Renting to students
A rapidly increasing housing niche is renting to students. There are several reasons for this. The main one being that student housing demand is increasing more rapidly than regular demand.
There are positives and negatives when renting to students, but it might be worth trying out to see how it works for you.
Increasing demand
College enrollment is expected to rise as it becomes more and more important to be educated due to globalization. More and more students study longer as well.
Upside to renting to students
Students are always looking for a decent
apartment for rent to live in. Due to their finances they are often willing to share with other students. Their standards of living are usually not that high as well. Combining the two facts that they are willing to share with other students and their fairly low standard of living you can get pretty good rental rates.
Example:
You have a house 4 bedroom house which you normally rent out for $1500 for the whole house. By renting out each room for $700 per room you are
almost doubling your income!
Downside to renting to students
Students tend to not take as well care of the apartment as other tenants do. You can protect yourself by demanding a security deposit and by
screening your tenants diligently.
Since students are often young it's also very important that you stay on top of the rent collection. By using an
automatic rent collection you will ensure that this doesn't turn out to be too much of a problem.
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