Renting to college students presents a unique situation for property managers. It’s not necessarily just like renting to anyone else. While college students are a diverse group, most will have some things in common that are relevant for property managers to consider. Before you sign your first lease, here are a few things to know when it comes to renting to college students.
Be prepared for high demand.
While the exact figures can vary from year to year and from school to school, almost every university will have a significant number of students who want to live off campus but still be nearby. That’s great news for you, because it means that there will almost always be people looking to rent, especially in prime locations close to campus. If you can use that to your advantage, it’s unlikely that any of your units will stay vacant for long.
You probably don’t need to worry as much about state-of-the-art upgrades.
You’ll still need to make sure the property is in decent condition and that any appliances are in good working order, of course, but college students are less likely to be looking for high-end amenities and finishes. Other factors are simply far more likely to be important. Consequently, any upgrades that are a bit pricey or inconvenient to implement don’t need to be a priority.
You should thoroughly screen all roommates.
Unfortunately, college students aren’t always the most reliable or trustworthy. While most will be good residents, a fair few won’t — and you don’t want to be stuck with them. That’s why it’s important that you screen every roommate who’s applying together, and not just screen some and trust that the rest will be OK. Lucky for you, we’ve already put together a list of the essential questions to ask rental applicants!
Affordability is a key concern.
Full-time students aren’t likely to earn a high income or have a lot of money to spend on their monthly rent. For that reason, affordability is often a major factor in deciding where to live, and you’ll need to make sure that rent for your properties is set appropriately so as not to drive off potential renters. You don’t need to keep it too low; just be sure to check out comparable properties in the area to make sure your rents are in line.
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