Property Manager | Should You Rent Your Home to College Students?
Property Manager | Charleston is a college community with the College of Charleston alone having a student population of nearly 10,000 people. Seven percent of people living in Charleston are between the ages of twenty and twenty-four, and a lot of these people are renters. When you own a single-family home in Charleston, especially one with three or more bedrooms, renting to college students may be something you are considering. Before you become a property manager to students, there are a few things you want to consider.
1. Is Your Property Right for College Students? College students are looking for different amenities in a rental property than families are looking for. Students need to be near campus and bus stops because few of them have cars. Students also need affordable rentals since most don’t work full-time. Safety is another priority, as well as Wi-Fi accessibility and in-house laundry. If your property doesn’t offer these things, it may not be the best option for student rentals.
2. Property Manager Availability- How available are you able to be as the property manager? Student rentals tend to require more maintenance since students don’t always know how to fix things around the house themselves. Students are also busy, and if you require tenants to provide lawn care, you might often drive by and see long grass, unraked leaves, etc. Student rentals always need more attention from property managers.
3. Short vs. Long Term Rental- Students usually only need to rent for nine to ten months of the year; however, students who rent privately outside of the dorms will often pay for twelve-month leases to keep the same house for all four years of college. Students rentals in Charleston are usually in extremely high demand, so though you might have shorter–term renters and turn over each year potentially, student rentals fill quickly. You can also rent by the bedroom and make more in rent than if renting to a single–family.
4. Damages- While any renter can damage a home, student rentals tend to incur more losses than single–family rentals. Families usually plan to stay in their rental home long term and take better care of the property. Students are less likely to have an emotional investment in the property and are less likely to keep the property in tip-top shape.