Renting to college kids

[Warren West]

I am in the process of closing on a duplex that I plan to do owner occupied, near Providence, RI.  I am very close to a local college and have been starting to wonder about renting to students.  For those who have done this what are the major pros and cons?

I figure I can charge them more than a typical renter, but there is the stigma about college students being irresponsible and partying.  I'd be living either above or below them.  Also, for those who see a downside of having summers with an empty house, I went to school in the area and know that typically landlords have students sign year leases here even if they don't plan on living there during the summer.

[Anthony Thompson]

@Warren West there are a lot of pros and cons to college rentals. And the topic has been covered extensively here on BP so I don't want to rehash what others have already written.

I will say, that if you're actually living in the property I think you can mitigate some of the downsides/risks because you'll constantly have eyes (yours) on the property and will know what the tenants are up to.

It's always good if you can get parent co-signers, and also if you have a choice lean toward grad students over undergrad. They may stay longer and are usually more focused on their studies, more mature, etc.

Depending on how you do your leases, you may be able to have it "rented" for the full year including the summer, even if the students choose to leave town. Or if you can't swing that, since you live in it, you may be able to make even more money with a summer AirBnB rental.

As with all renting: screen, screen, screen. And apply the same standards you would with student applicants as with any other. They may not have a rental and/or credit history, and your policy may be that you need someone else with assets/equity to cosign, or you may have some other solution (e.g., require a minimum credit score but don't worry about prior rental history - up to you).