Think Bedrooms – College students view rentals differently than families. Families consider their monthly income and expenses to determine what they can afford to pay for rent. College students find friends that they want to live with and pool their money together. The students break the total rent down into cost per rooms. Therefore the more bedrooms in a college rental, the more income it will produce.
Location – The location of a property is always important in real estate. When it comes to college rentals, the closer the property is to the school, the more income that it will produce. Properties within a short walking distance to campus will always produce the highest rents per bedroom. The next best locations are often near downtown and the bars. College students often spend more time hanging out at bars than they do in the classrooms, so these can be excellent properties to target.
Parking – When you are looking to buy college rental you should look for properties that do not have a garage. Many college students do not own cars and those that do often do not care too much about them. Purchasing a college rental with a garage will only cost you money. You will pay for the garage during the purchase process and you will continue to pay for the garage through maintenance over the lifespan of ownership. You should target a college rental that has adequate off street parking.
Common Areas – The common areas of a college rental are to the students. Most college students prefer to live in houses over boarding houses. Boarding houses often have one common kitchen and bathroom with separate rooms that all lock. Rental houses are ideal for a group of friends to rent together. Students that live in rental houses also tend to be liable for the landscaping maintenance and common utilities. These expenses are often incurred by the owner in boarding houses.
More than One Bathroom – If you want to rent a college rental to girls you are better off having more than one bathroom in your property. College boys typically don’t pay any attention to the number of bathrooms in their rental, but this is often a top priority among girls. Most landlords of college rentals prefer to rent to girls over boys. While a landlord cannot discriminate who they rent to, they can provide amenities that are attractive to certain genders.
Author Resource:-
Ryan Martin is a full time REALTOR® with Windermere Real Estate/Whatcom, Inc. in Bellingham, Washington. Ryan specializes in selling condos near WWU and apartment buildings in Bellingham WA. Learn more about Bellingham, WA at RyanMartinRealEstate.com.
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