Though many students are now doing their classes online, it would still be a smart move to rent out your condominium to students.
Nowadays, college students find it challenging to focus and study in their homes. Moreso, if the household has more than one student and other family members working from home.
For instance, areas such as Manila, Bacoor, Taguig, and Makati are known for residential properties and condominiums in the Philippines. Condo for rent in Pasig is also flourishing.
So if you are interested in getting a passive income through your owned property, rent it out to students. Here are some reasons why:
The demand is high
It is general knowledge that not all universities offer on-campus housing. On-campus accommodation most likely applies to all-boys or all-girls schools, but even so, on-campus room and board can be more costly.
This is one of the reasons why students opt to find housing elsewhere. And that is where apartments or condominiums come in.
More so, higher demand is especially the event when your property is located in the vicinity of a college campus.
Remember that the number one thing that student renters are looking for is proximity. Meaning, they would prefer to rent in a condo that is near their school.
If this is the case, then you will have no problem finding occupants.
No inclination to renovates
Property damage is the worst nightmare of every owner.
However, be comforted with the fact that the majority of undergraduate students are single and unmarried. They will have no partner or children to bring in the unit.
Having this said, you will not worry about repainting the walls because of children's creative drawings. You will have no concern about putting back furniture into its old places and, worse, renovating your unit.
Their only priority is their studies and, perhaps, some other after school activities. Students want a place to study and live in.
In the end, giving specific house rules is still the best practice.
The simple ones are what most often neglected. You may ban candle burning, fireworks, smoking, and drinking. It would be best if you also prohibited paintball guns or weapons of any kind that will harm others as well as your property.
Rent paid on time
As students typically depend on their parents or guardians, you can expect that the rent will be paid on time. After all, no decent parent or guardian would let his kid become hungry and homeless for the entire school year.
Easy and low-cost marketing
Advertising your rental property is much easier than you think.
You only need to own a property accessible to public transportations as most students do not have cars. This is number two on their list when targeting a condominium to rent.
Good connection and relationships with school administrators are also meaningful. You may be able to use university sites for advertising.
This would mean that the school has personally checked the place, cost, and facilities and passed their standards to be posted on the site.
You can save time and money
Unlike other tenants, students are not going to look for a high-end apartment or condominium, which would also mean higher rental costs.
Students tend to have lower expectations. It is perfectly acceptable for facilities or amenities if they do not have the most modern appliances or fancy decorations.
You only have to secure them proper lighting - natural lighting is more preferable, a clean and quiet study place, and a strong Wifi connection.
Definitely, these will not cost much of your time and money.
Possibility of renewal
Property owners would think that they will have new tenants every year. However, for college students, this is less likely the case as they will generally need rental housing for 4-5 years. This gives you a high possibility of renewal.
As students know how long it will take them to finish a course or program, they will value a good landlord and a stable place to live. In return, you will also have to know the value of a good and stable tenant.
Another point, no student would want to keep transferring places. As much as possible, they would like to use their time and energy in their studies.
Here's the thing: Shelter is an essential need, as much as education is every children's right.
This means that more parents would want to provide quality education for their kids. Meanwhile, students would prefer to study in the best universities, regardless of location.
Hence, they will look for a place where they can decide for at least a semester. This means that your tenant is just everywhere.
Just make sure to take appropriate precautions, such as tenant screenings. And we suggest that you screen both the students and his parents. This is to ensure that your potential renters will take care of your property.
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