An apartment should be a home; a place where you can escape the world. It should be a place of safety and comfort. Many student living apartments provide an experience that is wonderful, others not so much.

What makes the difference. I would say it is what the apartment owners do to make it feel like home, and to show you that you matter. There are many ways this could be done, but here are a couple of my thoughts from my experience.

Updates/Improvements

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No apartment is perfect. Everyone should understand that. Most students are also okay with the fact that their apartments are not going to be the nicest or fanciest out there. That doesn’t stop students from wanting a nice, clean place to live.

A good tenant will look for ways to update or improve their apartments, whether it is replacing furniture, renovating the apartment, getting wifi for apartment, or simply adding homey elements like lamps and coffee tables.

This shows that the apartment owners care about your experience. Apartments that are willing to do this for their tenants usually can be trusted to go the extra mile and treat you right

Maintenance

Does your apartment take 700 business days to respond to the request to fix your sink? The fulfillment of maintenance requests is seemingly one of the biggest complaints I have ever seen from apartment tenants.

It makes sense. No one asked for a brand-new, five-star place to live in. We pay rent to stay in an apartment, and if something breaks it should get promptly fixed.

When I was living in student apartments I never waited longer than a few days to have something fixed or replaced. It made me feel cared for, and I knew that the management was going to do their best to take care of their tenants. It felt very much like home.

Tenant Appreciation

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Some apartments will do little things to show that they appreciate you living there. Sometimes they through parties, do raffles, or host a movie night.

Not many apartments do things like that. Nor would you go into an apartment expecting them to. The fact is you pay rent and they provide a place for you to live. That is all that is required, but for an apartment complex to go above and beyond like that really makes them more appealing to students.

Free Stuff

The average college student had no money. Everyone is poor and just trying to get by. One of the best things an apartment can do is offer things to you for free. The word free will get a student’s attention faster that just about anything.

Laundry is a perfect example. First of all, the thought of paying for the privilege of wearing clean clothes is a little ridiculous. I understand that utilities are being used but still, come on. The best apartments offer free services like laundry, or if you have the best of apartments, parking. Some places “calculate it into the cost” of rent, and some don’t charge at all. A huge thing to consider when looking for housing.

Amenities

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Amenities are king. Grills, pools, lounges, weight rooms, study rooms, and theater rooms are all examples of great amenities.

Amenities are just nice. They show that the apartment was willing to spare no expense in making the living experience a great one. They are also convenient because you don’t have to leave the apartment to workout, soak in the hot tub, or host a party or game night.

I was recently impressed to see something I consider to put apartments in the top tier. Not only do they provide amenities, but also put in effort to ensure they are up to par.

American Avenue Apartments in Rexburg, Idaho did some updates to their lounge areas, improving the student experience. Think about it, they provided a common area that they weren’t required to, and not only maintained it, but updated it to make for an even better living experience. Hats off to them.

Conclusion

Apartments are a big deal. They will be the pace you call home through the formative and challenging years of school, and likely for a while after. Find a good one, an apartment that cares about you and your experience. Just because you are a student, doesn’t mean you have to settle.

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1. Need for Housing

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Pro

Literally everyone wants to have a place to live. A roof over your head is something just about everyone would list as a top priority in life. Yet homeownership in America is below 64%. So close to a third of the population still needs a place to live, and where do they find that place? A rental.

The need for housing will never go away. Some areas might get overcrowded, but there is always a need somewhere for more available living quarters. A huge bonus would be if you lived in or near a college town. Students are always looking for a good deal on housing, so if you are nearby to campus, you’re in business. For instance, if you were near Knoxville it could be worth consulting with West Knoxville real estate experts and looking for property nearby to invest in. There are around 8 colleges in the area, so no shortage of students looking for accommodation! You would need to check local university and college websites to see if they require anything specific from students or landlords.

Con

While just about every industry is hurt by a dip in the economy, people will still need a place to live. That isn’t to say that property investment is immune, there have been several real-estate market issues over the past 20 years. So do your due in knowing market trends before jumping in, perhaps consider consulting a real estate expert!

2. Control

Pro

Is anyone ever really in control? There are so many factors outside our control. As a property owner, you can take control of a number of things. You get to control things like rent, whether you provide any utilities or furniture, and who your renters are. This gives you a feeling of comfort and control that buying other investments can’t provide. Unless you own a large portion of stocks, your opinion is not going to matter to a company.

Con

While you are in control, that puts a lot of responsibility on your shoulders. You have to ensure that the apartment is a decent place to live, or it won’t be filled. You have to be responsible for repairs, insurance, and other fees. Owning a rental property comes with a number of costs, and you need to be prepared for that. Thankfully the experts at residential lettings doncaster can help you out if you are having difficulty getting started in the rental business.

3. Cost of Rent

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Pro

Like warm air, rent rises. Well, it usually does. That is a definite pro for property owners, as they can make more money off their investment. Raising the price of your rent will allow you to potentially see an increase in your cash flow, which is the whole point of investing, right? Seems like a win for the owner, although as a renter I can verify that increasing rent is not cool.

Con

Usually, when rent goes up there is a reason for that. It may be a higher cost on your lot fee or another unexpected fee. That seems logical, you get hit with a higher fee, so you raise the rent to compensate. The problem is that you aren’t actually making any more money. A very rudimentary example would be if you charging $900 a month for rent and your average monthly costs are $500, you are making $400 a month. If one month your costs go up to $600, you may raise your rent to $1000 monthly, but as you can see by doing simple math, the profit is still $400.

Note: These numbers are just figures and I am not claiming in any way they are realistic. There are a lot of costs and fees that go into owning property and this does not reflect those, these numbers are simply being used to prove a point.

4. Save Costs

Pro

As a property owner, you have the ability to cut some significant costs. If you are handy, you can do necessary repairs and avoid having to hire someone to do them. Even if the part is pricey, you are still saving on the labor costs. You can even help your tenant maintain their own washer dryer rental as to give them some independence as well as cover the cost of repairs and maintenance on those appliances without doing it yourself.

Many property owners hire a management company to handle this side of things for them, this can be a great way to have complaints, queries and any other property related qualms handled in one place and let’s you focus on other things. When things like repairs do arise, the management company will forward you a list of what needs doing, at this point you can decide to action the repairs yourself or get in professionals to do the job, which is the more common option when landlords have multiple properties. Doing a search online for property management near me can give you a list of suitable partners online, the decision of which one to go with will likely depend on the kind of properties they have experience with. So for instance if you own a flat or several apartments, you’d want to find one who specialises in these so that they have the right knowledge to aid in maximising your rental income.

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Con

The downside to this is simply that you will be spending more time at your property, Being a hands-on property owner isn’t bad, and many people prefer to do it that way. If you are already a busy individual, having to visit your property all the time is not going to help your schedule or attitude.

Property investment is a great way to go if you are looking for a solid investment to last over many years. If you are smart and do your research well property ownership could suit you very well. Some people buy a little house and rent it. Others build apartments. Regardless of the size of your property, it can be profitable if you invest the necessary time and effort into your investment.

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