3 Tips to Consider When Renting Your Property to College Students - What to Know
With a new collegiate academic year just over the horizon, loan providers and fresh high school graduates are set to feel a great deal of excitement with all of the opportunities that are ahead. Out of all the different people that should be excited about the incoming collegiate year, people with rental properties in college towns and campus areas are surely looking forward to the start of this period.
The most wonderful time of the year
The start of a new academic year is something that anyone with a rental property in a college town should look forward to because it is a time where the renter market is set to increase sharply in closed deals and agreements.
Thanks to the incoming college students and their parents towards excessively-long travel times from home to campus, more and more families are chasing after listings in college areas across the country. As millions of students—both new and old—continue to seek on-campus housing options, it’s clear that there’s a lucrative opportunity for those who want to leverage their rental properties to their advantage.
Although there is an array of financial opportunities ahead, most rental property owners have a level of aversion towards renting to college students because of past horror stories. Fortunately, it is very much possible to seize the opportunity that comes with higher levels of demand and lower vacancies without sacrificing your hard-earned property to a bunch of rowdy adolescents.
Tips for a hassle-free experience
If you want to ensure that your risks are minimized, and the potential profit is maximized, feel free to start applying these tips when setting up your rental property to welcome a few willing college students:
1. Come up with a thorough contract
One of the biggest mistakes that rental property owners often make when taking in new young tenants is that they overlook the importance of coming up with a thorough contract.
By taking the time to create your contract with the utmost care and attention to detail, you can protect yourself and your rental property from any instances of severe damage or lawsuits that may arise throughout a certain period. A thorough contract covers anything that lays down important ground rules to ensure that both the owner and renter (or renters, in some cases) uphold their responsibilities to one another.
2. Advertise all the details that your potential renter should know
Aside from breakages and rowdy house parties, another risk factor with renting out a college town or campus property to any student that can be avoided with proper planning is accusations of false advertising.
In some cases, a renter may bring up the possibility of a lawsuit or need for a costly refund in the middle of their tenure in a rental property over a minor detail that could have been clarified before the start of the contract. To ensure that you don’t fall prey to an opportunistic renter that’s looking to get a few hundred to a couple of thousands of dollars in refunds from their stay, make sure that your listing advertises every pro, con, and available feature in the property itself!
3. Bring in the property management solution
When approached without the necessary exposure or skills, the entire experience of renting out a property can easily prove to be a tedious task that can result in the following issues:
Overlooked payment deadlines
Thousands of dollars in lost potential profit
If you’re new to the entire experience of renting out your property, then it is absolutely recommended to bring in the services of a property management solution that can handle certain administrative tasks as you enjoy the stream of profit. For instance, if you’re in the New York City area, then working with a service provider—such as True Management NYC—can take care of everything from rent collection to violation resolution for a small price throughout the entire period a college student stays in your property.
Renting out your college town listing or campus property to any student in need doesn’t have to be as difficult as most people claim it to be. By keeping the right tips in mind, you can set yourself up for a stress-free college student renting experience just in time for the start of the new academic year!
If you need a property management company to assist you with looking after property, then contact True Management NYC today to find out how they can help you!