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Updated almost 7 years ago,
Renting out a college property in February
I just finished renovation on a 6 bedroom house near Ohio State University campus. It's ready to be rented out, and I have the rent price listed at $2495 (slightly below average rental price in the neighborhood) but no one is interested, I assume because everyone has already secured housing since spring semester already started 4 weeks ago. I am considering doing a short term lease at $1995 per month, and then raising the rent to $2995 (average $500 per bedroom which is standard in the neighborhood) in the fall of 2018.
My questions are:
1. is this a good plan? (I don't want to leave the house vacant, even if it means me discounting the rent all the way to $1995
2. When does "fall lease" start for college students usually? (aug 21 is the first day of class, so I assume Aug 1st?
3. If I make my short term rental, should I have it go from now until July 1st (so I have 30 days to clean and repair damage before the Aug 1st move in?
Any tips or advice is appreciated, but my main goal is just to have the house occupied even if it's at a reduced rent asap, so I don't have to pay the utilities and also have the house exposed to squatters or a break in to steal plumbing etc.
Thanks!