Student rentals. 5 miles from campus too far?

Question

I own a 4 bed 2 bath 2100ft2 rental in Orem, Utah that I could probably turn into a 6 bedroom house. Its about 5 miles from both BYU and Utah Valley University Campuses, about 10 min drive to both campuses. Is this too far from both campuses to turn into a student rental?

Jay Ingersoll · Answer

@Alipate Moleni I invest in Student rentals. The reason to invest in student is because the premium rent you can get. However, the to get that premium, you have to be almost on campus to give the “student experience”. That is just my opinion. For me to call it a student rental, I want something they can walk to class.

Clayton Smith · Answer

I rent to students in my area and have some about 10 minutes from campus and it is possible. I get less rent than the "oncampus bubble" in my area. So I think you would be able to rent to students but don't expect the same rent per room. Also, if you are wanting to make a 6 bedroom house you need more bathrooms. If you want your house to stay rented and for a good price you need at minimum 1 bath per 2 bedrooms.

Bill P. · Answer

@Alipate Moleni to answer your question directly, 10 minutes is too far to be called student housing. It has to be within walking distance of campus.

Will Gaston · Answer

@Alipate Moleni the reason most people, including myself, rent to students is that you're going to get higher rent in exchange for more turnover, maintenance, and drama.

My experience is that the larger the property the more difficult it is to rent to students. More people have to agree to rent it. This isn't super difficult if the property is right beside the football stadium or a bunch of bars. But it can get much harder if the property is far away from campus.

Joe Kilchermann · Answer

@Alipate Moleni As a student, and an investor, it depends on the student base you're targeting in my opinion. Around FSU in Big Rapids, MI the on campus students tend to live within 5 minutes of campus. However the commuter students, who make better tenants, could live 30 minutes away. So depending on the target tenant you're looking for, ten minutes could be just fine.

Student rentals. 5 miles from campus too far?

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