Deciding to rent a property can be a huge investment in both time and money, especially when it comes to dealing with students. Much like any other group of prospective tenants, renting to them through services such as Rentwhoo certainly has its pros and cons, all of which you need to take into account before making a final decision.
With the hundreds of thousands of students who attend universities or colleges in Canada every year, there’s generally an unlimited demand for student housing. This is especially true if you’re situated in or near a university town. You’ll never have trouble finding tenants, not to mention that you have the ability to become a university-accredited landlord, meaning you’ll have your pick of the bunch when it comes to choosing new occupants.
– The money
One of the biggest advantages of renting a property to students via Rentwhoo is that you can earn extra money by renting by the room, not the entire property. Although this isn’t exclusive to student tenants, it is certainly more common among this group. What’s more, you can take a larger deposit upfront for potential (and likely) repairs.
– Minimal upkeep
Students generally aren’t fussy when it comes to state-of-the-art appliances, fancy finishes and perfect plastering. In fact, as long as they have a roof over their head, a decent bed and the basic amenities, you’re not likely to hear many complaints from them at all. This also means that you can simply clean and update as and when needed instead of having to make big purchases between occupancies to impress potential tenants with potentially higher standards.
-Fewer long-term renters
Student renters aren’t likely to stick around for more than three or four years (with most relocating after a year), so you aren’t tied to any long-term contracts. Although this means finding new tenants more often (which shouldn’t be a problem in a city full of students), it gives you added flexibility.
– Guaranteed income
As most students are first-time renters and don’t have any previous credit history, they will need to assign a guarantor to make sure payment is met. Although this can get complicated is multiple guarantors need to be assigned, it does give you peace of mind.
– Noise complaints
One of the most common complaints about student tenants is that they generally like to party and make a lot of noise, that is in comparison to other demographic groups. Although this cannot be said of all young adults, it seems to be the case more often than not, and even if you have quieter tenants, they come with a reputation that’s hard to avoid. A great way to bypass any complaints from neighbours is to invest in block of apartments that will be student only, resulting in less potential complaints.
– The aftermath
Following from the previous point, students are much more likely to leave things that they no longer need. Garbage, recycling and mail that has yet to be forwarded need to be dealt with before you can show the apartment or house to the next round of potential occupants. Luckily, this is where the increased deposit comes into use.
Known for relocating every year or so, it’s often the case that most won’t have many possessions, especially when it comes to furniture. Student digs really need to come furnished with the basics if you’re going to continue to attract new tenants. Thankfully, these items can be bought cheaply, but they are also something else that can be damaged by rowdy occupants.
At the end of the day, student renters come with their own positives and negatives like any other type of tenant, so you need to decide if that’s the direction in which you want to take your investment. You can make a great deal of money from their business when using a service like Rentwhoo, but most experienced landlords would recommend either going full student occupancy or none. This is because if you’re used to dealing with student tenants, then you will already have certain systems in place to deal with common problems and complaints, but if you start mixing students and professional renters then it could prove to be a nightmare.