On average, a little less than half of the students who attend college find themselves living off-campus. If you own property in a college town, then renting to college students could be a lucrative endeavor. Here are some benefits to renting to college students:
Your Property Will Always be in Demand
As long as the institution of higher learning stays open and accepts students, you can expect that you will have renters for your property. The vast majority of universities don’t have four-year housing plans for their students, so they will be on the lookout for other opportunities. Every year there will be students looking for a place to live, so you don’t have to worry about your property sitting vacant for long.
Marketing Expenses Will be Low
If your property is near the campus, you won’t have to pay much to let people know your property is available for rent. In addition, if you offer a great place at an affordable price, your current tenants might tell their friends, and they could request to take over the lease. This ensures that you always have money coming in, and you don’t have to spend much (if any) on marketing to find new tenants.
If you price your rental right, you can expect to always have a steady stream of renters living in your property. Knowing how much you can reasonably charge for your property will depend on several factors, including how close it is to campus and the demand for housing in your area.
This also means that you might be able to charge a little bit more when it comes to rent — just make sure to keep it reasonable. Otherwise, no matter how close you are to campus, students won’t want to rent from you. The extra rent can help you pay for any damages that might occur. This can keep your property looking good and a steady income of rent coming in year after year.
Deciding to Rent to College Students
Living in a college town means you have the opportunity to rent to college students. This can be a lucrative endeavor, and you may never have to worry about your property being vacant. This is can make investing in rental property well worth the risk.