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Rental Report: Rent it Faster With Perks

By WTOP Staff

Rental Report header

Editor’s Note: This biweekly sponsored column is written by Rick Gersten, founder and CEO of Urban Igloo, a rental real estate firm that matches up renters with their ideal apartments, condos or houses. Please submit any questions in the comments section or via email.

Not so long ago, an independent landlord in the D.C.Metro area could barely get the words, “I have a rental available,” out of their mouth before they had a line of applicants out the door.

But these days, there are hundreds of new units coming on the market every quarter making it much more competitive for landlords. It is especially difficult when these brand new units come not only with shiny new fixtures, appliances and amenities, but they often boast free rent, flat screen TVs and iPads. Independent landlords need not fear, we have a few tips on what you can offer to attract renters to your property.

Based on requests we get from renters daily — here are our top recommendations. Before you consider all or some of these, we suggest you also research what the large apartment buildings are offering for specials to get a sense of market conditions.

  1. Utilities — If you can swing including utilities as part of the rent, or even partial utilities in rent, renters will love it. This is probably a top request. And there are ways to control usage.
  2. Parking — If you have parking available for your unit it is best to figure it into rent. Be sure to advertise “PARKING INCLUDED!”
  3. Move-In Fees — Many condo associations charge a move in or elevator fee to new residents. This fee is usually a few hundred dollars. Renters already have to come up with their first month’s rent and a security deposit, so covering even just these few hundred dollars is a good gesture, and it is attractive to potential renters. Potentially you can add value by amortizing it into the rent monthly.
  4. New Paint — Offering to put on a fresh coat of paint is one thing, but offering to paint in colors the renter selects is even better. If painting the entire unit is out of the question, maybe just offer up the bedrooms. Make sure you have a signed lease before you break out the paint roller.
  5. Housekeeping — Include house cleaning monthly. A cleaning service is very attractive to renters and it helps protect your investment. Some renters may pay their rent on time, but they might not be the best at shower cleaning.
  6. Landscaping — If you have a yard or even a small space by the sidewalk, including maintenance is great. Many renters don’t like yard work or simply don’t have the time. Including landscape maintenance is definitely appealing, and it keeps up that curb appeal for when you need to start showing the unit again.
  7. Security Deposit — By law in Virginia, landlords can collect up to two month’s rent for a security deposit, but it doesn’t mean you have to take that much. It is common for independent landlords to charge one month, but many multifamily properties only collect a few hundred dollars. Knocking a few hundred dollars off for renters with excellent credit and landlord references is a great way to start off the lease. Just be sure you have the standards laid out and clear ahead of time, such as a minimum credit score of 720 and a spotless landlord reference to qualify. You don’t want to appear discriminatory.
  8. Get creative — Consider offering a gift card to the closest grocery store or a loaded Metro card.

Many renters are looking for a more unique property and would prefer to rent from an independent landlord. But they can still be lured away with some free rent, so it can’t hurt to consider one or two perks to help turn your property over sooner.

Have a rental-related question you’d like Rental Report to answer? Email it to info@urbanigloo.com.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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