I am going to offer a discount for college students.

My thoughts are that I will offer $500 off of the move in cost. By that, I mean I will reduce the SD by that amount as that will allow me to reduce my loss in the long run. If I offer a move in special of a lower first months rent than I lose the money. If I offer to reduce the SD instead, then if they move out without much damage, and would otherwise receive a larger return, I essentially didn't lose anything and yet lower their move in cost.

That said, a few questions arise.

1) What do you think of doing it this way?

2) Can I put this offer only to students in my ad copy?

3) How can I verify they are indeed students?

4) Are there enrollment papers they can provide?

Why are you offering a discount to college students?

How does reducing the security deposit reduce your losses in the long run? The way it sounds to me, the opposite would be true...

If the name of the game is to lower their move-in costs, have you considered keeping the Sec Dep the same, but offering a bi-weekly rent so that all they have to bring is the Sec Dep and the first 2 weeks of rent?

I'm not sure what the overall purpose is here.

Thank you everyone for the replies thus far.

The collage here does not allow for the first 2 years to live off campus, therefore it is only the juniors and seniors that apply to my rental. By the time they are grad students they are fairly well behaved.

These are the age group and type tenants that I normally get and are usually trainable. I like these tenants because I can communicate with younger folks easier than older folks. However, I don't know college words or tech but they show me if I need it. I really don't have much trouble with them usually.

I want to offer student discounts to attract these tenants. I have never rented to older folks before, and for whatever reason, this rental is attracting more of the middle aged and senior folks and their track record is horrible, so I want the students that I am used to.

Sid, if I offer a reduced first months rent than I just lose whatever amount I took off the rent. If I reduce the SD, to get the same effect of lowering the move-in cost, and they would be getting a return of the SD at move-out, then I have lost nothing. Right?

Am I thinking about this wrong?

Are you going after undergrads, grad students, or those with post graduate degrees? Are you going after faculty such as teaching or research assistants?

Many management companies have Preferred Employer Plans, giving discounts in some fashion to the preferred employer. A letter of acceptance into a certain degree program or other verification of enrollment seems like it would be similar. The student should be able to provide that from the enrollment office, or get instructions from the enrollment office as to how you can verify enrollment.

If you go after undergrads, or even grad students, do you have procedures for getting either a co-signor or guarantee? I understand that they are not always treated the same in all jurisdictions.

For those who have rented to undergrads before, what is your experience with wreckage and getting reimbursed? Did the co-signor or guarantor pay promptly? Would a bond have made it easier?

Thank you very much, Sir Walter.

Do you see any problem with me putting that in the ad?

I guess my main idea is for grads or post grads, but others would be fine.

I have never done a co-signor before.

6, I don't see a problem. It is similar to the discounts offered for various apartments Preferred Employer Programs. See this example: www.thearcadianashville.com/preferred-employer-program/.

Quite a number of complexes in Tennesee have similar offerings on their website. Tennesee does not have a "source of income" discrimination law, so you should be okay stating that you are giving a discount to students (which is your equivalent of an employee group).

For a student oriented ad, label it "TSU Student Specials/Discounts", and list your criteria for qualifying there (e.g. TSU students, grads, post grads). If you want, you may further limit the discount to a specific time period. Here is some sample text: "Apply now, and we'll give you 6x6's SPECIAL. LIMITED TIME ONLY" or "Sign a lease by DATE for the 2025-2026 school year, and we'll 6x6's SPECIAL." (Substitute your school name.)

I modeled the text above from an apartment website near a university.

Since you have already had good experience from students, you could also put something good a former student tenant said about your places in the ad, such as "this was a great commute to school and I the patio was a great place to study for my engineering finals."

There may also be Facebook groups for your targeted grad students that would allow for you to connect with them, or the registrar for their program.

Offer a $50 discount if they pay for the semester upfront - just after they get the money from the student loan. Also toss in a pizza.

Also a best practice I have seen locally, get a junior, a senior and a sophomore in that three bedroom place. You rent the place out for 9 months of the year. Why? One of them will rotate out each year so you will get a referral from the other two.

Sir Walter, once again, thank you. Are you considering school term rentals or still wanting a year lease?

Ray, Thank you. I have been renting to grads or post grads with a year lease. This is a 2 bedroom home. Do you think I should stick with a year lease or do school terms?

What would you charge as a storage fee?

Would you move their stuff around in the house as you work on it?

By paying for a semester up front, do you mean pay like the first 3 months up front and then the rest is monthly?

What exactly do you mean by I want the money not the drama?

Of course you're free to do whatever you like with your rentals. I don't see the need, though. Off-campus housing is a hot commodity in my town. Our main university (we have four), has 25,000 or so students. About 18,000 are undergrads and the rest graduate students. Anything within walking distance (2 miles or so) gets rented up 4-6 months before the semester starts.

No need for a discount. "Vacancy" bring a flood of applications. If you want college students, just add a spot on your application that says, "List college/university currently attending, if applicable." Then add a spot to attach last semester's transcript and/or the current semester's enrollment.

Is it different in your town? Are there hundreds of vacant units during the school term?

I just want you getting paid, 6x6! The resource you provide deserves proper reward.