When investors purchase single-family homes with multiple bedrooms, one of the first decisions they will need to make is whether they want the property marketed as student housing or a single-family rental. There are many colleges and technical schools around the Charleston area and student housing is plentiful. The high student population makes the ideal situation for investors who want to rent to students. However, there are many pros and cons to consider before deciding student housing is for you.
Pros of Renting to Students
Besides the high demand for student rentals, there are many other reasons why investors choose to rent to students.
- Higher rental income when a Charleston property management company can rent by the bedroom rather than for the entire house in many cases.
- Assurance of rent payment is higher amongst college students because their student loans, housing assistance, or parents are often paying the rent.
- College students are often less demanding and have fewer maintenance requests than other renters.
- College students will often choose to rent the same home for the entire time they are enrolled in school which means a Charleston property management company can expect long-term leases.
- Student housing has a short vacancy time and students will often fill those vacancies for you by inviting friends to take over bedrooms as other students graduate.
Cons of Renting to Students
While the guaranteed income is a great reward for investors who rent to students, there are negative aspects to consider as well.
- Because students are less demanding, they are also less likely to take good care of the property. College students like to have parties and property damage may be higher than renting to a family.
- Students will often not qualify for the property on their own and need cosigners, usually parents, to sign the leases with them.
- Many students travel and leave the area over extended breaks which means the house may be left empty for extended periods. There could be break-ins, roof leaks, and storm damage that the Charleston property management company may not be aware of until students come back home.
Whether you decide to rent to students or reserve your home for single-family rentals, there is a property management company that is the perfect fit for you.
If you have decided on a single-family rental for your investment property, call. Scott Properties of Charleston at 843-790-4929.