Central Valley Rental Property – Should You Rent To College Students?
One of the great things about owning Central Valley Rental Property is that you have a diverse group of people to rent to but should you rent to college students?
Although some people who own Rental Property in the Central Valley might have mixed opinions about renting to college students the reality is that college students represent a steady income stream for a property owner if you start out renting to them correctly.
Benefits of Renting To College Students
#1 – Steady Rent: Thanks to the fact that many college students go to college or the university for 4 years it’s not uncommon for most of them to commit to living in the same rental property for that length of time because they know the high cost of student housing and want to save money wherever possible.
#2 – Paid In Advance: Most college students, especially those with tuition have been known to pay their housing costs or rent in advance and this is a good thing for the landlord because it means steady cash flow without the headache of having to collect rent each month.
#3 – Guarantee: If you rent to college students under the age of 21 you can ask them to have a parent or someone else to co-sign their lease to guarantee that you will continue to be paid rent regardless if they can pay their rent or not.
Before Renting To College Students Do This
So you’re ready to start renting to college students but before you get started make sure you follow these steps.
Step 1 – Have an Airtight Lease – Meet with your lawyer to create an airtight lease so you will continue to get paid regardless of the students financial circumstances.
Step 2 – Set Up Some Rules – Always have rules for your property before a college student can move in like: no fireworks in the dwelling, no jumping off the roof or no charcoal grills because, although renting to college students can be a lucrative part of the rental market you want to have rules in place to protect yourself should problems occur.
Learn More
To learn more about renting your Central Valley Rental Property to college students, or to speak with us about our property management services, contact RPM Central Valley today by clicking here to connect with us online or by calling (209) 572-2222.