What have people’s experiences been with apartments near college campuses. Pros & Cons? Are there a lot of vacancies during summer months? Is it worth your apt constantly being trashed out? Is collecting rent more difficult? Any insight on these questions and any other good info would be greatly appreciated. Thanks
@Jeff Greenberg has a few apartments near college campuses and may be able to provide you with some direction.
I had a condo near a college for 10 years with ZERO months vacant. 3 bed 2 bath. Had between 5-6 tenants at a time. Tenants were great. The cost per month to live there was less then campus housing. Plus, mom and dad were paying for it. I was surprised they wanted the place through the summer. Some tenants had classes that ran long, other tenants had classes that started early, other tenants had summer jobs. They also didn’t want to move stuff out then back again two months later. My tenants didn’t trash the place. Some stayed just one year, while others stayed 2 or 3 years. Word always got around to other undergrad students when the place was available due to the current tenants graduating. Didn’t have to advertise they place for rent.
Are you planning on making it student housing? If so be aware that the lending requirements are different.
Undergraduate students should have their parents co-sign. If you're renting out a 3 bedroom, that will 3 parents keeping them in check. That should cut down on the amount of damage they do and whether they pay rent. Even so, they will do more damage than normal tenants so you will need higher deposits.
As for the summer, you can try to have 12 month leases instead of 9. If you do 9, you can also offer lower rents in the summer so they can use the units as storage so they don't have to move out, but only if they agree to sign up for the next year.
Appreciate the info. Not necessarily looking to make it student housing just figure with it being close to campus most of the renters would be college students. I like the apartment just hadn’t read much on renting near college campuses
What most of the renters will be is all up to you, right? :)
My husband and I do student rentals. We lease per room, and have a separate lease with each student to make it easier for them to make payments. We do 12 month leases with the option for the tenant to sublease over summer, that way if you cannot find someone for summer the tenant is still responsible for rent.
Two services that are really awesome are RocketLawyer for drafting lease agreements, and Cozy.co for collecting rent electronically. Cozy makes it easy to collect deposits, make utility charges and the tenants can set up auto payments.
One thing we do to make ourselves more desirable/marketable is we offer free wiFi.
Yes you'll probably have a bigger cleaning bill come tenant turnover, but that's what a deposit is for.
Renting to students is awesome because if you're near the school, you'll always have a supply.
Makes sense. Appreciate the insights!
I worked in student housing, and we required 12 month leases starting in August and going through July 31st. In our lease agreements, we required the tenants to find a subleaser to get out of their lease so there are no vacancies during summer months.
The apartments were pretty damaged for more than half our units the two years I worked in turnover. Less than half of students would sign the lease for a second year.
Since cosigners are normally required for students, since they aren't meeting the income requirements, we rarely had issues with late payments.
I hope this helps out!
@Paul Thompson This may be a helpful thread:
Thanks everyone for you help
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