Student Housing in Waterloo, Kitchener and Guelph area
- Thread starter amadeus
- Start date
- Joined
- Sep 6, 2007
- Messages
- 349
We have rented some of our places to Conestoga College students. They can be as simple and as challenging as any other tenant. If you are inexperienced in property managing, you would be wise to learn the ropes via a standard type rental. Students have different needs and it helps to be more "parental" in your management style. Also, they are usually out in a year, so the cashflow you gain may get used up with the annual clean-up and painting, plus the costs of refilling the place.
- Joined
- May 1, 2008
- Messages
- 14
Carla is absolutely correct from my experience. You can get good and bad tenants with students and adults, but overall students require more attention. The basic rules still apply. Interview your prospective tenants carefully and listen to the little voice in your head if something doesn`t feel right. With students I always get a guarantee from a parent unless they are self sufficient. I also do credit checks on the payer.
I have several properties in Waterloo and Kitchener, with a mix of adult and student rentals. From my experience there are plenty of renters available in this market. You have to know your pricing and set yourself apart from the competition.
Anyone that tells you managing your own properties is easy either hasn`t done it themselves, or is motivated by something else (like selling you their property). It is time consuming and challenging at times, but I believe in the long term it will be worth it. I look at it as my part-time job.
Good Luck,
Larry Teeple
I have several properties in Waterloo and Kitchener, with a mix of adult and student rentals. From my experience there are plenty of renters available in this market. You have to know your pricing and set yourself apart from the competition.
Anyone that tells you managing your own properties is easy either hasn`t done it themselves, or is motivated by something else (like selling you their property). It is time consuming and challenging at times, but I believe in the long term it will be worth it. I look at it as my part-time job.
Good Luck,
Larry Teeple
- Joined
- Oct 10, 2007
- Messages
- 4,733
Hi Amadues
I manage and rent out hundreds of student rooms in Waterloo and also manage lots of non student places so have some perspective on this.
Student housing can be much more time consuming then most non student rentals. To do it well you`ll also want to (or have a manager that does) have a different approach / procedure. If your in Vancouver you do not want to be self managing a student property out of province (or ideally any property).
Carla is correct that there can often be higher cleaning costs etc.. on change over and you have higher turnover than in a non student rental. However generally cash flow is higher with student rentals even when accounting for this in Waterloo. Student rentals if managed well and a good product can go very long periods of time with 100% occupancy and 100% collection. Tenants start and end tenancy same time each year, tenants with guarantors can afford the rent. I`ve never seen non student portfolio`s of any property type (buildings, plex`s, houses, condo`s, townhouses) in any area in Ontario perform as well. The two main issues are - more stress / hassle if self managing and more $$ for down payment required with student housing.
I manage and rent out hundreds of student rooms in Waterloo and also manage lots of non student places so have some perspective on this.
Student housing can be much more time consuming then most non student rentals. To do it well you`ll also want to (or have a manager that does) have a different approach / procedure. If your in Vancouver you do not want to be self managing a student property out of province (or ideally any property).
Carla is correct that there can often be higher cleaning costs etc.. on change over and you have higher turnover than in a non student rental. However generally cash flow is higher with student rentals even when accounting for this in Waterloo. Student rentals if managed well and a good product can go very long periods of time with 100% occupancy and 100% collection. Tenants start and end tenancy same time each year, tenants with guarantors can afford the rent. I`ve never seen non student portfolio`s of any property type (buildings, plex`s, houses, condo`s, townhouses) in any area in Ontario perform as well. The two main issues are - more stress / hassle if self managing and more $$ for down payment required with student housing.