Property managers that handle rent/lease by room?

Question

I recently read of renting/leasing a property by the room. But if I'm not mistaken, that's usually managed by the landlord him/herself or delegated to family/friends to help with the management, where someone might live on premises or comes by to check up on the premises from time to time.

I'm just wondering if there are property management firms that also handle dealing with this type of leasing strategy, managing your properties for you. Or do most property managers only deal with whole home/unit leasing, not by the door?

Jeff Milligan · Answer

David, I am doing Rooming rentals and have done it for 20 years. I currently have 28 units and I manage them myself. I collect rent monthly electronically and I have a part time maintenance man who handles the maintenance. Btw, the 28 units are in 3 MF properties.

I did have many more units before 2008 and use a Property Mgmt company for a few months however, they didn't work out for me and I didn't try anyone else. I believe it will work if you have enough units and a system.

Charley C. · Answer

David, its a mix of apartments but the student housing are 4 bedroom town home types (like town homes with no garages) stairs on the inside. "stick frame" construction. I rarely will buy an existing building and rehab, all my multi-family started from the ground up. No single houses

David Luu · Answer

I also posted elsewhere online & got one such response: "As a previously licensed property manager, I would first recommend not entering in such an arrangement to the owner, nor would I accept the job due to the complexity and potential disaster it could become. I am sure somebody would do so, but I would imagine it would not be cheap."

David Luu · Answer

Charley, curious, what kind of property are you building? An apartment, condo, 10-plex? Or a 10 bed single family home?

Charley C. · Answer

Good discussion. I too would like to hear some input as well. I am now building 40 beds (10 4-bedrooms) next to a university to lease them by the room. Leasing by the room is uncharted waters for me.