The housing and rental markets have taken some hits in the last few years but one area of property management that is holding its own and even improving is student housing. Every year there will be that influx of students looking for off campus housing and the newest crop of students expects more from their housing and they’re willing to pay for it.
Obviously renting to students isn’t all peaches and cream as there are some downsides. One of them is that most of them don?t want to live there the entire year so you have to figure out a way to deal with rent during summer months or possible subleasers. Another problem is students have a well earned reputation of being irresponsible and hosting parties. This is where screening and hefty security deposits can be useful.
The upsides of renting to students is they are often willing to share which can actually prove to be a windfall financially for you. They also have parents which you can typically require to cosign on their lease agreement, which gives you a backdoor if there is a problem with rent that you typically wouldn’t have.
So if you’re looking to infuse your property management business with some new energy and income, try renting to students.