College Rentals in CT

[Matthew Pinciaro]

Hi guys,

My name is Matt and I am currently a Junior at Quinnipiac University and an aspiring CPA. I am looking into buying a 3 or 4 single family home to rent out to Quinnipiac Students. I have read a number of books and have a parter to back me financially. I have come across a few good deals but I am struggle as to when the best time to buy is and if I should pull the trigger. Being a student I know the desired areas and the times students sign leases for the following school year. Usually students looking to live off campus sign a lease that starts in June and goes till the following May between the months of September and January. That said if I got a property within that time frame I know I could easily find a tenant but it would sit vacant for 5+ months. If anyone has insight on college rentals and when the best time to purchase a property to limit the vacancy cost I would greatly appreciate the insight. Thanks in advance :)  

[Sam K.]

Check out podcast #140 with Bill Syrios. 

He has some good insights for student housing. In particular, he talks about marketing timing for student housing heavily depends on how the University's housing contracts are structured. (ie some universities asks current students to renew their lease as soon as January for next school year's living arrangements)

In addition, you might want to research on the city's zoning code on student housing; most cities restrict the number of unrelated individuals living under the same dwelling, but allow for more if qualified for student housing. (ie you can only rent out the house to 3 people normally but can rent out to 4 if the house qualifies for student housing) I dont know much about the timing required to get that qualification from the cities but perhaps someone in this forum might know.