There are many advantages provided to investors who own rental properties in a college town. As long as there is a college or university accepting students, there will always be people looking for rental homes. And, as these students move on and graduate, there will always be new sets of renters available. But what makes a property attractive to college students? And are there potential downfalls to renting to this group? Sweyer Property Management, with decades of experience managing rental properties to students attending UNCW and CFCC, has some tips for those renting to college students in the greater Wilmington area.
What are College Students Looking for in a Rental?
One of the main things students look at in a rental property is its proximity to campus – will they be able to walk or bike to class? Is it convenient to public transportation? Many students do not have cars while away at school or do not have campus parking passes, so if you have a property that is close to campus, it is very likely you'll have students interested in renting your home. Students are also looking for properties that make them feel safe. Simple things like sturdy, working locks on all doors and windows and ample outdoor lighting can be a selling point for students and the parents who are helping them choose a property.
Another big factor for students is, of course, affordability. Though many students have parents or financial aid assisting them with living costs, not all do. If other properties near your investment home are renting to students, see what their rental rates are. If you set your rate way above that of similar rentals, students will typically pass over yours for the more affordable option. That being said, student renters usually aren't too concerned with the upgrades and frills that families and young professionals may be. When renting to students, the main concerns likely won't be granite countertops, stainless steel appliances and solid-surface flooring, but rather a place that has everything in good working order and fits their needs at the time.
Pros and Cons of Renting to Students
Just as with everything, there are pros and cons of renting to students. Allowing college students to rent your home will be a decision you as an investor have to make based on your financial needs and the type of property you have. Here are a few things to consider from both sides of the aisle:
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