Answering the College Rental Market Question
We all know that fall is the best season in Raleigh. From hoodies and flip-flops to the crisp mornings followed by sunny afternoons, it really is a great time to be a southerner. Fall is also the season that brings all the college students back to the area. An increase is downtown nightlife and all things college football, but things look considerably different this year with the coronavirus pandemic.
COVID Housing Alternative
Most college students have been sent home to begrudgingly live with their parental units until a vaccination has been created, and college life can get “somewhat” back to normal. So, what does this mean as a landlord? In one big, enterprising word…opportunity! An opportunity to provide the college scene with an alternative to packing up and heading home to their “grown-ups.”
Many of the college students in the Triangle were abruptly displaced due to the pandemic, and after only a few short weeks living in the dormitories, were sent back home or forced to find alternative housing solutions. You may be thinking, are you suggesting that I rent to college kids? I’m not renting to a bunch of college students…That is just crazy!
Benefits of College Students
There are thousands of students that come to the Raleigh area each year to attend one of our many local universities. College towns have a built-in demand, but not necessarily the supply needed to house everyone. With consistent demand for rental properties and a high percentage of college students living off-campus, college towns produce a steady stream of students, professors, and university staff. Oftentimes, the cost of student housing can equate to higher rental prices due to the market and demand for quality rental properties.
Another benefit of renting to college students is that they are often less picky when it comes to amenities and other issues regular tenants may complain about under normal circumstances. College students are often (not always) being financially assisted by their parents, which means consistency when it comes to rent payments. So, you now have a low-maintenance tenant that doesn’t necessarily care about the decor and updated appliances, are financially dependable, and are happy to be living off-campus.
College Students May Be a Good Choice
With the benefits outlined and the new circumstances presented by COVID, it might behoove you to diversify your rental portfolio to encompass college students. While some may think that is a risky move, others may view the current pandemic as an opportunity to think “outside of the box.”
Want to learn more about purchasing a second rental property? Take a look at the following blogs.
- 3 Reasons Why You Should by a Second Rental Property in the same Neighborhood
- What to “Know” About a Second Rental Property
- The “Dos” and “Don’ts” Of Buying a Second Rental Home
Not 100% sure how to go about getting the best rental property for the college student population? At Oak City Properties, we have been taking care of rental properties for years! Our full-service property management company will help you find and buy new rental properties to grow and diversify your portfolio. We will also market the property, locate/screen prospective tenants, and show the home to qualified applicants. Once a tenant is placed in your rental property, we will: collect rent payments, assess and collect late payment fees, provide 24/7 maintenance, help with accounting/tax services, and deal with any court appearances in the event of an eviction.
Want to read more about property management services? Here are a few blogs that may interest you: