Are you considering investing in a property that would function as student housing near a university or college? In the United States, there are hundreds of cities located near colleges and universities where you can purchase a property that can be marketed towards students. There are many benefits to owning property near a college campus, including revolving tenants. You will never run out of tenant inventory as there will always be new college students in need of housing. Before you invest in a property to use in this manner, educate yourself on the factors involving student housing to ensure that you are ready to make this investment.
When investing in a property near a college, you will always have a large supply of future tenants. If you establish yourself as a good and fair landlord, word of mouth will be your only marketing need. Students will readily want to call your property home and recommend you to others in need of housing. Be aware that if you have student housing available, you will be hearing from a lot of people. More than likely, you will have applicants lining up to be considered.
Because you have a large pool of tenants to choose from, you can be picky. Look for applicants who seem like they will be responsible, will pay rent on time and keep your property in good condition. Look for students who are serious about their education, so you know they will take good care of your property.
Depending on how many properties you have, you may be able to manage them yourself or need to rely on a management company. Either way, you must have the best property management software in place to keep track of all property needs. Such software will include options for keeping track of tenants, including applications, rent payments, deposits, etc., as well as keeping track of maintenance needs for every property you won. Invest in quality software to know that your properties are being managed well.
Choosing a Lease Term
A typical lease agreement with a rental property will last for one year’s time. When renting to students, this might not be ideal. Consider how to adjust your lease period to meet student needs. This will help you to have quality tenants for the long and short term, depending on which option works best.
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