College students benefit from renting an
For example, there is a steady stream of new students every year, so there is less likelihood of vacancy. This is for two reasons. Since college students may want to travel or return home for the summer, you should address the issue of subletting in the lease.
Immaturity Some college students are on their own for the first time and free from parental control. Higher Rental Yield College town real estate is attractive to investors for a number of reasons, but mainly because it pays.
In this situation, you may have to lower your rent to entice students to live in your property. Hire a third party to monitor the building, similar to a Resident Assistant in a college dorm. Include bans on things you feel may damage the property, such as certain kinds of pets, fireworks, and weapons of any kind.
However, one of the most underutilized strategies could be one that produces the most consistent results: renting to college students.
House rules for renting to college students
What properties are students looking for? Screen all roommates Often, student renters need roommates to make the rent more affordable per person. They know certain upgrades drive up the price, and in general, they just need a place to be comfortable while they study and work. This means that the person does not have enough credit history to generate a credit score. Instead of requesting stainless steel appliances or other high-quality amenities, students will likely be more concerned with proximity to campus, parking and overall layout. Student renters are less fussy. There is high turnover between academic years. Although student housing should be approached differently than typical rental properties, the tenant application and screening processes should not change. The ability to recognize a good opportunity is crucial to the success of any real estate investor. You may also want to screen the credit of the student or parents depending on who will be paying the rent. Investors can prepare for these risks in a number of ways: saving an emergency fund, screening tenants, requiring a parental contact and more. Many students have loans or financial aid while others will receive rent payments from their parents. You can unsubscribe at any time.College students have the option of living on-campus in most cases or off-campus, and they may explore different housing options. There are 5 things that landlords can do to ensure that they are attracting and screening the best of the best when it comes to student tenants.
Walkability of the area - Not all students own cars, so walkability to campus, grocery stores, and social events is a key factor.
Leasing: As we mentioned, some student tenants can irresponsible. This is a common result when running credit of younger renters or college-aged students.