Renting to College Students
I just purchased a single-family home in a college town. I would love to talk to someone who has rented to college students before and sort of pick their brain.
@Caleb Rehg I would advise your first step is to search this site for college student rentals and student rentals and read all you can. There are people with tons of experience. The issues can be local so look for someone in your area who is posting and try to contact. A couple of issues you need to be aware of are any ordinances that are in your town or coming up. Unrelated persons ordinances are common. Noise ordinances as well. You can get something like noiseaware or minut to monitor that if it is an issue. Screening and Gaurantors are important, you might want to look at majors for some more serious ones that don't have time to party. Furniture that is sturdy and holds up is important. no garbage disposals, be clear about how to work the house, some kids don't know what a breaker is. Also look at parking closely because you will have 1 car per student in most cases. There is a ton of stuff to be aware of so good luck with your new rental. I've not covered everything but just given you a start. happy to talk but your location may be different then where I used to do student rental.
@Caleb Rehg
This thread may be helpful: Nearing 1,000 College Students: Here's What I've Learned
Quote from @Will Gaston:
@Caleb RehgThis thread may be helpful: Nearing 1,000 College Students: Here's What I've Learned
Sounds like you know what you are talking about in this space. Do you have a lease I could look at, if you feel comfortable sharing. You also mentioned you started pretty young, I am 18 and just purchased my first college rental, any tips?
1. You need a local/state specific lease.
2. The best way to get that IMO:
- Kindly ask 2-3 local large Property Mangers in your market if they'd share there lease.
- Check the Off-Market Facebook Housing groups at your school. DM a few local landlords to ask them
Caleb,
Looks like there is a ton of helpful information in the above thread. I just wanted to chime in and give a quick thought. When renting to college kids, I have always looked for grad students. Ones that are studying a lot or working while in school. I have been able to find them best through posting rentals on facebook groups near the universities. Just looking at their profile & seeing what year they are in. Another piece of advise is smaller universities that have a shortage of dorm space. Finding a university that is growing each year & buying a home very close on campus to the college housing. The reason for this is the university will likely want to expand & your street could have a high potential of being bought out by the university. All of my college rentals were bought out by the university at 1.5 time the market value.
-
Real Estate Agent Indiana (#RB22000396)
- 317-476-3338
- http://rootsrealty.co
- [email protected]
@Will Gaston that was exactly the thread I was thinking of but couldn't find it.
Quote from @Caleb Rehg:
Quote from @Will Gaston:
@Caleb RehgThis thread may be helpful: Nearing 1,000 College Students: Here's What I've Learned
Sounds like you know what you are talking about in this space. Do you have a lease I could look at, if you feel comfortable sharing. You also mentioned you started pretty young, I am 18 and just purchased my first college rental, any tips?
I was going to tag Will like I always do but he already did it so that's covered :)
I am in a college town and have rented to a lot of college students. I prefer graduate students whenever possible because they don't have time for partying, are of legal age anyway, and generally tend to be by themselves or with a partner so it's more like renting to a couple. My best experiences renting to undergraduates has been when 2 or 3 of them that all grew up together start college together and rent together, with the parents coming in as co-signers. I've had a few of those where they stayed 4 years and were pretty easy on the house.
I have student rentals. Send me a message, happy to chat on my strategy
@Caleb Rehg if you are still looking to connect with someone in the student housing space, I'd be happy to chat!
@Caleb Rehg I have been active in student housing for 20 years. Feel free to reach out to chat all things student housing!