Renting to College Students

[Noralee Deason]

I purchased a small 2 BR, 1 BA condo for my daughter and her fiance to live in while in college. They are about to get married and purchase their own condo (which they also plan to eventually have as a rental property when they are able to build). I am planning to start renting the condo I owned, and, in this area, right across the street from the football stadium, I will most likely attract college students. Any advise from pros at renting to college students is appreciated!

[Erik Hitzelberger]

I am currently offloading most of my traditional rentals in favor of student rentals.  Over the past few years, these have consistently been way more profitable.  Contrary to Scott's experience, my properties have significantly lower management requirements.  I suppose it has something to do with the International background of his tenants. 

You've already mentioned that you are getting the parents to cosign.  That is good.  The other thing I recommend is that you spend an extra 30-90 minutes at the move-in inspection teaching the tenants how to take care of your house.  Many have never done laundry, bought dishwasher detergent, changed an air filter, located a shut-off valve, etc.