Talk to me about renting to college students

[Catherine McElwain]

I'm looking for pros/cons of rental to college students.  We have one rental already for college students, and my daughter lives in one room.  It's a 4 bed/3 bath, and we rent out the other 3 bedrooms (by the room).  This has worked well so far and we are considering purchasing other rental properties in the area.

Clearly this would come with high turnover, potential for damage (and general gross-ness haha).  The market is in north Philadelphia where there are plenty of places to choose from, at reasonable prices.  School is large (Temple), but any property would have to be within the "Safety Zone" around campus that Temple patrols, given the not-so-safe neighborhood.

What should I consider in purchasing/rehabbing and then renting to college students?  

[Colleen F.]

@Catherine McElwain If you rent by the room expect some drama. You are going to want someone onsite similar to your daughter if you rent by the room to college students.  Someone reliable  as a point of contact for issues. Of course you have to furnish it since common areas are " yours"  Make sure you get solid furniture and solid fixtures. Overhead lights in rooms, all sinks with overflow holes, countertop that needs low maintenance. for some furniture we used consignment stores.  I would avoid ceiling fans that are low in the room because they will tape stuff to fan blades. If it is a biking area have designated space for bikes.  Check your area for unrelated person ordinances which may limit the size of house you want to buy.  I wouldn't mix students and working adults unless for example you get graduate fellows or similar. 

We always rented to groups and vetted them through social media and major. If you rent by the room walking distance you may find interest from grad students which can be great candidates.