Because many college students often live in off-campus housing, renting to this market is a lucrative choice for most landlords. The demand is often high during the school season, and you have a chance to offer competitive pricing and convenient locations to students.
Some property owners, however, are skeptical of renting to a less mature audience. How can you ensure everything goes smoothly, and what can you do to mitigate risk?
Let’s talk about renting to college students, and how you can get the most out of this experience.
Why Should You Consider Renting to Students?
While it may seem daunting to rent to a younger crowd, there are many benefits that cannot be overlooked.
- Price and demand. Students will always be needing new locations to live, and on-campus housing rarely covers everyone’s needs. If you’re close to campus, you could even afford to charge a higher rent, especially when you allow multiple roommates within the same listing.
- Payment consistency. Students will usually have parents or even financial aid packages helping to cover the rent. You are more likely to have a stable payment from a student as a result. Just remember to ask for a consignor when you issue a lease.
- Cost. The limited availability of housing in college towns means that college renters are usually less picky about luxuries and details than long-term clients. They will often find your listings on their own time as well, lessening the need for advertising.
Selling to college clients is widespread primarily for these reasons. If you’re thinking of expanding your client base to a university audience, do some research into what they want in a property rental.
Knowing Their Needs
College students are significantly different than other types of renters when it comes to preferences and needs. While most long-term guests or vacationers look for the best in architecture and appliances, a student typically wants to save money and still have a suitable location to get work done. Some areas to focus on are:
- Price. Students obviously aren’t focusing on a full-time job during their studies, so an affordable rate, possibly split with a roommate, is ideal. Compare other rates around town to see where you can find a perfect sweet spot for students.
- Proximity to campus. It’s no secret that not all students can afford vehicles, and many college towns have too much traffic for road travel anyway. Being able to walk or at least commute quickly through public transit to school is a strong selling point.
- Amenities. A living space would not be complete without a laundry room, for instance. Being able to wash and dry clothing on-site is a definite bonus for many students. Solid Internet is another necessity now that more work than ever involves going online.
- Safety. Both students and their parents want to live in a safe area. Night lighting and door locks are a must, so be sure to have these features in case anyone asks.
While these needs are certainly not exclusive to students, addressing them in your listing raises the chance you’ll stand out amongst the competition during the next academic year.
The Challenges of Renting to University Students
It’s worth knowing the drawbacks before diving into this market. Many landlords are skeptical of college renting for the following reasons.
- Lack of credit history. Students don’t have experience dealing with regular payments and debts, and you consequently don’t have much information regarding how well they can make payments. Requiring a consignor can mitigate this risk somewhat.
- Wear and tear. Younger renters might not understand room maintenance as well as more mature ones, so you might find yourself paying more for repairs than you’d like. The same trend applies to the usage of utilities like air conditioning and water.
- Turnover. Students are by nature short-term renters. They might take a long summer break or even finish school entirely to move elsewhere. Having to fill in new spots is a natural responsibility of being a student landlord.
Don’t take these points as a sign to avoid student renters. You can take steps to reduce the risk and still take advantage of this market.
Looking to Rent to Students? Del Condominium Rentals Can Help
Renting for colleges and universities, as mentioned, is a lucrative one thanks to high and consistent demand, even if it comes with some unique challenges. The best way to take most of the trouble off your hands is to offload some work to a property management company like Del Condominium Rentals.
Del Condominium Rentals simplifies managing your property. Our teams have the expertise needed for a smooth screening process, from credit checks, organizing leases, to looking for the best tenants.
Are you looking to capitalize on the growing rental market? Toronto and the GTA is a hotspot for college student properties. Get in touch with us today to learn more about our property management services.
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