College Students vs. Families: Which is better to rent to?
As I am trying to figure out my real estate niche, I keep coming back to the discussion of whether I should rent to (or target) college students or families. To help me decide I was hoping to list the pros/ cons of each and get some feedback from the experts on BP.
I live in Kent, Ohio which is near Kent State University (obviously) and 20 minutes from Akron University. Here are the pros/ cons:
Renting to College Students:
Pros:
-Closeness
-Constant business (University will never go out of business)
-Parents co-sign
Cons:
-New tenants every year or every two years
-Possibly more costs to repair damage after tenants leave
Renting to Families:
Pros:
-Longevity
-Less maintenance (hopefully)
Cons:
-Vacancy possibility
I love the idea of constantly having someone in my future rental properties and having parents co-sign because that means a secure, constant cash flow. On the other hand, I like that having a family rent my future properties because that means longer tenants that will hopefully take care of the house. Let me know what you think I should do or any tips you may have!
Thanks for reading,
G