Most of the time, i have found, is that students will rent in a group. Check with your town how many non related people can live in a unit ( most of the times it is 4) but some places it is less. you can make more money with student rentals because you can charge by the room. as far as wear and tear, yes you will have some, i have a problem with some students right now with garbage outside the house, but other than that i have not had problems.. yet. you can usually rent the units on a yearly lease ( June to May ) and the time to start filling the leases for the next year is usually around Thanksgiving. as @Colleen F. mentioned, if you miss that certain time period and do not get it rented, you may be out a year with no rent or a semester if you are lucky. I also agree with her that you do not want to mix Family and Students in the same building. Hopefully the property is close enough to a campus that you would have no problems filling it with students.
Thank you both for the information! All great points and something to think about for sure. Regarding rentals to students, how often do you find that you’re actually dealing with the parents of the students, and how do you typically handle the lease differently?
Daniel, which town matters. Why do I think you are talking about Hillsborough? or possibly Henniker?
Do some searches in the forums for the town, I have a feeling that some of us have weighed in on Hillsborough in the past, and not in a good way. If I'm off base, well, good. But telling us which town will still be helpful. There are a lot of rural towns north of you.
In my case, i don't. I will tell you i have a PM manage my properties, but to my knowledge they have never gotten calls from parents. once the kids sign the lease, AND parents as co-signers, you are dealing with the students from that point on, they are the ones in the house.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.