Updated over 4 years ago on . Most recent reply
Rentals in College Towns
I am looking to dive into the rental property game and have been drawn to larger single family homes (4+ bed) near college campuses. There are some obvious pros and cons to this strategy but would love to hear feedback on the approach.
Most Popular Reply
Renting out to college students has its pros and cons.
Pros
- homes near college towns typically experience good appreciation
- there is always demand for student rentals (unless class are 100% online)
- turnover is very fast. Typically college students who are leaving their houses tell their friends about availability. You can ask offer them upon leaving to find a replacement for some bonus
- can always put parents on the lease as well for insurance purposes
Cons
- depending on who you are renting to, can damage your property
- if you get stuck with partiers, your neighbors will hate you
- if renting by room, a roommate conflict can cause some vacancy
In my opinion, the good outweighs the bad. Carefully screen your tenants and make sure to put the parents on the lease!