College students can be good tenants if they are responsible and able to meet their financial obligations, but there may be some challenges with turnover and potential for disruptive behavior.
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College students can be good tenants if they possess certain qualities such as responsibility and financial stability. However, their transient nature and potential for disruptive behavior can be a challenge for landlords.
As Andrew Schiller, chairman of NeighborhoodScout, a provider of hyperlocal real estate data, says, “College housing is generally not designed to serve as permanent housing… As a result, tenant turnover is very high, and there is often wear and tear on the property that may not be easily apparent during move-in.”
Some interesting facts about college student tenants include:
- According to the National Center for Education Statistics, there were approximately 20.5 million students enrolled in colleges and universities in 2016.
- College towns and cities often see a surge in rental demand during the school year, leading to higher rents and lower vacancy rates.
- In areas with a large student population, landlords may require additional measures such as co-signers or higher security deposits to protect against potential damages or unpaid rent.
It is also worth noting that there are certain benefits to renting to college students, such as the potential for longer-term leases during summer months when many students return home.
Overall, whether or not college students make good tenants is dependent on their individual qualities and behavior. Here is a table summarizing some of the pros and cons of renting to college student tenants:
|Higher rental demand during school year||High tenant turnover|
|Potential for longer-term leases during summer months||Higher risk of property damage or unpaid rent|
|College students may be financially stable||Potential for disruptive behavior or noise complaints|
|Large pool of potential tenants||Need for additional measures to protect against damages|
|Low credit scores or lack of co-signers may be a hurdle|
A visual response to the word “Are college students good tenants?”
Real estate coach Chad Carson discusses the pros and cons of investing in college student rentals, noting that while rent can be high and demand stable, turnover rates can be high and management supervision is necessary. Location is crucial for success, and buying low-maintenance buildings or remodeling them to be low-maintenance can help. It’s also important to pay attention to university trends and diversify into different markets. Pre-leasing all leases to end on the same date can lower vacancy periods, and investors are advised to keep questions clear, short, and relevant to real estate, personal finance, early retirement, and personal development.