Your Guide To Renting Out Your Condo To Students
by on October 10, 2018 | Categories: Renting
Renting out your condo to students is a good strategy to maintain a steady stream of income. Students’ accommodation needs are provided for by their parents or guardians and you can lock in lease contracts for the duration of their schooling, or at least for a semester. With several lessees, your DMCI condo will not be left unoccupied at any given time.
DMCI condo communities are strategically located near schools and transport networks. You have a huge market of among college students moving from provinces and other countries. Foreign students, especially Koreans, prefer condo living over any other type of accommodation for safety and comfort.
Here are 10 things you should know about renting out to students.
Prioritize safety and security
Remember that you’re marketing your property to both students and their parents. You need to know their priorities and preferences. Parents are ready to pay a premium to ensure their kids are safe and secure. Highlight the 24-hour security, CCTV in common areas, and fire alarm system in the community. You can also inform them about the reliable water supply system and the standby power generator.
Make sure the fire alarm and sprinkler system in the unit is working. Each door, including those indoors, must be secure with quality locks. If you’re renting the rooms to several occupants, each assigned storage area must be secure with locks.
Privacy is everything
When planning a boarding house room design, keep in mind two things: privacy and harmonious living. You can have bunk beds in each room with a designated cabinet or dresser for each student. It’s important to have ample storage space for their essentials.
Go for light colors that can open up space in the room. A citric palette can have a positive impact on one’s moods.
Have a functional kitchen
Boarding houses aim to provide for everything a busy student needs. You should have a functional kitchen, a comfortable lounge area, and a study space.
Take note of these kitchen must-haves: induction cooktop, rice cooker, microwave oven, coffee maker, refrigerator, and water heater. You may allow them to bring their own appliances, just set rules on the types and quantity of electronics they bring into the condo.
Create a cozy lounge area
Students rarely watch the TV anymore. Mostly log into Netflix or Amazon Prime via their electronic gadgets. Instead of an entertainment system (TV, DVD player, speakers, the works), you can set up a lounge area. You can place a low coffee table on top of a carpet and surrounded by large pillows or cushions. You may add fun bean bags. Install shelves for a selection of good books. It’s important to create an environment that stimulates focus, creativity, and relaxation.
A reliable broadband internet connection is a must in a boarding house. Choose only the best package for your student-lessees.
Prep a comfy study area
DMCI condo communities feature lifestyle amenities that can help one focus and have a boost of creativity. Students can read books at the Sky Lounge, the cabana or the roof deck. But aside from these, your condo unit should provide for a conducive area for studying.
You can divide the living room between a lounge area and a study space. For the latter, you may set up long tables, chairs with backrest, and a soft cushion, books stands and outlets for desk lamps and electronics. Install space-saving wall shelves for the students’ books and school supplies.
Set rules on the use of common areas and appliances
The boarding house rental agreement shall provide for the rules and regulations that will ensure peaceful relations between you and student-lessees and among themselves. The agreement must provide guidelines in the common areas, appliances, and other amenities. Indicate prohibited items such as flammables and deadly weapons.
It can also help to put up safety reminders near the appliances such as using only microwavable containers in heating food. Install enough sockets, but restrict the electronics used at any given time to avoid any fire risk.
Indicate house rules on guests
College is a stressful time. It’s important for students to relax and unwind. DMCI condo communities have well-maintained fitness gyms, jogging paths, play courts, pools, and other amenities that can help reduce stress.
Your student-lessees may want to bring friends into the condo. It’s necessary to set boarding house rules and regulations regarding indoor activities. How many guests are allowed at any given time? Are sleepovers allowed? Will you allow small-group get-togethers? For large events, your lessees may reserve the Function Hall.
Indicate the guidelines and corresponding penalties for violations.
Maintain a peaceful environment inside the condo
When drafting student boarding house rules, you should consider possible triggers for problems among lessees. College students, though adults, may need supervision. You can ensure peace and harmony inside the condo home without being a nosy Big Brother by setting clear rules.
Fighting, bullying, harassing, and other similar acts must be strictly prohibited and may be ground for contract pre-termination. A pet may be an inconvenience to other lessees. It’s better to restrict animals from the premises. Prepare to mediate in the event of conflicts.
Incorporate condo community policies into the lease contract
As a condo owner, you’re responsible for the acts of your lessees. Make sure the lease contract incorporate rules and regulations imposed in the condo community. Explicitly state rules in using common areas, proper garbage disposal, keeping indoor noise at the minimum, etc. You may indicate violations of condo policies as grounds for pre-termination of the lease contract and payment of damages.
Offer a complete boarding house experience
DMCI condo communities feature a laundry shop and a convenience store. The residential areas are also near commercial hubs so students can easily grab a bite after a long day in school.
You can create additional income by providing for food, laundry, and cleaning services for your student-lessees. They can’t eat pizzas and burgers every day. Maybe offer hot meals on weekdays and let them dine out on weekends? You may hire a helper to assist you to provide these household services. This “complete boarding house experience” allows the students to focus on their studies, and for you to maximize your earning opportunities. Hitting two birds with one stone, right?
Lease out your condo to college students for a steady stream of income. When marketing your condo unit to the students and their parents, highlight the features of DMCI condos including the 24-security and recreational amenities. Create a living space conducive to college students – it must be cozy and fun while keeping the right amount of privacy. Remember to incorporate condo policies into the boarding house rules and regulations. Ultimately, your lessees are your responsibility. Finally, explore other ways on how to help out your student-lessees such as offering cooking and laundry services. These can enable them to focus more on their studies and for you to earn extra.