Furnished college rentals
Has anyone offered furnished rentals for college students? A mid term rental type format? I have 2 large homes (6 bedrooms each) that are in a college area. My property manager advised due to decreased university enrollment these homes are slow to rent over the last few years. Trying to think of different offerings to get up occupancy. we are competing with large new apartment buildings that offer a lot of amenities. Thanks!
#1 Medium-Term Rentals Contributor
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Are these in Minneapolis area? If you're unable or don't want to list them as an STR. Listing them on Furnished Finder, Aribnb, VRBO and Zillow for 30+ day stays are likely your best bets. You can try also finding local real estate groups on Facebook or try posting on some of the national ones focused on travelling nurses
#3 Medium-Term Rentals Contributor
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#3 Medium-Term Rentals Contributor
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We have a 4 bedroom home we're managing that rented by the room to university students. It's been less than a year so I don't have much data, but so far it seems the home may earn just as much renting as a whole home vs by the room.
The strategy that works best for any given property really depends on local factors. In a different market, there may be lots of demand for individual rooms and little demand for the whole home, making rent by room the better option. You just have to research your area and compare the different strategies.
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I know @Erin Spradlin is always pushing her MTR consulting clients to try student housing ... probably because we have done it in one of our medium-term rentals.
It's a 4br/2ba furnished house in Colorado Springs, a mile from a private college. We've had two separate groups of college kids. They each signed a 9-month lease at our existing midterm rental rates. And they were great.
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#1 Medium-Term Rentals Contributor
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I've been wondering if the college rentals have taken a hit since COVID as more universities have shifted to more online classes than ever before. There's really no reason to be on campus if you don't have to. We almost bought an over/under duplex in a college town years ago but got outbid. Maybe we dodged a bullet.
@Jenna Fernandez Most of the rental market by me is 9 month furnished student rentals and weekly summer rentals. It is a very specific area but it can work well. We did it for a number of years with good results. We did not rent by the room. If you do rent by the room watch out for local unrelated person ordinances. Room rentals here tend to go to international students, students from out of area who need to do local internships, and generally older students. Students still come despite remote classes because it is an experience. Some universities have a housing shortage and some don't, you have to evaluate the situation by you. A lot of universities try to provide student apartments but as my niece told me you are still under the universities thumb when it is university housing and students don't like that. If it looks viable give it a shot. Most of the amenities an apartment complex offers larger universities have on campus (gym, pool). There is also nothing stopping you from exploring aparment rentals as a rental prospect and see what the competition looks like.
#5 Wholesaling Contributor
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#5 Wholesaling Contributor
- Rental Property Investor
- Columbia, SC
Quote from @Jenna Fernandez:
Has anyone offered furnished rentals for college students? A mid term rental type format? I have 2 large homes (6 bedrooms each) that are in a college area. My property manager advised due to decreased university enrollment these homes are slow to rent over the last few years. Trying to think of different offerings to get up occupancy. we are competing with large new apartment buildings that offer a lot of amenities. Thanks!
I've done furnished student rentals 4-5 years ago and will never do it again. Hated it. Kids were picky and many only wanted to keep some of the furniture. Lots of management hassle.
I've had a lot better experience leasing property by spending money in the backyard where they can hang out. Fun hangout spots get kids to lease. Here's one I just completed.
Also, this thread on student rentals may be helpful: Nearing 1,000 College Students: Here's What I've Learned
I invest in student housing and we do fully furnished rentals. Happy to answer any questions you have on the business.
Here are a couple photos:
https://www.biggerpockets.com/forums/48/topics/1187121-stude...