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Rental Properties In A College Town - Long Term Stability

April 14, 2012 | Comments: 0 | Views: 109

If you are thinking about investing in rental property, and you live near a college or university, why not consider something nearby the campus? Many investors will not approach this idea with a ten foot pole, but I think differently about it. owning a rental property near a college campus can be an easy source of long-term rental income and stability, especially in a volatile economic time like this. There are many pros and cons to this idea, and I am going to discuss some of them here, but if you keep an open mind and think about the possibilities, this idea could be for you!

The first thing most people think when they hear about a rental apartment near a college campus is "Animal House". Admit it, the first thing that popped into your head when you read this title was John Belushi smashing a guitar against the wall, wasn't it? This is the major argument against renting to college students, "they will destroy my apartment!" In my opinion, that couldn't be farther from the truth. Most college students Want to graduate, so they spend more time in the library than anything; and most parties take place at fraternities and sororities than random apartments two blocks from campus, so the odds are definitely going in your favor!

Another thing naysayers will bring up is that the school year is only nine months long, so they will be forced to create short-term leases. While this is definitely a possibility, it should not be a deterrent; there are any number of ways to keep your apartment rented, and the best thing to do is to get to know the people who work in the university housing office. If they know that you are an honest landlord with good property, they won't hesitate to recommend you to students.

That being said, I have found two other ways to ensure long-term occupancy and income. The first is to try to rent to underclassmen; many times they will sign long-term leases (I know when I was in college my roommates and I signed a three-year lease, and lived in the same apartment from sophomore year until graduation.) The other way to get long-term occupancy is to rent to faculty. It seems like a no brainer, but most investors don't even bother to consider that a college needs more than students to function.

This leads me to maintenance. Obviously with any apartment there will be damage and needed repairs. In this situation, you might have to do a little more work than usual, but that should not be a deterrent. Here is my thinking on this issue; college students are young, away from home, and exploring their newly acquired freedom for the first time. They don't really care where they live, meaning you don't have to rent them a suite at the Waldorf. As long as the apartment is clean, pest and rodent free, and structurally sound, most college kids would gladly live in it.

This means you don't have to provide state of the art, top of the line fixtures and appliances, just ones that work, so anything that breaks will be easily (and cheaply) replaceable. You also will not have to break the bank to get the apartment ready to rent again; think about it, for a case of beer, you could probably get those graduating seniors to clean and repaint the place for you! That is the epitome of cheap labor.

There are many advantages to owning rental property near an institute of higher learning, many more than I have listed here, but I hope this article has gotten you thinking about seeing diamonds where everyone else sees rough. Happy Renting!

Jonathan James is the proprietor of, providing tips and strategies for making money from rental properties. To learn more about the realities of owning rental property, go to now!

Source: EzineArticles
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