Did you know you can rent out your apartment when you leave for the summer? And yes, it’s legal and easy to do. As a college student, finding ways to supplement your income while managing the costs of living and studying abroad is a great move. We know first hand how expensive student housing in the city can be. And we have good news for you: your apartment is very valuable during the summer!
With the influx of interns and travelers looking for short-term housing, summer is a perfect window of time to maximize your income. And if you’re planning to leave the city for the summer anyway, renting out your apartment is an obvious choice. But is it legal? Is it OK with your landlord?
We help students rent their apartment legally and with landlord permission. You’ve come to the right place. At HousingPanda we specialize in creating an easy process for listing and renting out your apartment to a summer guest. Even though short-term rentals are restricted or illegal in many cities, medium-term rentals (for anything longer than 1 month) is perfectly legal and easy to do.
Here’s how you can make the most of this opportunity.
Understand the Demand
Lucky for you, summer brings a surge of interns and young professionals to cities worldwide, all in need of comfortable, affordable places to stay. This demand creates a strong market for medium-term rentals, with many preferring the convenience feel of an apartment over impersonal hotel rooms or dorm rooms. As an international student, your apartment, likely located near universities and business areas, can be very appealing to summer renters. For this reason, you can sometimes charge the same monthly rent that you currently pay, or possibly even more.
Preparing Your Space
To make your apartment attractive to potential renters, consider the following steps:
- Organize and Clean: Be sure your space is tidy and free of personal items.It should look professional and inviting. A minimalistic and neutral environment will help guests feel at home.
- Furnish Nicely: Comfortable bedding, an uncluttered kitchen, and a good internet connection are essentials for a summer intern. Consider the needs of a visiting professional or summer student – comfortable, clean place to sleep and work.
- Safety First: Verify that your home meets basic safety standards, including working smoke detectors, secure locks, and clear emergency instructions.
- Get Permission from Management: After you list your apartment and get a guest who wants to rent your apartment, you’ll need to notify your apartment’s management to add the new guest to your doorman’s list etc. Most cities require landlords to allow a tenant to add a roommate, so this is often the easiest way to add your guest for their stay at your apartment.
Setting the Right Price
Pricing competitively is key. Research similar listings in your area to get an idea of the local market rate. In general asking for your current rent rate is best and will result in a quick guest booking and strong demand. Be careful about comparing to listings on Facebook Marketplace or Craigslist, because there are frequent scam listings with prices far lower than market rent rates trying to scam people for information or security deposit money.
Marketing Your Rental
Utilize platforms such as HousingPanda, dedicated to medium-term rentals, to list your apartment. Emphasize the features that make your home ideal for summer interns, such as a short commute to major businesses, universities, and public transit options. High-quality photos and a detailed description will help your listing stand out. Check out our guide on how to take great photos of your apartment.
Managing Your Rental
Effective communication and responsive management are essential for a smooth rental experience for both you and your guest:
- Prompt Communication: Maintain open lines of communication with your tenants and respond to them as soon as you can. Provide them with essential information about the apartment and the surrounding area.
- Be Friendly: Remember that many guests are unfamiliar with your city and they’ll appreciate your polite, welcoming tone.
- Remote Management: If you’re traveling or not in the city over the summer, it’s best practice to let your guest know that there may be a slight delay in responding to them because of time zone differences. Thank them kindly for their patience with your delayed response time.
Maximizing Income While Away
Renting out your apartment over the summer gives you extra money and can also ensure your space is maintained and secure while you’re away. With nice preparation, competitive pricing, and attentive management, you can transform your apartment into a desirable summer home for interns and traveling professionals, unlocking a valuable income stream during your university summer break.
You’re providing a much-needed service for summer interns looking for a place to call home for a little while. Student hosts like you are vital for our city!
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