Articles
The Benefits of student rentals
Reason 1
Parents typically co-sign lease. Student doesn't pay, parent does. Non-student renter bounces his rent cheque, you are paying mortgage that month out of your pocket.Reason 2
Parents typically co-sign lease. Students damage something (they do not when parent co-signs) and parent pays.Reason 3
Students are typically not as knowledgeable regarding rental legislation as "professional tenants." Bad student is gone in a year. Bad tenant can hang on and cause misery for years.Reason 4
Students typically do not have pets, smoke or small children.Reason 5
Vacancy can be better managed. Regular tenant can pick up after 60 days notice anytime at end of lease. Student is leaving either at end of April or end of August. And replacement students will rent starting May or September.Reason 6
Students typically pay premium over family for unit rental.Reason 7
Students typically go home for summer. My properties are usually fully rented year round - but half occupied over the summer. Can't beat that.Reason 8
Property work load on student housing revolves around "marketing" and "outgoing/incoming" activities. Marketing is done January to February - typically. Outgoing/incoming either end of April or end of August. It’s really not a year round management endeavor - its very predictable.Reason 9
With "zero down" residential purchase options available, super first time home buyer incentives, and low interest rates, it makes me wonder who is coming to your door to rent - and why - if they are not a student? As such, in my opinion, the quality of residential tenant has greatly deteriorated in the last five years.Try student housing out. I think you would be pleasantly surprised.
Writer: Mike Milovick - www.teammilovick.com
Mike Milovick is a Waterloo based investment realtor and landlord who has managed both student and non-student portfolios. He can be reached through email at mike@teammilovick.com , and through phone at 519-745-7000.