Student Rental property management question?

[David Huynh]

Hello BP,

I do not have a student rental in my B&H portfolio and have located a gem property near a campus (walking distance). This property is 1 hour away from my residence and I am debating how easy it is or difficult to manage. 

How often do you check out your property?

Once the students are situated (moved in, set up electric, etc...) can you be more off-site?

Do you receive a lot of phone calls/inquiries with young adults transitioning?

What helped you successfully manage from a distance? 

-i.e  - upfront when signing on the tenant that if it is a non-emergency, they can e-mail instead of call you. 

What are things I need to put in place to make this baby work?

David H. 

[Curtis Bidwell]

@David HuynhI would recommend having an active PM for student rentals if you are an hour away.  Some of the issues I deal with include:

• First time renters: don't know what is expected even after going over the contract: "don't remember/don't care" (short on life experience).
• They will move in/out additional tenants/pets without notice. (Have addendums ready to add/remove tenant).
• Parties / noise / dope / ugly cars / etc...

To alleviate problems: 

• Make sure they are on an automated payment system.  (I do have some who pay quarterly when their student aid is distributed). 
• I always make a parent co-sign. Not only does it give greater confidence in being paid on time, but it gives an additional layer of accountability for behavior -just knowing we could make that phone call! 

Student housing can be more lucrative, but also typically requires more hands-on attention, and a bit more in maintenance.  I use student housing to drive my apartment rates.  I typically charge an additional $50/mo for students and allow 2 students in a 2 bedroom.  I charge an extra $125/mo for a 3rd student. (It's still cheaper than living on campus!)  

And Yes, email and text work really well for this demographic!

Good luck!