Apartments near college

[Peter Vance]

So I am in the middle of my first deal on some apartments near a community college. The units are currently rented for lower than the local average since the previous owner never raised the rates and the tenants have been there for a while. I am going to increase rents as the apartments turn over and I make improvements to the property.

As this is my first property I feel that there are two different routes on pricing and who to advertise the units to.

1. College Students

• More turnover - Year to Year
• Higher need for maintenance
• More Hassle

2. Older Tenants

• Less Turnover
• Less Maintenance
• Less Hassle

So these would be my two prospects for tenants. I believe that setting the pricing for the apartments and the deposits will filter these prospects.
My question is if this is true and do you set a higher rent price and higher deposit for these reasons to look at finding college students as it is more likely for parents to be paying the rent for them and the amount of maintenance and turnover? Thanks for the help!!