Rental properties located nearby a university can be a prime market for college students. Many students prefer to live off-campus so they can have all the benefits of their place while maintaining the luxury of their school being close by.
Some landlords question whether or not it’s a good idea to rent to college-aged individuals, but it does have specific advantages. Let’s take a look at a few.
Students Are Always Looking For Housing
Student housing near campus is ideal for those who want easy access around town. Whether they are going to a job after classes or going need to catch a bus route, they often view their rental property as the center of their world.
Remember, for many, this is the first time they’re on their own. For this reason, housing options around college premises are always a hot commodity.
You Can Charge Higher Rent
It’s not uncommon for individuals in college to have roommates, Realtors can quickly help landlords find tenants for the property. Let’s say you have a townhome listed for $2000.
At first glance, it sounds a bit steep, but if you split the rent four ways, now each person is paying $500 a month. The combination of students always wanting a place to live, along with having multiple roommates, will help keep the list price higher.
The Basics Are Good Enough
The college life is all about simplicity. Most students are thrilled to have somewhere to call home. You’ll have to take care of basic maintenance requirements, but you won’t have to worry about filling the space with expensive finishes or premium appliances.
Renting to college students can be a good idea, but it’s essential to consider every tenant carefully. Have an excellent lease agreement that covers specifics like unpaid rent, damages to property, and so forth. With all these things in mind, you can successfully rent out your property to college students.