Renting to students
- Thread starter SGTech
- Start date
Hi Scott
I have hundreds of student tenants.
It can be a great business to be in or terrible depending on the particular market / property / management skill.
As general information:
More management intensive
Greater R & M
Potentially legal / licensing issues
Higher rent per sq ft.
With good product / management / city that supports it potential for minimal LTB issues / close to 100% occupancy / close to 100% rent collected
What city are you looking into?
I have hundreds of student tenants.
It can be a great business to be in or terrible depending on the particular market / property / management skill.
As general information:
More management intensive
Greater R & M
Potentially legal / licensing issues
Higher rent per sq ft.
With good product / management / city that supports it potential for minimal LTB issues / close to 100% occupancy / close to 100% rent collected
What city are you looking into?
I would hold out for now and see what happens in those markets in the near future before entering
At a minimum, research the rental licensing by-laws before purchase, Guelph's especially...
At a minimum, research the rental licensing by-laws before purchase, Guelph's especially...
All of the above
Renting to students could be a great deal. In most cases it brings more profit. However, a rental property has potential to lay vacant once the school year concludes.
Since parents normally cover rent payments, it’s usually safe to rent to college students. But, still you need to run thorough screening process. Do a credit report, gather personal references and conduct an interview with applicants.
Since parents normally cover rent payments, it’s usually safe to rent to college students. But, still you need to run thorough screening process. Do a credit report, gather personal references and conduct an interview with applicants.
I do student houses in London at Fanshawe College. The thing with student houses is you have to love it. My suggestion is to buy one and see how you like it. They make more cash flow than any other type of real estate that I am aware of. They are also more time intensive. I like doing it. I like students and I only acquire the best tenants. The biggest thing I recommend is to be very close to campus. This is how you can keep your houses fully rented 12 months of the year and at the best rental rates.
well said
Student Housing - 4 Things to consider before you start
- Time commitment – lots of time if you self manage. If you can rent to groups of students it will save time. Pre-screen your students. Find out what they want, what they can afford, when they want to start, how long they want to rent, if they have a car (and lots do), any special needs
- Where – location is vital. It does not have to be beside the college and sometimes it is better to be outside the “student ghetto” where there is less of a party atmosphere and more of a regular residential feel.
- What – single family/multi/condos/purpose built
- Your personality – comfortable around students, lots of patience. Not for the faint of heart. Are you willing to get out of bed at midnight to solve an important issue.
We never have problems with international students except noise and garbage which are manageable. But, generally cash flow is good.
However, getting property insurance for student rentals are now difficult. Have you guys encountered the same challenge?
However, getting property insurance for student rentals are now difficult. Have you guys encountered the same challenge?