As a property investor, it can be big business renting to college students in Calgary. In this post, we provide some tips as to what you should know as a landlord in order to create a situation that works for all parties!
Renting to university students can be a great way to quickly rent out your investment property! As people begin to think about the upcoming academic year, now is the time to purchase your Calgary investment property! Check out our tips below to learn more!
Finding The Right Property
When renting to university students in Calgary you’ll want to look at the property’s location, condition, and size. A house in a gated community near lots of families may not be the ideal place for a house full of university kids. You’ll want to look for something close to the college or university, that has the space for a few occupants, typically something that is at least 3 bedrooms, if not larger. You don’t want to spend a fortune preparing the property – sticking to the basics is fine as you will likely be replacing the carpets, repairing holes to the walls, and repainting more often than you would be with a traditional rental. Of course, the property needs to be in great shape, but you don’t need to add all of the bells and whistles. At ASAP House Buyers, we will help you find the perfect property to rent to college students in Calgary! Reach out to find out what is currently available in Calgary!
Occupancy Limits
It’s no secret that university kids are sometimes strapped for cash. In an effort to save money, they will often share living spaces, sometimes living in closer quarters than what is allowed. Your lease should be very clear about who is allowed to live there and how long overnight guests are allowed to stay. Make sure the lease clearly spells out what the consequences of breaking this term of the lease entails. You will need to be friendly but firm on this this clause, otherwise there could be an “inch mile” situation going on in your property that will expedite wear and tear on your property.
Damages
Let’s face it, some university students out there aren’t exactly responsible or neat. When renting to university students in Calgary, you should expect the wear and tear to be a little greater than if you are renting to someone older. That said, there are plenty of responsible, clean, and upstanding university students out there who will be looking to rent for at least a year if not longer. Just be sure you charge a reasonable security deposit, ensuring needed repairs can be made if need be.
Attracting the Right Tenants
When renting out your property in a university area, it usually isn’t hard to find tenants. The key is to make it affordable, while still generating a profit for yourself. Here are a few things university students may be looking for in their housing:
- Accessibility – First and foremost, the property needs to be close to the school. Students may be walking or taking public transport to class – getting there shouldn’t pose a challenge. It also won’t hurt if the property is close to things like grocery stores and restaurants.
- Cost-efficient – While some students receive assistance from their families, college students aren’t typically able to pay an arm and a leg for their housing. Make sure you are charging a fair amount, that your tenants will be able to pay each month.
- Perks – if there are a lot of properties on the market for students to choose from, add something to make yours stand out. What would you want if you were a university student? An extra fridge in the garage? A convertible ping-pong and air hockey table? A couple of small additions can be all you need to get your property rented out quickly and permanently.
Should You Rent Rooms Individually?
Some property owners will rent out each room separately, creating different leases for each tenant. While this can work, it is typically easier to rent out the property to one group of people, all on the same lease. This will eliminate disagreements between tenants regarding responsibility and other financial concerns that can arise. When renting out your property to university students in Calgary, always ensure you are following your local provincial Tenancy Act.
Remember, when renting to university students, this is often their first time living away from home. There may be some hiccups at first, but with the right tenants, you will be able to attract high quality, long term tenants to your Calgary property. At ASAP House Buyers, we specialize in helping Calgary real estate investors find the perfect properties to rent to university students in the area.
Reach out to us today to learn more about renting to college students in Calgary!