If you own rental real estate that is either in or near any large metro area – such as Orlando – then it’s likely that there is at least one college or university nearby. And because of that, it is also a possibility that there could be thousands (or even tens of thousands) of young people who need someplace to live.

With that in mind, is it a good idea to rent your investment to students, or should you stay away from that particular market?

The answer is, it depends.

There are, in fact, many reasons why the college student population can make for a viable market. For starters, it can provide you with a large pool of potential tenants. This can equate to less time spent marketing your rental, and more time collecting monthly checks.

In addition to that, you could also end up with longer term leases, and in turn, fewer vacancies. For instance, many students will need housing for up to four years. So, by sending out your lease renewals early, it may be extremely convenient for students to remain in your property, as versus having to pick up and move every year.

Prior to moving forward with renting to the student market, though, there are some items to keep in mind. First, you will (in most cases) be dealing with a younger crowd, so your tenants won’t typically have a long employment or credit history. Also, you could find that there is more wear and tear on your property – especially if it becomes a hub for frequent parties.

One way to help keep your property well managed and maintained is to work with a property management team. In doing so, you can delegate tasks like rent collection and lease negotiation, as well as maintenance and repairs to someone else.

For more details on how working with a property manager can be a win-win situation, give us a call today.