Renting to College Students: Here’s What You Should Know
Renting to college students is a lucrative way to earn money and find a consistent network of tenants. With most people still reeling from the pandemic’s economic effects, this is an excellent solution to diversify revenue streams.
This leaves a massive gap in the market for flexible rent-based housing options that provide students with cheaper and more suitable annual housing solutions.
Despite the apparent advantages, many people are on the fence regarding renting to college students—that’s why we’re highlighting the many benefits, and addressing the many concerns, when it comes to student housing.
Student Living in Greensboro, NC
Greensboro is home to several colleges and universities, including the University of North Carolina, Guilford College, A&T, Elon Law School, and Greensboro College.
In total, these colleges cater to thousands of students, which helps create a strong case for investing in student living in Greensboro, NC. From a visit to the Weatherspoon Art Museum followed by local brews at the Red Oak Brewery to walking around the City Market, catching live music, or watching free movies at the city center, there’s no shortage of entertainment in Greensboro. Renting to students in such a vibrant college town is an excellent opportunity to expand your business and provide:
- Close Proximity: The majority of students don’t have cars, and spend most of their time on campus. They usually prefer to live as close to campus as possible, with easy access to entertainment, dining, and shopping.
- Affordability: Most students are on a tight leash regarding finances; after paying for tuition and necessities, they may not have a lot to put forward towards on-campus housing. Most prefer to stay nearby campus, and will most likely depend on splitting the rent with different roommates.
- Safety: Students, as well as parents, are always concerned about safe housing. A private landlord should ensure that all locks work, the building is up to code, there is ample lighting, and a designated area to safely hold mail and packages.
The Pros and Cons of Investing in Student Housing
- The Pros
As long as there are college campuses in proximity, demand for your property will always remain high. You can charge comparatively competitive rent, and there’s a high chance that the cost of housing is funded by a parent or via financial aid, so rent will always be on time.
- The Cons
Tenant turnover might be high because students tend to move between accommodations, and at times, skip complete semesters to return home for break.
Once vacated, you may come across property damage that amounts to more than the security deposit, as you’re always taking a bit of a gamble when renting to young adults. If your property isn’t considered to be designated rentals for college students, make sure you’re prepared to tend to noise complaints from other residents.
Despite a few cons, strict renting criteria can ensure responsible tenants and a positive landlord-tenant relationship.
At SLT Properties, we strive to provide quality services for both property owners and tenants looking for rental homes. Offering premium rental property management in Greensboro, NC, and surrounding areas in the Triad region, we’ll take care of every detail from rent determination to maintenance requests.
As a leading property management company, we can help you find a property to invest in, list your current property to find reliable tenants, and more.