Education and news for smart DIY landlords!
So you’re playing with the idea of renting your property to college students. Is it a good idea or not? Some landlords feel panicky because they’ve heard stories of partying that resulted in damage. On the other hand, opening your rental home to them can come with a lot of benefits too.
Before you make a decision, let’s consider the pros and cons of renting out to student tenants. Let’s get started.
More and more students consider living off campus for many reasons. It’s very possible that a student wants more living space, to save money (if the rental is affordable), access many amenities such as the gym, and experience adulthood. As a landlord, there is less chance that your rental will be vacant.
The fact that there will always be demand for off-campus living as colleges never run out of students, makes marketing easier. If your rental is located near the college or university, parents and students pass by your rental and even recommend it to others. Also, implement online marketing strategies like putting up social media posts and social media ads.
Related: How to Take Better Photos for Your Rental Listing to Stand Out
College students are an easier population to please when it comes to rentals since basically, they’re just focused on having a place to stay. This means that you wouldn’t have to worry much about adding fancy appliances and upgrading your kitchen. Between you and an expensive rental that has state-of-the-art-amenities, students will choose yours.
Student tenants, in general, don’t get to live in your rental forever. This high turnover rate is a given, and landlords should prepare for it. By the end of the school year, you’ll have to deal with maintenance and repairs, marketing to potential renters, and screening. These activities can be tedious and stressful on your part if you have other things that need attention. In this case, consider hiring a professional management service.
It’s quite challenging to control damage when you’re renting out to short-term tenants who happen to be young, liberated, and inexperienced. There are students that find cleaning the unit and reporting maintenance problems a hassle. When you rent out, always make sure to explain their responsibilities.
Related: How Can Landlords Deal With Tenant Maintenance and Repairs?
Yes, partying often results in stained carpets, damaged appliances, and neighbors complaining of noise. While it’s hard to control students’ lifestyles and behaviors, have a solid tenant screening process in place. Review the lease carefully with each tenant applicant. Check with the parents as well. If you can tell that the parents are responsible individuals, there’s a huge chance that your tenants are as well.
A landlord like you should weigh up the pros and cons of renting a house to college students. If you’re fully prepared to protect your investment and face the possible risks no matter what, this great opportunity is for you. I would like to know your thoughts on this topic.
Finally, I offer you the opportunity to take a complete DIY landlording course: Landlord Prep: Video E-Course and How-To Tutorials. Everything you need to know to become not just a landlord, but a successful landlord, is here!