Student Housing still an option during mid-sememest?

Question

Hello BP'ers,

In the prospect of purchasing a SFH in Philly around University area but know that semesters have all started so am a bit concern about finding students to rent. Anyone has some experience in this to advise if students are still renting through the year?

Also if you know the typical new development rent price/room around UCity, that would be great!

Cheer!

Dan Powers · Answer

@Forrest Hayashi I agree with @Alex Uman, most student have their housing picked out at least a semester in advance if not a year depending on the house. Most student rentals range anywhere from 650-800 a room, but given its Ucity you could potentially rent for even more per room. I would check out Hotpads and sort by rooms for rent, this will give you a accurate view of what students are paying for rooms as opposed to Rentometer which pulls completely different data.

Alex Uman · Answer

@Forrest Hayashi you would likely need to wait for students looking to rent for the second semester. I'd keep in mind when the universities start their second semester and when you'll be closing on this deal. If you have rehab to do before renting I'd be cautious whether or not you'll be ready to rent out by that date, especially as most students may have already found housing for second semester by now up until mid December. That being said you could still look for non student tenants who are looking in that area.