Usually when requested and I try to get a tiny bit more rent for them with a provision in the rent that I am not obligated to repair or replace them if they quit working.  

Could you just put a tiny home on it and rent that out? 

Most were very tiny, about 250 square feet.This building was originally an old hardware store, and during the WW II housing crisis in the Bay Area, made into as many units as it could handle, with a few one-bedrooms thrown in. 

The property I managed was a 26 unit, 2-story single building, no frills, no balconies, showers only, old building, high ceilings, no elevator, with mainly tiny studios (about 250 square feet).  

I discussed it with the owner and we decided against it at the time, because the building was such tight quarters with lots of tiny studios and lots of grad students who needed it quiet - and we weren't sure we could count on the corporate apartment being quiet.But, there's a market for it.

Nothing better than a brand New Hummer pulling up to look at my tiny 2 BR house for $650 a month.

My daughter got one like this for a little dining space in her first little house:http://mydiningtables.org/corner-booth-dining-tabl...Here's a tiny office in a tiny space that looks great:https://s-media-cache-ak0.pinimg.com/236x/dd/d0/9d...But, I think some classy, simple staging would really help, too.For what it's worth :-)

Especially a place that wasn't a tiny apartment in a noisy apartment building.The one I moved into and rented, was a horrible pink color inside.  

I had quite a few that stayed after they graduated, sometimes for several years, even in tiny studios.  

@Joe Villeneuve  my comments are more directed towards the camp who's motto is" I just want cash flow and appreciation is icing on the Cake"  but its all a personal preference and risk tolerance and historic movement in RE values.And when your born and Raised in the Silicon Valley like myself and started in RE in 1975 I have seen the huge run ups.. so of course I just can't have anything but an appreciation bias for sure..   1975 home in Cupertino were I was raised my parents paid 25k for it.. today its worth close to 2 million and its just a Valley track house nothing special 3/ and 2 with a bonus room and 2 car garage on a 6k sq ft lot...and what you don't have in the bay area is with the very very tiny exception you have NO area that devalued at all...