College Students vs. Families: Which is better to rent to?

[Garrett F Anderson]

As I am trying to figure out my real estate niche, I keep coming back to the discussion of whether I should rent to (or target) college students or families.  To help me decide I was hoping to list the pros/ cons of each and get some feedback from the experts on BP.

I live in Kent, Ohio which is near Kent State University (obviously) and 20 minutes from Akron University.  Here are the pros/ cons:

Renting to College Students:

Pros:

-Closeness

-Constant business (University will never go out of business)

-Parents co-sign

Cons:

-New tenants every year or every two years

-Possibly more costs to repair damage after tenants leave

Renting to Families:

Pros:

-Longevity

-Less maintenance (hopefully)

Cons:

-Vacancy possibility

I love the idea of constantly having someone in my future rental properties and having parents co-sign because that means a secure, constant cash flow.  On the other hand, I like that having a family rent my future properties because that means longer tenants that will hopefully take care of the house.  Let me know what you think I should do or any tips you may have!

Thanks for reading,

G