Email Dave Email
Other
Mar 9, 2016

Owning Rental Properties In A College Town

Sponsored Content provided by Dave Sweyer - Owner and Broker, Sweyer Property Management

If you own rental properties in Wilmington close to the beautiful UNC Wilmington campus, it is guaranteed that you will have college students interested in your property.

Having a rental property that’s attractive to college students is a good thing. By having a college-accessible rental property, you are guaranteeing a long line of potential tenants. As long as there is a university, students will need nearby housing.

Of course, there are some things to keep in mind if you own rental property in a college town:

  1. Set your price appropriately. There is demand by college students but if your price is too high, your house won’t rent. By considering the tuition price the average college student in your town pays, you can easily gauge the amount of rent you can ask for. 
     
  2. Make sure the property is free of repairs and all is in working order. Not only is it the law, but you will hear about it from the parents or cosigners if the property isn’t in working order. When you offer better property conditions to renters, you can generally expect to obtain better set tenants.
     
  3. Have the right lease. Leases governing college students should always have clauses about noise control, maximum occupancy (check local code), and damage and repair recourse. Be sure that your lease begins and ends at the right time of year, taking in to account that summers are the time for turnover. Remember that any situations that arise when renting to college students usually evolve from a lack of experience on the renter’s side. Think of the lease as a first lesson in renting: Clearly establish all expectations. 
     
  4. Make the lease thorough. Things you wouldn’t think need to be explained, explain! Mention anything you think is important and consider clauses limiting candles, weapons (including BB guns), painting the walls, loud noises after midnight, and the like. Be explicit.
     
  5. Require a cosigner and make cosigners responsible for all parties. With college kids, their parent may be helping to fund their college experience. In most cases, parents are willing to cosign for leases. Minors can’t sign a lease without a cosigner, but requiring one even if the tenant is of-age is strongly recommended. By making the cosigners equally responsible, there will be a concerted effort by all involved to minimize damages and pay rent. 
     
  6. Screen your renters diligently. Check the actual renters’ past rental history, ensure the cosigners are aware of all the rules moving forward, and perform a credit check. The more information you have, the better you’ll be able to make good decisions. Don’t ever just trust your instincts on this one.
     
  7. Make your renters pay the bills. College kids are quite capable of setting up all utilities and paying for them. This should be a requirement of your rental property. If college kids want to spend more than $100 each month on TV packages and Internet access, let them see and absorb those bills. The only exception is to include lawn care if you are offering a home with a larger yard or a lot of shrubs. Most students are too busy to look after these items the way you would want.  
  8. Use a third-party management company. A property manager will know all the laws and have the proper paperwork to navigate a tenant experience. A third-party management company will be able to effectively handle communication between all parties. You can save yourself a lot of headaches by using a professional while enjoying the benefits of renting to the college market!
Call Sweyer Property Management today to discuss the easiest and most effective way to manage your college rental property.

Sweyer Property Management has been providing real estate property management services and long-term rentals to the Wilmington area since 1987. The company continues to be the industry leader with more than 1400+ units and more than 20 employees. Sweyer Property Management has exhibited continuous growth throughout the Wilmington, Leland and Hampstead areas while maintaining a 4.8 Google+ rating for customer service. To inquire about the company’s full-service management services, or to take a tour of houses for rent in the area, email [email protected], or visit WilmingtonForRent.com. You can also Like and follow the Sweyer Property Management Facebook page to get property management tips or see properties for rent.
 
 

Sweyer animated 300x250 ad
Ico insights

INSIGHTS

SPONSORS' CONTENT
Nealjohnson 12191614553

Free Things to Do in Wilmington

Neal Johnson - Network Real Estate
Martyheadshot

Artificial Intelligence Is No Longer A Thing Of The Future

Marty Cayton - TeamLogic IT of Wilmington & Fayetteville
Dallas headshot 300x300

Setting Exit Goals for the New Year

Dallas Romanowski - Cornerstone Business Advisors

Trending News

Organic Grocer Earth Fare Coming To Wilmington

Cece Nunn - Jan 19, 2018

Local Screen Printing Shop Gets New Owners, Plans To Relocate

Christina Haley O'Neal - Jan 19, 2018

New Office Condo Fully Leased; Includes Stevens Fine Homes Design Center

Cece Nunn - Jan 19, 2018

BCC, UNCW Construct Allied Health Facilities To Meet Demand

Christina Haley O'Neal - Jan 18, 2018

Lifeline Treatment Center Expanding With Oleander Drive Lease

Cece Nunn - Jan 18, 2018

In The Current Issue

Info Junkie: Anita Harrell

Anita Harrell’s company offers personal and small-group training aimed at improving fitness, health, wellness and quality of life....


Growth Spurt

More than 15 years ago, experts predicted that explosive growth would come sooner rather than later to Brunswick County. Although the Great...


Tourism Initiatives Continue Digital Trend

With the New Year here, many businesses are busy planning and forecasting via a fresh start. For those operating by fiscal year, however, st...

Book On Business

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes