There are numerous benefits to living in Central Florida – one of which is the myriad of colleges and universities in the immediate area. Because of that, many young students are drawn to the vicinity every year, and those who opt not to live directly on campus will need a place to reside during the school year.
Yet, while owning a rental property that is convenient to a higher education institution can bring you an array of potential tenants, it is important to have a good understanding of both the advantages and the risks that can be present in this type of situation.
On the plus side, student renters are oftentimes less “fussy” when it comes to property expectations. For example, students are typically not too concerned if your unit doesn’t have the most up-to-date appliances or a lack of other amenities. In addition, in some cases, it is the parents of the students who will be paying the monthly rent. So, you may not need to be as concerned about receiving your regular income.
There can, however, be some risks, such as having tenants who are out on their own for the very first time – and in turn, may be less apt to take care of the property. Also, because students are only in the area for part of the year (as versus a full 12 months), you may also have to deal with the issue of an empty property more often.
The good news is that there are ways that you can prepare for student tenants so that the situation is win-win for everyone. First, be sure that there are rules related to what can – and cannot – take place in the unit. In doing so, you may also want to require that the student(s) have a cosigner, such as a parent or other responsible party, on the lease. It is also imperative that you screen both the student and the parent before consenting to let them move in.
Being prepared for any type of tenant is essential in order for you to get the most out of your real estate investment. Yet, spending your time managing your properties means that you’ll have less time to focus on other things – unless you are partnered with an experienced property manager.
Having a property management company there to collect rent, fix leaky faucets, and take care of a long list of other potential needs can be extremely advantageous – especially from a time management point of view. To learn more about how having a top notch property manager in your corner, Contact Us.