Your property is not only a financial asset. It is security for your future, maybe property that you’ll leave to your children but it is also a reflection of your hard work and dedication. We know your property means a lot to you and renting it out can be risky business without the proper screenings and precautions about how will rent in your home. That’s why Reliant Property Management has good tenant screening practices in place, to ensure that your renting experience is a good one for you and for the renter. So we thought we’d take a look at a few tips when it comes to renting and, more specifically, renting to a younger college-going crowd.
In 2018, there were 14.53 million college students in the U.S in public colleges and about 5.12 students in private colleges. College students can range in age, of course, but most of them are young people between the ages of 18-40. These college students often get a bad reputation but they can actually make good renters.
A Different Kind of Renter: A Focus On Functionality and Affordability
First off, college students are in a different category of renters because their priorities in a rental property might be different than, say, a family of four. They are also different because they are not your typical long-term renters. Most of the time, they will value proximity to campus, a certain kind of location, and affordability over granite countertops, a big backyard, or other premium amenities. Most college students will overlook older appliances or small needed renovations. Their focus is mostly on functionality and, of course, a property that meets the requirements of habitability—working gas, heater, electric, plumbing system, etc. What they want is a space that is conducive to study and a simple lifestyle.
Living in a dorm can be equally if not more expensive than renting off-campus and this prompts many driven college students to look for affordable housing near their school. So what do these renters typically look for in a property? Here are some of their major concerns:
- Campus proximity. Wherever the campus is in your city, having some close proximity to it will be a major appeal to college students.
- Affordability. Students don’t typically have lots of extra cash in the bank, so they look for affordability.
- Laundry and Wifi: These are probably the two most important amenities for students.
Why College Students Can Make Good Renters
We understand that some property owners are hesitant to rent to younger renters. With the right tenant screening, of course, they can be effective renters. Here are some of the perks that might work for you as a property owner.
- Shorter Lease Terms. If you are uncomfortable with longer leases or maybe are thinking about experimenting with shorter lease terms, college students are a great way to get tenants for a 6 month or year period.
- High Demand. As long as college classes continue, there will always be a high demand for rental properties around universities or schools. Word of mouth also travels fast among this group, so as one group moves out, you will have recommendations of other possible renters.
- Save Money on Upgrades. If you are not able to make rapid upgrades and renovations to your rental property, renting to college students might be an option to give yourself a little more time.
Tenant Screenings for College Students
And just like every renter, you want to follow proper protocol when it comes to tenant screening and asking the right questions. Because college students are not often the ones directly paying rent, it’s possible and necessary to verify the third party: whether it be parents, college fund, or otherwise. Other concerns might include noise complaints and just a general inexperience of maintaining property. These can be remedied by including specific provisions in your lease terms and screening your students carefully. Security deposits will also come in handy if there is some minor destruction of property, which is rare but it happens.
The bottom line is renting to college students is not generally as risky as some people might imagine. Most are responsible and are not looking to destroy property, but good screening procedures and a good rental contract can help protect you from possible damage.
Find the Right Tenant With Reliant Property Management
Whether you are considering renting to college students or not, Reliant Property Management is here to help you find the right tenants. We are proud of our thorough and effective tenant screenings process which ensures that you are well aware of who is moving into your property. Your peace of mind is important to us. It’s what we do as property managers and we want you to feel comfortable about who you are renting to.