Whether you have a second property that you're going to move into or you're planning on being away from your home for a while, you may be considering renting your home in order to boost your financial outlook. While students may not be your first choice, they comprise a large demographic of active renters. Here are some pros and cons you may to consider before deciding on a younger renter.
Will Your Home Be Rented Consistently?
Cons: Many students will require a place to rent out since most of them don't have the money savings or stable income to purchase a home, but if you're doing this to make ends meet on your properties, renting to student may not be the best way. While some students may plan on hanging out over the summer, there are those who will be heading home in order to live with their parents and save money for the Autumn semester. A contract's a contract, but a renter can always flee the coop if it's inconvenient.
Pros: Of course your home will not be rented consistently by the same student, but the colleges around your area will always have new incoming students looking for an apartment to rent off campus. You will never have to worry about not being able to rent your place. Also, during breaks many students would rather not lug all their belongings home to end up having to bring it all back when school resumes. Because of this inconvenience, students are willing to pay rent during these months for storage space. Although students deem to be unreliable, their days are consumed by class and school work and simply don't have the time or energy to think about moving out and renting another place. Another pro is that many parents pay for their child's rent so receiving payments won't be a problem. One thing you can do with student renters is have them pay by semester instead of monthly.
Will They Take Good Care Of Your Home?
Cons: From furniture to family mementos, most people's home is pretty personal to them, and that's why it can be of supreme importance to have a renter that will respect your home and take good care of it in your absence. While there are plenty of responsible students in the world, you should ensure before settling on anyone, that it's someone you really trust who won't damage your house or wake up the neighbors.
Pros: However, everything stated above is something you risk every time you rent your home whether or not the renter is a student. What's great, is that many students tend to hide in their room to do work or head to the library to get things done. Usually when renting, landlords do not leave their personal furniture in the rental houses. The pro to this is that students don't really care about furniture, so investing in a cheap couch and table will do just fine and won't damage your wallet or your favorite furniture. Also, for most students this is their first time being independent, so usually they pick up after themselves and clean because their parents aren't there to do it for them and this is their own space they can call home for the time being.
What Rental Price Are You Looking For?
Cons: If you're trying to make financial ends meet with your property, you'll probably want to charge the maximum amount you can while still having a renter in your home. The risk with students is that they may not be able to pay the dollar amount you're looking for so that you can effectively maximize your investment. While this doesn't necessarily mean you're taking the financial brunt, it's important to get the monthly amount that your living space can garner on the market.
Pros: Your maximum amount to rent your home is definitely cheaper than campus dorms. You will always have students wanting to rent. Another great thing is that students don't mind having roommates. It makes it easier to split the cost. And again, many student's parents pay for their rent.
There can be a number of downfalls when it comes to renting to students, but you run the same risks when renting to anyone. If anything, students are less picky in the long run. If you're currently on the market for a second home in Staten Island, you may want to contact one of our real estate professionals at Tom Crimmins Realty for more information.