Some investors shy away from students. And other investors love students! If you find the right students. They can make wonderful tenants.
For many of them, their parents will actually pay the rent. Meaning you won’t have to worry about money problems.
How do you find the right students as tenants?
You want to start early in the year so you get the responsible students that are eager to lock down that perfect rental. Students that start searching in December/January are usually pretty organized.
The next test, do they show up on time? If they book a two o’clock appointment and they’re there at ten to two? Check. They are there at two? Perfect. Do they come at two-thirty? Probably a no.
Do all the people, that are going to rent it, show up together? If it’s four girls that are renting it together. Are they all there? If only two of them show up it could mean they are not as organized or not as committed to living together.
A good question to ask is will their parents guarantee the rent? This is very important when dealing with young renters with little to no income.
For a lot of my student rentals, I’ll hold an hour and a half open house. That way you can have all of the potential students come at once. You can get them to fill out an application and also ask for references. A lot of times they could be a teacher or a previous employer. I find this helps greatly in selecting good tenants.