Philadelphia and surrounding suburbs are home to a number of well-established universities filled with students who likely need some form of housing. While many schools offer guaranteed housing every year, others do not. In these cases, young college students with little income are heading to Craigslist to search for affordable housing options.Owning property near a university can be great for a property owner, especially because available housing is usually in high demand. Plus, college kids want the basics when it comes to housing, so you won't have to worry about expensive upgrades. We have some tips for managing student properties.
Before you rent to students.
- • Research. Determine if the school environment is the right place for you. 4-year colleges are more likely to have students wishing to live near campus. If the school seems to rank well and have a healthy enrollment, then your investment could be worthwhile.
- • Choose a home with many bedrooms. While many young professionals are looking for personal lofts, college students want a home that is convenient and can fit a number of roommates to split the rent. Investing in a property that has 2 or more bedrooms will be a better choice.
- • Avoid fixer-uppers. In many cases, landlords on college campuses are neglectful of their properties. Think twice before making a big investment in a property that needs more than a little work. The maintenance costs won't be worth it.
- • Hire a property manager. A property manager will lift a huge weight off of your shoulders. They can handle maintenance calls and rent collection. Plus, they can make sure your tenants are qualified.
When renting to students.
- • Communicate. Many of these young students are still adjusting to living on their own. Take the time to break down the lease and explain their responsibilities, such as rent collection. Make sure they also understand the consequences of not following the lease.
- • Trust. Your college tenants don't want to see you 24/7 because they are finally free from parents (and really don't need you to act like one). Always give enough advanced warning if you need to come in the property. Communicating through text is probably the best way to announce any important information. If you establish strong communication, then they will be more likely to report any property malfunctions to you.
- • Be mindful. Many students are far from home, so don't expect them to be there all the time, especially over holidays. If the trash needs to be taken out or the rent falls on a holiday, be sure to have important dates laid out and remind your tenants of upcoming deadlines. Establishing a monthly email could be helpful.
