Pros And Cons Of Renting To Students
Pros: Students Are Always Around
If you have rental properties in a college community, then you will always have a population that is looking to rent. Students are always around, except during the summer months in some instances, which mean you'll have at least 9 months of rental income each year at minimum. You might even consider structuring your leases to accommodate the local school scheduling to make your rental properties more enticing to the students.
Cons: Students Are Complaint Generators
Students typically live a lifestyle of late nights, early mornings, and a lot of noise. For more traditional residents in your rental properties, this can become a big problem very quickly. If the music is blaring at 3am and someone needs to get up at 5am to go to work all day, it isn't unreasonable to want to be sleeping at that time. Structure your rental agreements to list specific student complaints that are common, such as loud noises or messy homes, so that any eviction you might have to do can be done quickly.
Pros: Money Is Generally Available
With students, you typically have a better guarantee of monthly income because they either have a scholarship from their school that can be used to pay their rent or they have parents which will vouch for them. If you're concerned about the income levels of a particular student, consider having the parents co-sign on the lease so that you've got a back-up option in case the student fails to pay the rent on time.
Cons: Students Have Lots of Visitors
Many rental agreements allow for 14 days of occupation from a relative or a friend each year, but that's hard to enforce with students. There are so many people who typically come and go because of study groups, relationships, and yes – parties, that knowing who is in the property at any given time can be rather challenging! Include text with your rental agreement that can limit this traffic as much as legally possible to preserve the income you can generate from the property.
Pros: You Get To Make Money
Students provide a quality source of rental income, especially if you've got an insurance policy on your properties that will cover damages. This means you can charge the students the policy premiums, have payment coverage to restore your property, and enjoy the money coming in around the first of every month when school is in session.
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