You might be wondering, “is student housing a good investment?” A straightforward answer is yes. Student housing is one of the most profitable and reliable investments in the real estate sector. The demand for student housing is usually high, especially at the start of every school year, when every student is looking for a place to stay.
One good thing about student housing investment is that it guarantees a steady flow of income due to the increase in demand for student housing. Many students prefer staying off-campus, giving you the chance to make huge profits. For that reason, student housing provides a sense of financial stability.
A Steady Market
Many people invest in student housing markets to enjoy the sector’s stability in terms of income flow. Unlike residential rental property, student properties are available for students. When built near highly-populated colleges or universities, there’s no doubt that investors will receive regular income without hassle.
The good news is that student accommodation properties are selling for vast sums of money. Besides renting out your apartment to students, you can also rent out some rooms to travelers during summer months. At this time, most student apartments are usually vacant, giving you a perfect opportunity to rent out yours.
Pro Tip: Student housing will always be in high demand during the school year and available to vacationers during breaks. The steady flow of income makes it a savvy investment choice!
It’s no doubt that student housing is a reliable investment. However, it also has a few drawbacks. Here are the three cons of investing in student properties:
High Turnover Rates
Students tend to move from one apartment to another at the end of every academic year. Some students will even move out in the middle of the semester, making it quite tricky to trust the tenants. You’ll have to welcome new students to stay in the property every year. Unfortunately, that can consume much of your time and resources.
Low Occupancy During Holidays
In many cases, students usually go for three-month holidays yearly. That means your property will always be tenant-free for three months annually. So, how do you go about that? As an investor, use the chance to renovate your apartment by adding fresh paints, furnishing the rooms, and performing other maintenance practices.
Students Can Be Reckless
According to many student housing investors, student apartments tend to wear and tear quickly due to some students’ reckless behavior. So, you may have to do regular maintenance, which can be costly in the long run. To avoid such cases, prepare rules and policies and post them everywhere to inform the tenants.
Should You Invest in Student Housing?
Without any doubt, the answer is yes! Like other types of investments, student property investments are among the most profitable ventures in the commercial real estate sector. The demand for student housing has been rising steadily for the past decade as the student population increases. To maximize profits during summer months, rent out the apartment to travelers. However, don’t forget to set rules.
Get in touch to learn more about student housing investments.
College marks a major turning point in many people’s lives. Between the study-intensive lifestyle and new living arrangements, students have plenty to deal with. And any student who chooses to live on campus or nearby has to contend with finding suitable housing options too.
Choices for Students
Your college residence choice will impact everything from your daily commute to your utility costs and social life. Before you make a decision, it helps to know the pros and cons of several popular student housing options. Here are several of the most common types:
- University housing
- Off-campus housing
Dormitories are historically the “default” student housing. College culture places a lot of emphasis on dorm life, and most people associate a college education with living in a dormitory. They certainly have their advantages. Rather than keeping track of utility bills, rent, internet costs, and more, students simply pay a lump sum that includes all their housing expenses. Living on campus can also cut down your commute time significantly, since you only have to walk to another building rather than drive across town to school.
Pro Tip: Some colleges require first-year students to live on campus. See if your college places any restrictions on where you can live and when.
2) University Housing
University housing is technically still owned by the college and located on their property, but it’s not a dorm. These residence halls are typically more comparable to traditional apartments in their style and layout. While university rules may still apply, this type of housing is a good middle ground between dorm life and renting an apartment.
3) Off-Campus Housing
Finally, the final common option for student housing is living off-campus. This can take several forms, from staying at home to renting an apartment near the school. Students looking for independent living may prefer finding an apartment to somewhat distance themselves from the potentially noisy, cramped dorms. Just remember that apartment costs are distributed between rent, utilities, and more, so you can’t simply pay a lump sum like you would in a dorm setting.
Taking the Plunge
Starting college is stressful enough. Don’t make things harder on yourself by rushing your housing choice! Make the decision that works best for your schedule and lifestyle, and give yourself plenty of time to choose.
Contact us for more information on choosing college housing options.
If you lease a portion of your property, chances are you’ve experienced a bad tenant. From being unable to pay rent to causing wear and tear, problem tenants are a reality of any multifamily or commercial property. As a property owner, it’s important for you to know how to appropriately deal with tenants, especially those making trouble.
When you rent out commercial or residential space to a particular person, you’re agreeing to a conditional relationship. While a strong tenant screening process can help evaluate potential tenants, certain issues can still arise. A reliable rent payer may lose their job and miss a few rent payments. A dog owner may let their animal do as they please, causing expensive damages to your property.
While security deposits can be put in place and terms can be agreed upon, you need to be prepared for difficult tenants. Learn how to resolve any issue in an effective manner with these three actionable suggestions.
1. Respond calmly
Conflict isn’t enjoyable. To be fair, handling tenant complaints can be frustrating, time-consuming, and unreasonable. Your attitude matters, though, especially when discussing a binding lease agreement. If you have a tenant who has violated their lease or is causing disruptions, it’s your responsibility to respond objectively. Listen to any complaints and try to understand the issue in the best possible light.
Pro Tip: Be proactive in your relationship with your tenants. Simple kindnesses such as a gift basket, personalized services, or quick customer service will help diffuse any problems in the future.
2. Keep written records
Different types of lease violations vary in severity, but it’s important for both you and your tenant to be on the same page. Keep written records of any agreements, charges, or complaints that can be referenced during a dispute. While it may take extra time out of your day, writing everything down or documenting with photos/videos can help clear up any misunderstandings.
3. Create a clear eviction process
Eviction shouldn’t be your first action, but in cases where illegal activities or recurring problems are happening, it may be your only option. At the onset of any lease, make sure there is a clear understanding of the eviction process. Both you and your tenant should understand what steps will be taken before an eviction notice is sent. In dire circumstances where your tenant is uncompliant, calling the police should be considered for extra assistance.
Value of a Property Manager
At the end of the day, owning a property will pull you in a number of ways. If you have tenants that are giving you problems, it might be necessary to hire a property manager for assistance. From rent collection to tenant complaints, a property manager will help you stay on track. Instead of getting frustrated or overwhelmed, you can trust that your rental property is in the hands of a professional.
Connect with our team to learn more about our types of property management services.
Having trouble staying on top of your multi-unit residential property? Whether you own an apartment complex, a senior living community, or a student housing center, there’s always plenty to keep track of. Although similar to other types of property management, multifamily property management has its own unique factors. Unfortunately, not every property owner is cut out for the job or prepared for what it might entail.
A professional property management company has the knowledge and experience to keep your properties in good condition and full of happy tenants. If you’re feeling overwhelmed or confused by all the logistics of self-managing real estate, let our experts take over to help you out! Here’s what you can expect from hiring a multifamily property management group.
Customized Business Plans
Each property is different, and each property owner has their own goals and long-term plans for their business. Our experts recognize this and will work with extensive input from you to build a custom-designed business plan for your properties. We’ll analyze your current trajectory, help you outline future plans, research your target market, and determine the steps necessary to reach your goals. Our plans will be perfectly suited to your long-term and day to day needs!
Internal & External Marketing
Marketing is an absolutely crucial part in attracting new tenants to your property. As you start to gain residents, it’s important to have a marketing strategy to increase retention and engagement. Through well-designed client portals, onsite outreach, and more, we provide quality customer service and communication to your existing tenants.
Pro Tip: Our expert property managers know how to keep residents happy and boost tenant retention through strategic internal marketing efforts.
Detailed Finance Tracking
As a property owner, you juggle a lot of financial commitments and expenses every day. Let our multifamily accountants help! We’ll handle all the minutiae of finances through cutting-edge technology and send you detailed monthly reports to keep you informed. With our professional accounting service, you’ll stay in control of your property finances at all times.
Let the Professionals Take Over
Why exhaust your time and energy self-managing your multifamily properties? Use your resources to focus on the urgent tasks of your property while a professional management group takes care of your property.
Connect with us today to start the process!
Anyone who has ever rented an apartment or other residential property knows there are plenty of hoops to jump through. From utility arrangements to proof of income, you have to provide the landlord with a good deal of information. However, an application is a two-way street of communication, or at least it should be. Have you considered running a landlord background check?
While your landlord’s history may not be one of the questions on your mind as you contemplate where to rent, it’s nonetheless an important piece of information to try and discover. Remember, you’ll be renting from them for the foreseeable future–it’s only fair that you’re given the chance to make sure you can trust them. Let’s look at a few ways to perform a simple landlord background check.
Google the Landlord and Property Management Company
This is probably the easiest and simplest method of running a cursory background check: just put your landlord’s name and their property management company into Google. (You may want to Google the property address as well.) What kind of results come up? Do the reviews of the property and landlord alike reflect a good reputation? Of course, it’s good to exercise some skepticism when using Google for something this detailed, but what you find will be a good indicator of what else you might learn.
Pro Tip: Your future landlord asks you plenty of questions during the first meeting. It’s only fair for you to bring some questions of your own: ask them to explain a string of bad reviews, ask if they live on the property or elsewhere, etc.
Talk to the Neighbors
Set aside some time to talk with your future neighbors without the landlord present. Tell them you’re thinking of moving there and see how they feel about the property. Does the landlord handle complaints and maintenance requests well? Do the residents enjoy living there? Additionally, ask if any residents have renewed their leases–that’s an excellent sign that the property is a great place to live.
Find Public Records
It may not be your first thought, but if your landlord has taken legal action against a tenant (or been sued themselves), those records are permanent and generally available. See if you can find anything with the property manager’s name on it. If you do, what kind of legal case is it? An eviction, small claims settlement, foreclosure, or evidence of illegal activity should throw up a massive red flag immediately.
Find a Landlord You Can Trust
Running a landlord background check may seem a little odd and invasive, but it’s your right as a future tenant. If the landlord is allowed to check your background and credit history, it’s only fair that you also feel confident that you can trust them.
Connect with us to speak to an expert team of property managers and learn what to expect when meeting a landlord.
No rental property is perfect, and before you rent, it’s absolutely crucial to know who is responsible for what. Obviously, you’ll be paying rent, but who maintains the property? Who is responsible for repairs or major issues? Before you sign a lease, talk to your future landlord about who’s responsible for common tenant troubles you may encounter.
Most rental properties are well-maintained, but no property is perfect. Is your landlord responsible for dealing with common issues in their property, or is that your job? Make sure you find out and plan accordingly. Let’s look at a few common issues to keep an eye out for.
Sometimes a rental property comes pre-equipped with a few important appliances. For a residential property like an apartment, this might include a washer, dryer, stove, or other common household appliances. Your landlord is responsible for maintaining any and all appliances and machines they provide by default in your apartment. However, if you bring an appliance of your own, it’s entirely your responsibility.
Pro Tip: As soon as a problem (such as a broken appliance) becomes apparent, tell your landlord immediately. Don’t let the problem get worse and more expensive for both of you to fix.
Generally, your landlord is required to provide you with a pest-free property. However, exact regulations and requirements vary from state to state and depend heavily on circumstances. Most landlords will shoulder at least part of the responsibility to keep pests out of your rental space. But if you share some of the fault (for instance, you have roaches because you never take out the trash), you will likely have to foot at least part of the cost.
Mold is a disgusting and potentially quite dangerous problem for any rental property to have. Similar to the pest control problem, your landlord is generally fully responsible for making sure your rental property is free of mold. However, you can be held partially responsible if the mold is due to your actions (such as always using a humidifier). Talk to your landlord for the details of your agreement.
How Can You Prevent Problems from Getting Worse?
Most landlords are perfectly willing to help take care of maintenance issues to ensure you have a comfortable experience in your rental property. But since they’ll only rarely visit your property, it’s up to you to take the initiative and let them know there’s a problem. If the washing machine stops working or roaches start showing up and you say nothing, your landlord will assume everything is alright. In the meantime, the problem will only worsen. Clear communication and a positive relationship with your landlord will go a long way toward keeping your rental property usable!
Preventing Tenant Troubles
Landlords generally want to stay on good terms with their tenants and encourage them to stay longer in the property. For this reason, a reasonable landlord will listen to repair requests and provide help as they can. Maintain a good relationship and communication channel with your landlord to deal with problems quickly and continue enjoying an excellent rental property.
Connect with us to learn more about your rights and responsibilities as a tenant.