How to determine rent price to college students

[Steve Williams]

I'm looking at at fixer upper tri plex near a college in my hometown.   I'm looking for advice on how to determine what rental income would be for college students.  Is it best to charge per student, or per unit?  And what resources are available to know what that price should be?  I also understand that during the summer break, I may not have tenants. 

[Dave Poeppelmeier]

@Steve Williams, Student Rentals definitely command higher rents, but you really have to know what the geographical Student Housing areas are and the rental culture of the school. @Will Gaston and myself have commented lots on this topic, but I would recommend finding out who owns Student Rentals in your town and talk to them about what a 2/3/4/5 bedroom rents for, when the leasing season is (Fall vs Spring) for the next school year, and what do students expect (nice house like their parent's or bombed out party houses). Once you get that information, you can start to plan for making your rental Student Housing. One thing that I would recommend, is whoever you put in your rental, make the lease revolve around the Academic Calendar, starting in August or September. That way, if a non-student moves out, you don't have an empty house in January sitting empty until the next school year starts. Finally, put everyone on one lease. You don't want to rent by the room for a little extra profit and have 3/4/5 leases in a house, when you can have everyone on one lease that is responsible for everything as a group. As a group, if one person isn't paying their rent, they'll get on them so they all don't get kicked out! Best of luck to you.