Does anyone have any experience renting to medical students or medical residents? How do you target them specifically? I was thinking about purchasing a property close to the hospital. I am finishing up my medical training, and I was wondering how to get started. Having gone through medical school and residency, I know that most medical students and residents are reliable/trustworthy making them great tenants.
Thanks for the help.
My apartments were too far away from the hospitals to make it viable, but when I looked into it I was told to contact the residency coordinator at the medical school. You should expect and be ready for large turn overs each June for the July 1st start dates.
How did you find your house/apartment while you were in med school? That would probably be where to start. It's difficult to target a specific demographic, unless you offer lucrative incentives, which cost you money. It's like selling something at a bargain price; you only reduce the price because you can't sell it for the original price.
Point is, it's probably better to simply find a good tenant with a good credit score and job than one who meets certain criteria (i.e. med student). Limiting your advertising to certain subjects reduces exposure, and in the end looses you money. There are plenty of other reliable tenants who pay their rent on time who live around hospitals that you don't need to target med students.
Just my two cents.
@Brian Hassani , I love renting to med students and residents. It sounds like you are just finishing up your training...what specialty are you in? Ask the junior residents if they are interested or know anyone who is. You can also contact the different residency coordinators and see what they recommend.
I've seen people posting ads in the hospital physician/resident lounge and intranet forum. Residency coordinator occasionally email housing information to incoming residents.
@Eric M. Thanks for the response. I am finishing up my Emergency Medicine training now and have about 6 months left. Do you have experience contacting the residencies directly? Did you find that helped out getting your properties rented? I do know some of the junior residents, but I will be moving to Atlanta next year. I was hoping to rent out to Emory residents or medical students. My parents are also looking into buying property in the Tampa area. It was my idea to target medical students as a general strategy. I spent some time in California and rented from a guy who only rented to medical students and residents. He did pretty well and was happy with the extra income. I always thought it was a smart idea.
While I have never focused on renting to med students/residents, I work with a lot of investors and landlords, and have heard that they
are a generally a great demographic to rent to. They are often longer-term leases (relative to 1 year or less), treat units better, and apparently more often have their parents paying their rent (from what I'm told), who are less likely to default and throw off your cashflow.
Top of mind strategies to make this work:
- First things first, proper location -- you are going to want your property to be proximal to the hospital or med school where your prospective tenants will be working and studying. This is probably pretty self-explanatory.
- Advertising -- I'd have to check on the legality of stating that units are exclusively for rent by medical students (may violate fair housing, for the record, I'm not endorsing), but you can start off by placing ads in places med students are most likely to see them.
- If you can, get flyers up on bulletin boards within the actual school and/or hospital
- You can use paid Facebook ads to target specifically people who are looking to rent, who ALSO are studying and/or working in medicine.
- Definitely reach out to the schools and hospitals themselves and attempt to talk to someone who might put you on a list that's called when someone needs housing. You can either do this yourself or have your Realtor call on your behalf.
- Add flexibility by renting by the room, especially if there are 3-4 rooms. This can often increase cashflow, sometimes dramatically. One of the other convenient things about this is that individual leases can potentially end at different times, so you can avoid having all units vacant at once.
- Also, I could be off on a limb here, but you could also end up being the one landlord with a room for rent for the odd med student needing one at an unusual time of year.
- It's worth mentioning that regardless of where and how you advertise, if you have a nice unit in a location convenient to the hospital and/or school, and you're advertising at the right times of year when students are most likely to be looking for places to rent, you'll probably end up getting a fair share of med students applying anyway.
Would you possibly be looking to invest in the Tampa area as well, or just your parents?
@Devin Beverage Thank you for the response. I am looking to invest in Tampa in the future. I want my first property to be in the area I am living. With that being said, I am helping my parents with this endeavor. I think they are on board with the same strategy that I am using. The reason behind having medical students/residents as tenants is we can relate and I understand their struggles. I am hoping that having medicine in common with my tenants will precipitate a good relationship, and who knows, it could lead to networking opportunities.
I rent next to UT in Tampa. i do not target the types of students one way or another. We just do proper screening and most of the time dont have any issues.
Honestly, i dont think it matters if the students were like me or not, they are either going to do the right thing or not.
We have had a number of med school/resident tenants. Lots of these folks in Boston and I echo the others that these folks tend to be great tenants. For starters, they are never there. Also, their time is precious so at the right location they are not very price sensitive (not to mention so many of them are plunging into mid six figure debt so at that point whats another hundred to live alone, etc.
If you have the right location its well worth it to contact the coordinators as others have said, and also to see if their are other ways to tap into the residents network at a local hospital through a google group. You may never have to advertise again as they tend to pass the listing on to incoming first years etc. when they leave. For shorter rentals, look into announcements of fellows (1-2 years post residency).
The high touch approach here can be very successful IF you have a good location. Think: an incredibly sleepy person can pour themselves on a bus or train and wake up near their apt.
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