I would like to know peoples experiences with student rentals?
Being a student myself a couple of years ago I am very aware of the damages and issues that can come with renting to students. What are the positives of renting to students or investing in properties near smaller universities?
I have been looking at housing near smaller schools in NC, and SC and curious to hear some stories (positive and negative).
appreciate all replies!
I'm looking to get into this myself after living in student rentals through college. I've seen great looking properties that were very well taken care of, and I've seen houses with rats, food, bugs, and spilled alcohol everywhere. One of the biggest things is to show the tenants that you care about the property, if you care (hopefully) they'll care. If you give them a property with torn up carpet and paint peeling with holes in the doors, it'll get a lot worse. If you give them a nice place, odds are you'll get a nice place back at the end of the lease.
Quick list for you.
- Co-sign from the parents to secure rent so the kids don't blow it each month
- More money per unit by renting by the room, even if in a group, than by renting to a family
- Options to rent to adjunct faculty and/or graduate students instead of undergraduate students
- Less expectations. They don't even know what living on their own is supposed to be like.
- more wear and tear on the unit
- higher chances of neighbor complaints (if parties, but some college tenants are just fine - look for pre-med, etc.)
Pro's - little to no vacancies if the location is good. Higher rents
Con's - they don't know how to fix anything themselves, the smallest issues can trigger a repair request. Have to educate them and provide basic tools.
@Matthew Jackson here's list of exactly that: Nearing 1,000 College Students: Here's What I've Learned