The Bay Area is home to over 700,000 students enrolled in college or graduate school, many of whom will need off-campus housing each year. Here are some of the pros and cons of renting to students:
- High Demand: There is a constant need for student housing every school year.
- Higher Rents: Due to the high demand for housing, students may be willing to pay more rent.
- Third Party Payment: Parents often pay their student’s rent.
- Word of Mouth Fills Vacancies: Students may seek out convenient rental spaces on their own.
- Satisfied With Less: Students are looking for temporary spaces to live while they attend school, and may be content with more modest rentals.
- Inexperience Renting Property: Students may be less careful with property and late on rental payments.
- Frequent Turnover: New student renters may need to be found each school year.
- Competition: Other rental properties may be competing for student tenants, so lower rents may be necessary as incentive.
- Breaching The Lease: Students may ignore the details of their lease agreement.
- Summer Vacancies: When students leave for the summer, it may be difficult to fill open properties.
To read more about this issue, check out https://www.thebalancesmb.com/pros-and-cons-of-renting-to-students-4156810