There are many benefits of renting out to college students, and if your rental property is near a college, then you are in the prime location to try it out. If you are not too sure about this idea, here are some of the many benefits of renting out to college students. According to a study, more than 44% of college students live off-campus. This is a massive number of students looking for accommodations; if you are not too quick, someone else might take the lead and earn your share of goodness. But first, let us look at how you can make your rental appealing to college students.
How To Make Your Rental Appealing for College Students?
College students are not your typical long-term renters; they have different qualities as well as priorities. Moreover, they are not there to stay, most of the college students stay in a rental for their ongoing semesters, and after that, they are gone to either their homes or another location. Apart from that, college students are looking to make a home in your rental; all they need is a place to eat, sleep and study, so there is no need to add frills and other amenities to make them feel at home.
Most students are not keen on elite and classy rentals, they want nothing to do with renovations and contemporary updates, but they do need one or two modern upgrades that can help them study better, for example.
- Working sinks, toilets, showers
- Working heating, electric, plumbing systems
- Access to campus through public transit
- Access to restaurants, bars, and cinemas
- Affordable rent
- TV and Music System
All of the perks mentioned above, and amenities are ideal for making your rental appealing to college students. If you think you can swing all these, your rental is ready to accommodate students, but wait; you still need to learn how you can benefit from renting out to students. Let us check out the pros of renting out to college students.
Advantages of Renting to College Students:
Not all college students are bad tenants; most college students are like the breath of fresh air. Due to their busy study schedules, they are either on-campus or in the library all day long, so you might not even see them for most of the day. Doesn’t that make them the perfect tenants?
Rentals Near campus are always in Demand:
Hundreds and thousands of students enroll in school and colleges every year; if the school takes them in, the demand for your rental will always stay high. There is hardly ever inflation in the renters’ market if you are catering to students. Fewer vacancies, a large pool to choose from, and an all-year rental application make renting to students a profitable choice. Not all schools offer 4-year on-campus accommodation, so your rental will always have a healthy line of renters waiting to get in. You can handpick the best from the rest for your rental.
You Can Increase Your Rent without worrying about vacancies:
Yes, the students are always looking for affordable housing, which means they are always willing to share. Suppose you have a condo or an apartment with a three-bedroom; you can easily rent this out to multiple students. This means you can separately charge them, and the accumulated amount will be more than what you charge an average family. This is also affordable for the students as their share can be around $500 to $800 per month. This simple plan not only benefits you but also benefits your renter. You can always up your price when the Demand goes higher; there is no shame in that. The closer the house to the college, the higher you can demand your rental for being in the prime location.
With college students, you can always rely on stable payment schedules, mostly because these payments are not coming from their own pockets. For most students, either their parents pay, or a third-party like financial aid does. This means your rent will always be covered and on time. There is also the matter of full payments; many a time, the parents or financial aid pays for full-semester accommodations, which means you will not even have to worry about chasing the renter for payment.
Non-Existent Marketing Costs:
Most rental properties need to be listed on paid platforms, they need marketing to get occupied, but with your property being near a college, you will not even need to worry about marketing at all. Your location is all the marketing you need, and once the word gets around that you are accommodating college students, there will be a long line of applicants in no time flocking your driveway. Apart from that, seeking college students near you on Social Media groups on platforms like Facebook and Instagram and listing your property for free will also get you all the marketing you need.
Use The Upgrading Expenditure Elsewhere:
As mentioned before, these students are not looking for upgraded and classic pads; they are looking for simple dorm-type rooms to eat, sleep and study. This means you can save a lot on upgrades and renovation; a habitable and straightforward dwelling is all they need to crash. Save on paint, upgrades, kitchen appliances, and other amenities, and use the money elsewhere to benefit your rental.
Disadvantages Of Renting To College Students:
With many pros, there are always some cons; despite the following cons, you can easily make this rental arrangement work for you.
- They don’t come with a credit score, employment history, or even references, so it’s always a risk.
- They aren’t always the best renters as they have no idea how to maintain a property.
- They also throw parties, so there is always a risk of extra wear and tear when renting out to college students.
- Even when the parents are funding, many students find it hard to remember to pay or allocate a budget to pay rent.
Renting out to students is always a risk, but if you think you are tough enough to manage college students, this can be the best rental decision you would ever make.