Ask ten property investors about their experience owning student rental properties, and you will probably get ten different answers. Despised by some investors and championed by others, student rental properties present unique challenges and opportunities that you won’t find anywhere else.
With the right strategies, resources, and support, owning student rental properties can be a lucrative and relatively simple venture when compared to other property types. In today’s blog post, we’ve gathered four of the greatest advantages of owning student rental properties. Keep reading to learn more, and contact Class for all of your leasing and rental property marketing needs!
Constant Demand for Housing
If you own properties near a college or university campus, you can expect the demand for rental housing to be high, particularly during the months before the new academic school year begins. This is a big plus, as one of the most difficult aspects of managing rental properties is finding a consistent stream of tenants to keep your units occupied. Students aren’t the only ones looking for temporary housing, either. Professors, administrators, and other university staff also need flexible, short-term housing options. In a way, owning student rental properties is equivalent to “fishing where the fish are.”
Competitive Rental Pricing
When you own a property close to a college campus, students often compare rental rates to the high costs of room and board at their university. This allows you to set your rental rates higher than you would be able to in other areas without scaring away prospective tenants. There is an art to this, however. You need to hit the sweet-spot between pocketing more money and still keeping your rental affordable for students.
Save Time and Money on Upgrades
While some real estate investors shy away from renting to students because they are worried about damages occurring to their property, there is a flip-side to this coin that you should be aware of. Since the majority of students are looking for affordable, temporary housing for a handful of semesters, they are less likely to request property upgrades than long-term tenants. This also means that you don’t need to add a fancy backsplash or other expensive features to keep your property competitive in your rental market.
Save Money on Marketing
While you still need to have a robust marketing strategy if you want to get the most out of your student to go as far as possible, contact the leasing specialists at Class today.
If you own student rental properties and are looking for ways to streamline your operations and achieve higher occupancy, get in touch with the leasing specialists at Class to schedule a free consultation!
