College Campus rentals

[Sean R Spanos]

What is everyone’s opinion on buying and renting houses in close proximity to college campuses? I see the side where you always have a demand but at the same time it isn’t necessarily the most desirable Tenants. Thanks ahead for the input

[Account Closed]

If you can target just graduate students, it's way easier.  I discovered law students and they are golden - but - only law students going to a full-time program during the day, because I learned that part-time law students who have other jobs or kids, etc., aren't usually able to stick with the program, unfortunately.

Also, they will stay for 3 or 4 years if you get them their first year -and- you let them sublet their unit over the summer.  They need to go do summer internships somewhere else, and other law students want to come to their law school to do their summer internship.  If you allow this, you'll keep the original law student with no turnover normally until they graduate and if they intend to take the bar locally, they'll usually stay another year.

Also, I learned that there is no issue with a vacancy if you allow short-term rentals over the summer for the above reason.  Landlords worry about summer vacancies, but I discovered you can actually charge a premium - basically, be a summer AirBnB, but without having to furnish it.  They won't care, if you can make them the best deal in town - better than AirBnB or hotel rates, a decent, safe place and proximity to the university.  Their parents will pay for any furnishings, or they'll just put down an air mattress and only sleep there.  If you can also hook them up with students in your building, even better.  

I also offered current law students in my building a $100 rent credit if I rent to another law student they referred to me.

I also spoke with the housing person at the law school and she would post my vacancies on their facebook page, because students could walk to campus from our building, and they were always short of housing for law students.

I have heard that the same is true for med students.  We didn't have a nearby med school, so I don't have experience with that.

I detested renting to undergrads.  I avoided it after a couple horror stories in my building.  

I also did not have parents cosign, but I also only used M2M agreements.  The reason is because a cosigner has the right to know what's going on, to have a copy of every notice, yatta yatta.  I hated dealing with helicopter parents.  I just told them that I only speak with the person on my contract.  It's good for the students to get their own responsibilities, but the truth is, mommy and daddy will bail them out anyway, but this way, you don't have to deal with them.