5 Benefits of Renting to Students
If you own a home near a college or university – either as your primary residence or as an investment property – there are a lot of good reasons to rent it out to students. Whether you have a basement apartment or rent out the entire house to a group, renting to students is worth it if you’re in the right market for it.
Owning a student rental in Toronto might seem risky, but if you go about it the right way it can really be worth it.
5 benefits of renting to students
Rent gets paid
If you’re renting to undergraduate students, it’s a safe bet that the rent will get paid because many students rely on parents, grandparents or loans to cover the costs of accommodations. If someone else is paying the rent, you’re likely to get it – possibly upfront.
Grad students are more mature, and likely have jobs to help pay the rent. Either way, renting to students is generally a safe bet when it comes to receiving rent payments on time.
Easy to fill vacancies
Due to your proximity to campus, you’ll never have to worry about finding renters. Each year there will be a new class of students looking for off-campus student housing. Turnover will be high, but you’ll always have tenants.
Fewer complaints (from the renters)
While many students are inexperienced in renting, there are some positives associated with that. Because they’ve never rented before, they’re unlikely to complain about the place. Obviously, you should be providing a clean and safe place for them to live, but students likely won’t be upset over older appliances and outdated finishes.
Demand is high
Because the demand is high for student rentals in university and college towns, you can charge competitive rents based on how much the schools charge for on-campus housing. Many schools house only first-year students who live far away from home in residence, so upper-year students are always looking for student rentals near campus.
In addition to posting your listing online on sites such as Gottarent.com, you might have the opportunity to advertise your student apartment on the school’s website or through some of the student-run groups. Big universities have plenty of organizations to help students on and off campus.