If your rental property is located anywhere near a college, you can expect to see college students applying for tenancy there. Residential property management professionals understand that there are unique considerations that must be made when you rent to students, and we want you to know what to keep in mind if you choose to do so. Let’s discuss what makes renting to college students so different from renting to other types of renters.
It’s likely that a renter who is still attending college is going to be a short-term renter. There have been instances of former students staying in the place they rented when they were in college, but this is atypical. These renters aren’t going to care about things that someone might if they intended to find a rental arrangement to last for years.
Long-term renters are concerned with things like more contemporary decor, proximity to primary schools and other amenities that are commonly regarded as premium. The average college student has no interest in these things, as their focus is being proximate to their college. Other considerations that students make in choosing a rental property include:
- Accessibility to public transportation. Many students do not have their own vehicles, so this is essential.
- Access to on-site laundry facilities. Going to the laundromat is taxing on a student’s schedule, especially if that student is also working.
- High-speed internet. Modern college curriculums require access to internet on a regular basis – for research, communication and even the submission of exams or assignments. A place with accessibility to high-speed internet access is ideal for college students.
- College students are not known for having the deepest of pockets, which is why so many choose this route over the often more expensive dorm housing. They simply want a clean and safe place that they can afford.
Renting a house or apartment can be cheaper for a college student than paying to live in their college’s dorm, especially since student renters don’t prioritize the frills that other renters might. Residential property management companies see this often when dealing with students who strive to rent.
At first, property managers may balk at the idea of renting to students, who are plagued with a series of unfortunate stereotypes and misconceptions, like being rowdy, loud, or dirty. But there are many reasons to rent to college students.
If your property is in a college town, you can bet that – for as long as the college is bringing in new students – there will be an ongoing demand for housing in the area. That includes the property that you own and plan to rent out!
You Can Charge More Per Month
If you have a unit that lends itself to roommates, you can reasonably be able to charge more per month for the unit than you would be able to if you were charging a single family. This is because roommates provide multiple income streams, which makes it more affordable for them overall.
Marketing is Cheap
When you are in proximity to a college, the sheer demand for your place is going to work for itself – there’s no need to spend a lot of funds on advertising! It costs almost nothing to work with the student housing department to advertise your property’s availability.
Avoid Making Expensive Upgrades
As we said above, college students typically don’t care about the frills and lace that families and career professionals may concern themselves with when renting. If the place is clean, safe, and close to campus, you or your residential property management company will have no problem renting the place out!