Minnix Property Management understands renting to college students is growing increasingly popular among property owners, but there are always some risks associated with any tenants. So, what should property managers know about renting to college students?
Demand For Housing Is High
If a homeowner decided to put their apartment or home up as a rental property, they should know that college towns have built-in demand. College students have lower expectations and are looking for affordable housing. Choosing to market your rental property to college students can also reduce vacancies and competitive rent. Learn more about our property owner services today!
Greater Potential For Property Damage
A risk that owners take with their rental properties is damage to the home. Student renters may not have the experience to handle rental property maintenance and may need to be informed in the lease about the communication policy. If owners do not want parties thrown in the rental property, they will need student renters to agree to this rule that is stated within the lease prior to signing so everyone is on the same page. If student renters acknowledge and sign the lease agreement and still throw a party is could result in eviction.
Save Time and Money
Rental properties have an advantage over selling a home because owners save time and money. Student renters are not going to worry about having the newest appliances or upgrades because they normally only care aboutaffording the rental property.
Frequent Turnover
Home and apartment rentals for college students have high demand but they also have frequent turnover. Student renters won’t want a lease longer than a year and are always accounting for their financial situations. Keep in mind that many students move back home in the summer, so a 10-month lease might be a more attractive option when they are looking for a home or apartment rental.
Renting to college students has its advantages and disadvantages. If you are looking to make an unearned income and live near a university, renting to college students might be the best option. Minnix Property Management will assist you in marketing your property to college students when you’re ready. Call today to get started!