A student rental is a type of straight rental. The main difference between a regular rental and a student one is the type of tenants you are renting to. As the name says, a student rental is solely rented to students. If you are new to rentals, you may think renting to students is an easy task with lots of cash flow! Sorry to burst your bubble, but a student rental, unfortunately, is in fact more work than any other rental … unless, of course, you have a property manager to help you take care of all the hassles! But even then, a good landlord likes to get to know his tenants and keep on top of his student rental conditions.
True, monthly cash flow may or may not be better than a straight single family rental, however, a LOT more time, effort, and visits to the property is expected from a student rental. Students, unlike single family residents, treat your rental merely as a rental … not home … and hence, the dirty dishes piling up, the clogging of toilets and bathtubs, the repairing of the washer and dryer, the “I forgot to take out the garbage”, and the list goes on … On top of that, you can expect to screen tenants on a yearly or monthly basis since students often stay for the months or years required for their school program. Having said that, student rentals can yield greater returns depending on the type of dwelling you provide. Another added bonus with student rentals is that vacancies, in general, are lower so as long as your property is in a great location, that is, walking distance to post-secondary institutions and your place is in decent condition. You can almost guarantee your place can be rented out in a heartbeat!
If you are interested in learning more about this type of real estate investing, feel free to contact us and we can provide a one-on-one consultation with you to go through each step of owning your very own student rental and making it a successful investment!