As the summer winds down, back to school season is approaching quickly! Despite what some landlords may think, students actually make great tenants. When you decide that you will rent to students you are opening yourself up to higher profits and a group of reliable tenants. Student housing can be very profitable and you can easily grow your business when you decide to rent to students. Here are four reasons students make great tenants.
Unlike other groups, students tend to be fairly consistent with rent payments. Students are often receiving some sort of guaranteed funds whether it is from their parents or student loans, which means they should always have enough money each month for rent. As a landlord, you can make your student tenant’s parents a guarantor on the lease to ensure that you will be paid no matter what.
Easy Going Tenants
Students tend to be very easy going tenants and will cause you little to no stress. They are happy if the rental is fairly well maintained and the landlord is quick to fix any problems. This is the first time that most of these people are living away from home and living somewhere affordable and close to school tend to be their main priorities, rather than whether or not all the appliances are stainless steel.
High Volume and High Demand
If you have units that are in university or college towns, there is a good chance that multiple people will be vying to rent your property. Having a lot of interest is beneficial and you can be selective with your tenants. The closer your rental is to campus the better because this ensures your properties will always be in high demand!
As long as your tenants remain enrolled in school throughout the year, you can count on a steady commitment. You do not need to worry that they will be moving for work four months into the lease. Even if the students go home for the summer, you can count on the tenants fulfilling the year long lease agreement and anticipate that they resign their lease after that year is up.
Accepting online rental payments will help to cut your costs and make the lives of your student tenants much easier. Head to RentMoola to find out how you can make rent rewarding.