If you live in a city or town predominately inhabited by college students and teens, you may feel as though you have difficulty finding tenants for your rental property. However, this market holds tons of opportunities just waiting to be taken!
In regions with large colleges or universities, there are thousands of students waiting to escape the dorms and live in real apartments and houses; this is where you come in! Targeting your rental property to the college student market can prove to be highly successful if you go about it correctly. It’s normal to feel a bit worried about renting out your property to a group of people who are so young and not fully aware of everything they need to do, but that’s where the lease agreement comes in. Make sure you outline all things that you don’t allow, and enforce a fee if the rules are broken; college students hate additional fees, so it’ll be an extra incentive to be on their best behavior. Also, you can require a guarantor, maybe a parent or guardian, that way you can guarantee you won’t have issues with your tenant.
The college market is also great because college students do not have a lot of requirements or specifications about where they want to live. As long as your property has a bedroom, bathroom, and kitchen, you’re good to go! College students are also good tenants because they can give you a realistic estimate about how long they plan on living in your property because eventually they’ll need to graduate or just relocate in general.
The fall semester for most college students starts in August, so if you do want to expand your market now is the time!