Investor · Fayetteville, AR · Member since 2022 · 31 posts · 7 votes
My wife and I have acquired some land really close to the university in Northwest Arkansas. We are building 2 long term SF rentals each with a mother in law suite we plan on using as AirBnbs. The rents in the area are definitely higher for properties that cater to college students and we plan on specifically targeting college students. However, we'd love to hear from the BP community on their past experiences renting to college students? Did you require parents to co-sign the lease? Did you take steps to prevent parties and if so how did that work out?
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
3y
Woo Pig Soooie good sir!
As someone who has been on both sides of this equation in the NWA market I can say: there are some extreme upsides and downsides.
The upside is that unless you build or buy something near campus that would appeal strongly to the staff and various others who are want to live near UofA then you are likely limited on options. The non-students who tend to live near the university tend to buy and rent different types of homes than university students living near campus.
While some students can be rough on the properties, the cashflow is nice and it's a good way to afford some prime real estate that has an evergreen demand.
If you choose to rent to traditional students you should absolutely have their parents co-sign.
You may be able to use noise monitoring devices, or you can design the space to be party un-friendly. Alternatively you can work to build good rapport with the tenants (or hire a PM that does) and work to create a culture there that respects that parties are not allowed.
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
3y
Woo Pig Soooie good sir!
As someone who has been on both sides of this equation in the NWA market I can say: there are some extreme upsides and downsides.
The upside is that unless you build or buy something near campus that would appeal strongly to the staff and various others who are want to live near UofA then you are likely limited on options. The non-students who tend to live near the university tend to buy and rent different types of homes than university students living near campus.
While some students can be rough on the properties, the cashflow is nice and it's a good way to afford some prime real estate that has an evergreen demand.
If you choose to rent to traditional students you should absolutely have their parents co-sign.
You may be able to use noise monitoring devices, or you can design the space to be party un-friendly. Alternatively you can work to build good rapport with the tenants (or hire a PM that does) and work to create a culture there that respects that parties are not allowed.
As someone who has been on both sides of this equation in the NWA market I can say: there are some extreme upsides and downsides.
The upside is that unless you build or buy something near campus that would appeal strongly to the staff and various others who are want to live near UofA then you are likely limited on options. The non-students who tend to live near the university tend to buy and rent different types of homes than university students living near campus.
While some students can be rough on the properties, the cashflow is nice and it's a good way to afford some prime real estate that has an evergreen demand.
If you choose to rent to traditional students you should absolutely have their parents co-sign.
You may be able to use noise monitoring devices, or you can design the space to be party un-friendly. Alternatively you can work to build good rapport with the tenants (or hire a PM that does) and work to create a culture there that respects that parties are not allowed.
Thanks for the prompt reply @Will Fraser! Woo Pig Soooie indeed! We are very close to the U of A, walking distance from Baum stadium. Noise monitoring device is a great idea! We definitely also hope to build a good rapport with the students! What amenities do college students generally gravitate towards in your experience? We are really close to the bike trail so our plan was to have a large indoor closet with mounts to store bikes as an example.
Investor · Raleigh, NC · Member since 2013 · 1k+ posts · 708 votes
3y
I find that more and more students want to have pets, so perhaps keep that in mind when you build (fence, LVP flooring instead of carpet, etc). You can charge extra for pet rent.
I find that more and more students want to have pets, so perhaps keep that in mind when you build (fence, LVP flooring instead of carpet, etc). You can charge extra for pet rent.
Thanks so much for the feedback @Andrew S.! That's a great callout on pets. Definitely something we will want to account for!
Property Manager · Miami, FL · Member since 2023 · 21 posts · 3 votes
3y
Definitely get parents to co-sign the lease and make sure the agreement states you don't allow parties and that will open them up to liability for damage, legal issues and even expulsion
As someone who has been on both sides of this equation in the NWA market I can say: there are some extreme upsides and downsides.
The upside is that unless you build or buy something near campus that would appeal strongly to the staff and various others who are want to live near UofA then you are likely limited on options. The non-students who tend to live near the university tend to buy and rent different types of homes than university students living near campus.
While some students can be rough on the properties, the cashflow is nice and it's a good way to afford some prime real estate that has an evergreen demand.
If you choose to rent to traditional students you should absolutely have their parents co-sign.
You may be able to use noise monitoring devices, or you can design the space to be party un-friendly. Alternatively you can work to build good rapport with the tenants (or hire a PM that does) and work to create a culture there that respects that parties are not allowed.
Thanks for the prompt reply @Will Fraser! Woo Pig Soooie indeed! We are very close to the U of A, walking distance from Baum stadium. Noise monitoring device is a great idea! We definitely also hope to build a good rapport with the students! What amenities do college students generally gravitate towards in your experience? We are really close to the bike trail so our plan was to have a large indoor closet with mounts to store bikes as an example.
Awesome to hear!
Amenities . . . that's a good question. Space permitting I could see value in:
- Stellar grill
- Bike rack and/or tools
- cornhole set
- a really big and nice TV for the gamiacs that pilgrim to town every weekend during foosball season.