My husband and I own a 3 bedroom single family home near a local college. Our real estate agent suggested we apply for a student housing permit a d off the property as a rental to Students. The permit requires an application, $200 per year and an inspection. What would the advantages be to Renting to Students vs a family or individual? Are we likely to receive enough extra in RENT that it would make it worthwhile? Thanks!
I respond as a former student, not a landlord, so take this with a grain of salt. But students are concerned about location. So the places I've stayed tend to have deferred maintenance and are not updated. The other advantage would be that students have cosigners like their parents and can pay out of their student loan money The downside of course would be that they may not take good care of the property.
I dropped out of college last year, but prior to that I was always going to college parties.
Students aren't long term tenants in most cases. More turnover. Care less about the property. Parties. If you find the book worms / foreign students...they would be great tenants.
Families are more stable. Tend to look at the unit as more of a home & all that other jazz.
I have been a property manager for properties that had students and non-students. Just make sure you screen your students, get co-signors and monitor the property for damage (parties). Look at rents in your area as you may be able to get a higher rent from students vs. non-students. Also, if you rent to students be prepared to have lots of turnover and re-rent the property each year. During the summer months you could look at renting the house out as a vacation or short term rental (if it's allowed in the municipality the property is located) which would allow for income during the time students are gone. Doing this would mean you would have to furnish the property (which you might have to do renting to students). Just my two cents.
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