Thoughts on college students as tenants?

[Blake Williams]

Hello everyone, as some of you may know at this point I'm in the process of seeking out my first deal.  Like other newcomers I plan to owner occupy a multi using the fha program.

I've recently decided that I'm willing to move a lot farther than I was initially so long as I get a deal that works, and that has me looking at an area that I was not initially considering: New Haven, CT.  

I like the idea of investing there because I recently learned that it has one of the highest occupancy rates in the state.  Also, I already have a good grasp of the area because I went to school there (SCSU)

That however, is one of my biggest concerns about the area.  It is very likely that I would end up renting to college students as there are four schools in the area: SCSU, Quinnipiac, UNH, and Yale.

While I wouldn't be too concerned about Yale students wrecking things, I'm not too sure about the other three.  Also, even if I do my screening properly and get good tenants, I'm still concerned there would be at least some vacancy due to they cycles of school.

Anyone weighing in on this concern would be greatly appreciated.  Am I just over thinking things?  Can anyone share any experiences of renting to college students?

[David Krulac]

Students will be harder on the property.  You should get yearly leases and have parent co-sign and harden the rentals for the inevitable damages.  Rents are higher than non-student rentals, as I well know.