College student rental by room - how to gain an edge

College student rental by room - how to gain an edge

San Francisco, CA · Member since 2016 · 7 posts · 0 votes

Hi BP, I am very new here and am in the process of completing my first buy and hold deal in San Francisco. Given the location, I am interested in renting room by room to SF State University students. I will be living in the house myself, to help with management of the property, and plan to have 5 bedrooms after rehab.

Given the surrounding areas, I find that typical rental for 1 room and shared kitchen/bathroom in the area next to SF state is 1100-1300 depending on condition.

I would like to explore possible ways to give myself a competitive edge over other rentals to attract better tenants and possibly net higher rent. There may be a spare small office room (no windows) in the finished floor plan, I had an idea to convert this extra room into a small library where it can be furnished with small cubicle desks, with wires built in, and a printer that can be shared by all tenants. Would this be attractive to prospective college students? What other things can I do to gain a competitive edge if I aim to rent to college students?

I would love to hear what BP has to share.

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  • Nathan MillerPro Member
    Property Manager · Grants Pass, OR · Member since 2009 · 429 posts · 201 votes
    9y

    Something tells me that if the unit included a 40" TV, PS4 or Xbox, and Internet Service you'd attract a lot of college students.  It would cost less than $700 to pull that off and you'd have a huge competitive advantage.  Just an idea.

  • San Francisco, CA · Member since 2016 · 7 posts · 0 votes
    9y
    Thanks! Definitely easy to set up and would be very attractive.
  • Brooklyn, NY · Member since 2016 · 8 posts · 2 votes
    9y
    Originally posted by @Nathan Miller:

    Something tells me that if the unit included a 40" TV, PS4 or Xbox, and Internet Service you'd attract a lot of college students.  It would cost less than $700 to pull that off and you'd have a huge competitive advantage.  Just an idea.

     Fantastic idea. I also really like your shared library area idea. I would also consider throwing small minifridges in the rooms to add to the dorm-style feel you seem to be going for. That way each tenant can keep some food for themselves away from the shared living space. Something small and cheap like this would be under $500 for all 5 rooms: https://www.amazon.com/WHS-65LB1-Compact-Reversible-Refrigerator-Freezer/dp/B00MVVI1FC/ref=sr_1_3?ie=UTF8&qid=1482427109&sr=8-3&keywords=mini+fridge

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