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Tarzana – Property Management – Pros and Cons of Renting to Students

PROPERTY MANAGEMENT TARZANA

Pros and Cons of Renting to Students

It’s summer, and that means plenty of moving action in student housing. Turning over apartments and multi-room rental houses, summer moves home and new students moving in make it a busy time of year. With room and board fees increasing 6.5% each year, on top of skyrocketing tuition, many parents are looking for student rentals as on-campus housing alternatives.

If you own a rental property in a college town, you may be thinking about whether or not to lease it to college students. Here are some pros and cons for you to consider when making your decision:

PROS of Renting to College Students

Parents typically pay the rent, on time, every month. (Maybe they don’t want their kid moving back home!)
Students are often willing to pay top dollar, since living close to campus is highly desirable.
Grad students and med students are often quiet, clean and too busy to make much of a mess.
Students don’t typically break leases—they’re too busy during the school year to move.

CONS of Renting to College Students

They are messy. They can be VERY messy.
Zoning laws often preclude renting to more than a couple of unrelated individuals—be sure to check the laws in your area.
Student rentals may require more repairs, repainting and other maintenance during and after the lease.
Students like to party. Not all of them, certainly—but they can get a little crazy trying their new freedom on for size.

Tips from Landlords With Experience Renting to Students

Be sure your lease is ironclad and more detailed than you may think it needs to be. Consider higher maintenance and repair costs when establishing the rent and security deposit.
Establish noise limits and inform students that neighbor complaints will be dealt with severely.
Always have parents co-sign the lease: at least one parent for each student-tenant.
Don’t allow anyone who is not on the lease to stay in the rental unit. Temporary visitors tend to turn into unscreened tenants.

Student rentals can be lucrative, but do require a firm management style and frequent communication. Many landlords love renting to students and have no problems, especially when they are properly screened before the lease is signed.

Posted by Teresa

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.