Many landlords in the Denver Metro area rent to a wide variety of tenants, and tough anti-discrimination laws mean that you cannot discriminate against protected classes of tenants. However, renting in an area with plenty of college students means that you need to decide if you would like to tailor your marketing towards renting to college students. What should you consider when deciding whether or not to start renting to college students?
The Benefits of College Students
- Steady Income: Even during economically difficult times, there will still be students enrolling in local schools who need housing. In many cases, renting to college students ensures that you can weather economic storms that harshly impact things like home values.
- Steady Tenant Pool: Many students enjoy living off-campus, and tailoring your property and amenities to students can ensure that vacancies remain low and a steady flow of new and returning tenants will be living at your property every year.
- High Renewal Rate: While some students will eventually need to stop renting after college ends, most college students end up staying at their schools for 2-4 years. Instead of going through the hassle of moving after one year, most students will simply re-sign the lease for the duration of their college career.
The Drawbacks of College Students
- It’s a Risk: Many students do not have extensive employment history, any rental history or good credit. As a result, renting to college students can be a risk. In many cases, it’s a good idea to have a parent or other guardian sign on the lease as a guarantor to ensure that someone will pay the rent.
- More Wear and Tear: There is a slightly higher chance that students won’t take excellent care of the property. Oftentimes college students are living on their own for the first time, so while many won’t do active damage, you may see more wear and tear than you would with the average tenant.
- Parties: Every landlord dreads noise complaints, and parties or other events that college students are more likely to throw could lead to them. Ensure that your lease contains specific language regarding the consequences of repeated noise complaints.
All County Denver Metro Property Management Can Help When Renting to College Students
All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.