When students decide to leave town and seek a higher degree in a reputable university or college, they must find affordable accommodation close to campus so they can live comfortably and focus on their studies. Finding a spot at the university or college dorms isn’t always an option. This is why they’ll look for nearby properties that they can rent alone or share with others.
As a landlord, you should think of the benefits that you can gain by renting your property to university and college students. Students are usually young between the ages of 17 and 24, although those enrolling for the Master’s degree might be older. Some of them might have full-time or part-time jobs, while others might rely on receiving an allowance from family or study programs. So, what are the advantages of student rental? Here are ten benefits that you gain by exploring this tenant base:
- Your Property is Always in High Demand:
Students will always look for good places to stay. This means that your property will still be in high demand. Some students might take a year or two off and then return to school. They’ll always be back to your flat or apartment. As a matter of fact, there will be lots of competition, because staying at home is no longer an option. The closer your property is to campus, transportation, and town facilities, the more desirable it will be.
- You Get to Pick:
If you don’t like your current tenants, you get to choose new ones every year. At the time of renewing the contract, you’ll always find new candidates who are interested in your property, so you won’t have to stick with noisy and annoying tenants who don’t obey the rules. You can also advertise your vacant apartment on the university website, gaining more exposure.
Photo by Priscilla Du Preez
- Short-Term Contracts:
You’re not obliged to keep up with a tenant who would cause problems for a long time. Young people are always more interested in short-term contracts because they don’t know how long they will stay in college or university. Some take a year off or decide to return after a couple of years. This means fewer obligations on your side.
- Receive Higher Rents:
Your rental property is highly desirable, and this means that the rents you can charge are usually high compared to other areas in the city. It’s all about the rules of supply and demand, where the demand is generally higher, so you get to charge higher. The rents in towns close to university campus are closely linked and attached to room and board fees at college.
- Rent Per Room:
One of the benefits of renting to students is that you can rent per room. Most young people won’t be interested in living on their own and would love to share their living area with other friends. This means that you can charge rent per room instead of the whole unit. If you have a nice living area, your unit will be more appealing, and you’ll definitely receive more money.
- Secured Payments:
Your money is safe because students must pay on time; otherwise, they won’t have a place to stay to pursue their studies. University applicants should make several regular payments to keep up with their studies, and they’ll find ways to have these taken care of. Some students ask, “write my essay for me" because it is the only way they could submit their essays and papers on time, especially with tens of pending tasks to finish. Most of the time, the rent is secured and funded by parents who want the best for their children. In some cases, they’ll make upfront payments to take the burden off their shoulders. This also means that you know that your money is safe, and you won’t worry about getting paid every time.
- Your Apartment will Never be Vacant:
Once a tenant leaves, you know that your apartment won’t be vacant for long. Word of mouth travels fast, and university students tell their friends about the availability of a new place before it gets occupied. Before you know, you’ll find interested applicants who want to live in your apartment.
- You Make the Rules:
Students can’t afford being evacuated during the academic year. They already have tons of things to worry about and finding a place to stay shouldn’t be one of them. That is why you’ll be able to set the rules and expect tenants to follow them. This means that you’ll also be able to get rid of those who cause problems without worrying about finding other tenants for your apartment.
Photo by Andrew Neel o
- Students are Easy Going:
University students have probably never lived alone or taken care of a rental unit before. This means that they aren’t as annoying as other tenants who always want things in top shape. They might be OK with less well-appointed units and won’t be annoying tenants who are always asking for regular maintenance. Students don’t usually have very high expectations regarding their home appliances or facilities. They haven’t experienced the best yet, so they won’t ask for much. They’re also more likely to obey the rules.
- You’re Empowering the Younger Generation:
This situation is beneficiary to you because you’re making money. But at the same time, you’re doing a great job and empowering the younger generation by offering them a safe place to stay. Young people view their degrees as tools that qualify them for better career opportunities. You get to help aspiring students reach their goals by securing a safe place to stay and study.
As a landlord, exploring a new tenant base is scary, but renting your apartment to students is worth the try. Students are responsible young people who are focused on improving their future. They might be young, but this doesn’t mean that they won’t take care of your property. These are the advantages and benefits of renting your apartment. There are lots of rules that govern the relationship between the landlord and the tenants, so you’ll know that your investment will be safe.
Emma Rundle works as a student consultant. She got her degree in Psychology and currently helps students find jobs and accommodation to secure their studies. She’s helped tens of students overcome challenges that might push them to drop out of college or university.