For most landlords and property managers in Los Angeles, it is always a difficult task deciding whether to rent to college students or not.
While some property managers have their reasons for not wanting to rent to college students, there are some that still thinks that the benefit outweighs the disadvantages. Nonetheless, no matter the decision you make, you should have a policy regarding dealing with college students.
To help you determine if you should rent to college students or not, we have made a list of both advantages and disadvantages of renting to college students. This will help you to make up your mind about what you should do.
Top 5 Reasons To Rent To College Students
- Low Vacancy
If your rental property is close to university or college, it is a great opportunity for you to ensure that you never lack tenants and ensure that units in your property is always occupied by tenants.
New students are always looking for apartment, if you decide to rent to college students; you will always have new tenants and very low vacancy late.
Low Marketing Cost
When your rental property is close to a college, you won’t spend too much money on looking for tenants if you decide to rent to students. Since students are always looking for an apartment to rent, you can save a lot of money in marketing when you decide to rent to college students.
- Lower Expectations
Students are always trying to save money; they are not really looking forward to getting high-end amenities when they rent an apartment. If you don’t have modern amenities or your property has become old, it is a perfect opportunity for you to work with students who are looking to save money on rents.
Most students are being sponsored by their parents from home. This means that your rent is ready even before they arrive at your property. Since parents are helping students pay their fees, it makes it a lot easier to get your rent without wasting time.
- Easy to Find Students
You don’t need to look far for students. Most times, all you need to get students to come stay in your property is to put up an advert on the school website or similar websites that caters for the need of students.
Disadvantages of Renting to College Students
There are also some disadvantages to renting to college students. Some of these disadvantages include:
Students love to party. Since it is their first time staying away from their parents, they love to celebrate the freedom. Sometimes, they can disturb other tenants with their endless parties; you should always be prepared to be called in the middle of night to settle disputes as a result of the parties.
Lack of Concern for Utilities
Most students don’t really care about utilities. If you are the person covering the utility bills, make sure you add this to their rent.
- Risk of Property Damage
Some students can be very careless. Since they are renting the apartment only for a short-term, they may not care how they use it. In fact, in some cases, renting to students can increase the rate of wear-and-tear of your property.
As a landlord, you can minimize the risk when you decide to rent to college students by getting the services of a top Los Angeles Property Manager. A property manager will help you to take care of your property the way you can’t. If you are looking for an experienced property manager, we are Los Angeles Property Management Group can help you to ensure you get the best value from your investment.