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The Hagley G…, Real Estate Pro in Pleasanton, CA

Student housing?

Asked by The Hagley Group, Pleasanton, CA Fri Aug 10, 2007

Has anyone had expereince buying student housing for investment? I know there is a housing shortage near local colleges....wondering if dealing with college kids is more trouble than it's worth. Any thoughts?

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In our market area, we are near the shore, and near a private school, Monmouth University. Many investors own properties that are student rentals by the school year, and summer rentals for city dwellers or vacationers. The properties do get some abuse, from both sets of renters, but it seems to work well for the investors. The fact that summer rental rates can add profits to the bottom line that make the risk more worthy of taking. The winter rental rates are substantially less, and more attractive to students. Without the benefit of the kick in of the summer rental rates, many investors may not have an interest.

Diane points out liability concerns worth noting before taking on this responsibility.
2 votes Thank Flag Link Fri Aug 10, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
I think is a great investment!!! The only negative will be at summer time if you are not in a tourist area, but when the school year start you can interview as many students as you like because you will have plenty of demand to choose who you think is the best fit for you to rent.
1 vote Thank Flag Link Fri Aug 10, 2007
I tend to agree with Carrie--it's all about interviewing the tenants. Of course there are going to be "crazy" college-bound students that are thrilled about the idea of freedom, no discipline, partying, but not all of them are like that. There are many who will respect the space and consider it home, which I think a good amount do since they tend to stay in the same apartment for the entire college experience.

I know that personally, I used to attend Berkeley and I lived in North Oakland. Because I was a little further away from my apartment when at school, I spent most of my time at school or off campus elsewhere. With most of my friends that lived near campus, I never saw any major damage or destruction to their units besides the usual wear and tear of commercial grade carpeting and maybe some scuffs on the vinyl. But I say that as long as you filter through the applicants, you get a pretty good feel of how well the student will take care of your unit. Student housing is a great investment! Thanks for reminding me Cindi, I should look into that.
1 vote Thank Flag Link Fri Aug 10, 2007
Getting the rent paid is only part of the equation. There's damages and the landlord risk for responsibility for underage drinking/"animal house" laws.
Web Reference: http://www.dianeglander
1 vote Thank Flag Link Fri Aug 10, 2007
There are a fair number of college students that make great tenants. Have an interview process. Find out who will be responsible for pay the bill. If parents are paying I would say you should not have as much trouble.
1 vote Thank Flag Link Fri Aug 10, 2007
I haven't had experience with student housingbut I would guess there may be a liability issue for their behavior if they are under age. The other question would be payment responsibility....will their income support the payment? Maybe a co-signed on the rental agreement. Good luck.
Web Reference: http://pamwinterbauer.com
0 votes Thank Flag Link Fri Aug 10, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
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