Nowadays, a good number of scholars prefer to live in off-campus apartments rather than dorms. As a result, there is now a surge in the costs of renting these apartments. However, rental income
properties near college campuses come with many challenges. It has its own negative and positive implications. Though it is one of the most profitable property investments, such tenants can definitely
be very rough and careless with their apartments. If you are an investor, a student, property owner or just a curious investigator who wants to know more about students’ rental property business, then this
article is rightly made for you. There are today many off-campus apartments for college students.
In this article, we are going to look at the pros and cons of renting to tenants in college. Let’s begin with
the advantages:
The Benefits Of Renting To College Students
1. Stable Income
Renting to college students can be very rewarding. This branch of the property has now developed into a big and lucrative industry. The demand for off-campus houses for undergraduates to rent is steadily on the
rise. One reason for it is the increasing number of fresh college and university scholars who are always on the lookout for a place to live. For example, each new academic year brings a new set of college and
university candidates. A number of them prefer to live off-campus for the sake of privacy. Due to a large number of freshmen on campus, the cost of campus apartments for upperclassmen is most
likely to be maintained at high rate. However, this will be greatly determined by the proximity of a particular property to the campus. Typically, the closer it is to the campus, the more convenient and
interesting it will be for young academics and the higher the return you should expect.
2. Reliability
If you are letting your property to a college student, here is one fact you need to note: your tenant’s parents or relatives are often the ones who manage their rent.
International students usually pay for their accommodation for six or twelve months upfront. These young people usually arrive ready and willing to achieve academic excellence, which usually comes with very
many academic demands like research works and essay writing assignments.
3. Students Are Non-Luxury Seekers
Apart from the proximity to campus, undergrads on average do not hunt after luxurious or expensive decor. They are not interested in having some super exclusively furnished apartments. A promisingly huge market opportunity, therefore, exists for consistent leasing of an apartment to these
kids.
The Risks Of Student Housing
1. Having Neither Rental Nor Employment History
You may find it difficult to establish dependability on a college student who wants to rent your apartment. Note that most young scholars are first time renters with absolutely no job or rental history.
This is definitely one sure obstacle you will have to face if you must use a standard tenant screening criteria.
2. Lack Of Experience In Property Maintenance
Many of those enrolled in college are on average inexperienced in basic property management. This is partly a result of their age bracket and consequent lack of exposure. Issues of carelessness and
displays of nonchalant attitude could result in damages that could eventually cost you some very large monetary sums to fix.
3. Poor Financial Management Skills
Young scholars who lack prudence in the use of money may be so extravagant in their choice of feeding and lifestyle. This could affect their financial capacity to smoothly continue paying for their monthly
rent, no matter how cheap this may be. You may finally have just the only option left to restore the value of your property: Eviction of the student tenant in question.
4. Noise Pollution
Renting to young scholars can come with one big obstacle: noise.
The environment could just heat up by your mere acceptance of a student tenant who enjoys partying. It is perhaps understandable if a student likes organization parties. It, however, becomes problematic if
this lifestyle eventually disturbs the level of convenience of other tenants at the property.
How The Risks Can Be Mitigated
One significantly important way of ensuring that your property is fairly looked after is by enacting specific rules that must be observed especially by the student tenants. If you make good and
implementable rules, you can be sure of enjoying much of the benefits of renting to college students.
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