then they will not want to leave from their current accommodation. The golden rule is you must ask your tenants (very early) whether or not they are leaning towards staying or leaving beyond their lease. If you have a good relationship with your tenants, they will understand and respect you for coming to them first and specifically asking about everyone’s needs, wants and if they want to stay on with their accommodation. In London, this conversation is beginning informally sooner and sooner every year. We suggest that researching out to the students at the beginning of December is a very good idea. This may be an email, a knock at the door, and maybe delivering a gift certificate to all of the tenants as well. At this point, they won’t have an exact answer for you (and that’s usually not what a Landlord wants, they usually want to feel out the tenants). At that point, when they go back home to speak with their parents and friends, they usually come back (and school is much less busy) and are ready to give you an answer. If everything goes to plan, everyone will either sign on or let’s say 3/5 want to stay on but they are willing to sign and bring on two more students that are friends to fill up the house for the next year of leasing. Obviously, if the tenants want to leave and give you the notice that they will be leaving, and allow you to show the house because of that good relationship that you have with them, then you start advertising in December and start showing/advertising in January until it is rented.
How to find the best students to rent out your property in London Ontario? That’s simple. As stated earlier, your current tenants are your best resource in regards to keeping your property fully rented for the next academic year. A property owner who is experienced understands that by late December, or early January advertisements and showings are a must around Fanshawe College and Western University. The best way to find brand new tenants (singles or groups) is by hiring a professional to do the job. There are several rental and management companies in London (Exclusive, Horizon, JDN, Paige, EZStudentRentals, etc.) and most Landlords in the city have hired several of these companies to rent out their properties. Our business is focused on finding responsive Landlords, with a quality product, that give us the tools to rent out (and manage) their properties. We hand pick the Landlords that we work with and do not take on any and all properties. Every year, 100% of our Landlords continue to use our service with renting out their rental unit, which is a testament to our hard work and effort making a small group of Landlords in London rent to the best quality students, at top of the market rent rates, with the lease amount of headaches and bounced cheques.
Students at Western University or Fanshawe College in London, Ontario are primarily on 12 month leases that either begins in May (Western University) or September (Fanshawe College). There is some overlap, and there are such things at 4 or 8 month leases, but usually it’s 12 months and these leases are joint leases if living with others or single leases if living by themselves. The real question for current student landlords in London is how and when is one supposed to find the best tenants?
The “when to find the best student tenants” is complex. The golden rule here is that you must respect the rights of your current tenants. If you are a good landlord, and your tenants are happy with your product and your service, and have more years of education in front of them, then they will not want to leave from their current accommodation. The golden rule is you must ask your tenants (very early) whether or not they are leaning towards staying or leaving beyond their lease. If you have a good relationship with your tenants, they will understand and respect you for coming to them first and specifically asking about everyone’s needs, wants and if they want to stay on with their accommodation. In London, this conversation is beginning informally sooner and sooner every year. We suggest that researching out to the students at the beginning of December is a very good idea. This may be an email, a knock at the door, and maybe delivering a gift certificate to all of the tenants as well. At this point, they won’t have an exact answer for you (and that’s usually not what a Landlord wants, they usually want to feel out the tenants). At that point, when they go back home to speak with their parents and friends, they usually come back (and school is much less busy) and are ready to give you an answer. If everything goes to plan, everyone will either sign on or let’s say 3/5 want to stay on but they are willing to sign and bring on two more students that are friends to fill up the house for the next year of leasing. Obviously, if the tenants want to leave and give you the notice that they will be leaving, and allow you to show the house because of that good relationship that you have with them, then you start advertising in December and start showing/advertising in January until it is rented.
How to find the best students to rent out your property in London Ontario? That’s simple. As stated earlier, your current tenants are your best resource in regards to keeping your property fully rented for the next academic year. A property owner who is experienced understands that by late December, or early January advertisements and showings are a must around Fanshawe College and Western University. The best way to find brand new tenants (singles or groups) is by hiring a professional to do the job. There are several rental and management companies in London (Exclusive, Horizon, JDN, Paige, EZStudentRentals, etc.) and most Landlords in the city have hired several of these companies to rent out their properties. Our business is focused on finding responsive Landlords, with a quality product, that give us the tools to rent out (and manage) their properties. We hand pick the Landlords that we work with and do not take on any and all properties. Every year, 100% of our Landlords continue to use our service with renting out their rental unit, which is a testament to our hard work and effort making a small group of Landlords in London rent to the best quality students, at top of the market rent rates, with the lease amount of headaches and bounced cheques.
