So, you just bought a student housing property – congrats! Do you know how to protect it? With the right approach, you can maintain positive tenant relationships, preserve your property’s value, and protect your bottom line. Let Millers Mutual teach you how with this study guide in blog form, featuring five key steps to fortify your investment – from safety measures to tenant screenings.

Be Safety-Focused

Safety features play an indispensable role in protecting your rental property, and they make it more desirable for prospective student tenants (and their parents, if they’re helping vet their child’s housing). Smoke detectors, fire extinguishers, and sprinkler systems add a layer of fire mitigation to your student housing property, as can additional products like the StoveTop FireStop.

Security devices like locks, surveillance cameras, and alarms can help deter and frighten off potential criminals that might damage the property or steal from tenants. Finally, safety considerations like proper lighting, secure windows, and robust railings help prevent accidents that could lead to legal battles.

Invest in Maintenance

Maintaining your property diligently and in line with regulations is vital for preserving its value, lifespan, and attractiveness to tenants – plus keeping a positive relationship with tenants to reduce turnover rates. Consider offering 24/7 maintenance and emergency repairs to help ensure that your property is well cared for and to keep small problems from snowballing into big ones.

A routine maintenance schedule for critical elements of the property – like the HVAC systems, gutters, septic tank, and roofing – can also help prevent costly repairs later on. Finally, keep the roof, plumbing, HVAC, and electrical systems up to date to minimize the risk of failures that could damage your property or impact your bottom line.

Leverage Tenant Screenings & Fair Lease Agreements

Tenant screenings and a well-structured lease can benefit your student housing property in a significant way. A comprehensive screening process helps ensure that you’re entrusting your property to responsible individuals, reducing the potential for property damage or evictions.

For tenants under age 21, create a fair lease agreement that’s joint and severable (each individual is fully responsible for the property and rent) with a parental guarantee, and require all tenants to carry renters insurance. Both steps should help mitigate liability and legal risks and help you recoup any losses if a tenant is unable to pay.

Leave It to the Professionals

A professional property management company can offer significant value for your rental property business. Think of them like your personal concierge, handling maintenance requests, tenant screenings, and tricky situations so you don’t have to. Look for someone with at least five years’ experience and glowing references, but whose rate fits your budget. A stellar property manager can save you time and stress while enhancing tenant experiences, maintaining your property, and boosting your bottom line.

Select the Right Coverage

Choosing and maintaining the right insurance coverage can help safeguard your investment (and bottom line) against unpredictable events like fire and storm damage, tenant injuries, or liability suits, plus provide peace of mind. In certain situations, it can help recoup lost income, help cover legal expenses, and aid you in paying for repairs. Often, combining coverage types – like in a comprehensive Businessowners Policy (BOP) – provides the most comprehensive protection, though the exact package you need will depend on the specifics of your business and the level of coverage you want.

Graduate Your Investment to the Next Level With Millers Mutual

Student housing can offer you a reliable way to invest in your future and build financial security, but it comes with unique risks and liabilities. At Millers Mutual, we’ll help you protect your future with insurance coverage that’s designed specifically for student housing properties.

With talented underwriters and broad coverage options, we can accommodate rental property businesses of all sizes and experience levels. Our solutions range from BOPs and commercial umbrella coverage to vacant property and cyber policies – plus services like tenant screenings and renters insurance. Make sure you have top-of-the-class protection for your investment by connecting with a Millers agent in your area.