Why Would a LL Want Student Tenants ONLY??? (apartment, lease, tenant)
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So I've been perusing the local vacancies and have noticed some very good deals around nearby colleges that specifically state only students would be considered for tenancy...and I don't get this; why??
Don't landlords want a stable tenant -- and a quiet one, moreover? Students are young and generally, as a group/class, would seem to imply a lot of comings and goings and even friends regularly "couch surfing" on the premises...plus, they tend to be not very well off (again, these rental properties are "very good deals," as I say, meaning great bang-for-buck ratios, so obviously not catering to well-off folks' kids)...I don't get it....
So any of you landlords care to explain why you would specifically want to rent to students only???
(BTW, these ads do seem legit AFAIK -- not obvious scams/spam, anyway.)
It's not just ANY student.
It's a student that has the income or a parent with the income needed.
Well, that's what I'd meant with "very good deals" and "great bang-for-buck ratios," which would seem to preclude income as a factor.
For example, a spacious newly renovated NYC studio apartment for $,150/MO in a safe, clean, quiet nabe within bicycling and even walking distance of two local colleges, with all utilities included (including internet which costs between $30-$65 in NYC!!!)...this is an incredible deal, judging from the description and accompanying photos and, again, does not seem to be a scam or realtor spam (nothing obviously so, such as recycled photos [I'd know since I'm religiously poring over listings every day] or ridiculous pricing [$800 2-bedroom in the heart of Manhattan, etc.])....
So assuming it isn't, is there any reason why a landlord would only rent to a student?
Of course, if it were just spam (to get leads) or a scam (to sell credit counseling services or whatever), then that explains it all.
Lots of reasons. Students don't need top end finishes so the units may be a little more run down than a normal place. The school nearby may be giving them an incentive to rent to students. Students are easier to manage overall other than sometimes noise issues. And the most important one is you get a tenant for a few years and you don't really need to worry about evicting them, they leave every summer.
With a nearby 4 year school if the rent is good enough you could get 4 straight years of rent where 2-3 months or more of every year the unit sits vacant so you cut 1/4 of the normal wear out of the equation. I've never had a problem with students and I've rented to a number of them, I do give them discounts but I don't advertise it.
.....a spacious newly renovated NYC studio apartment for $,150/MO in a safe, clean, quiet nabe within bicycling and even walking distance of two local colleges, with all utilities included (including internet which costs between $30-$65 in NYC!!!)......
So I've been perusing the local vacancies and have noticed some very good deals around nearby colleges that specifically state only students would be considered for tenancy...and I don't get this; why??
Don't landlords want a stable tenant -- and a quiet one, moreover? Students are young and generally, as a group/class, would seem to imply a lot of comings and goings and even friends regularly "couch surfing" on the premises...plus, they tend to be not very well off (again, these rental properties are "very good deals," as I say, meaning great bang-for-buck ratios, so obviously not catering to well-off folks' kids)...I don't get it....
So any of you landlords care to explain why you would specifically want to rent to students only???
(BTW, these ads do seem legit AFAIK -- not obvious scams/spam, anyway.)
Thanks!
I only rent to students, I don't know too many non-students who would want to rent in a college city full of college students on a street full of student rentals.
... So any of you landlords care to explain why you would specifically want to rent to students only???
Good tenants and 'bad' tenants come in all shapes and sizes. Some may have good jobs, some are on disability, and some might never have steady employment. Simply having a job does not guarantee that a person will pay on-time and not destroy the place.
College students either have parents who are paying for their apartment or a scholarship, or they are working. I am not convinced that any of these options will truly make for a better [or worse] tenant.
I have rentals in a state university town. Student leases in this area are generally written tailored to the university academic calendar. When school lets out the kids leave, and they go home to their parents for a month.
In my expereince, the worst part of being a Landlord is the tenant who will not leave. They have stopped paying rent, and they fully acknowledge that they are no longer paying rent, but they still squat in the unit. It can take an additional 6 months to evict them [longer in the winter months].
Our hope is that all tenants will leave at the end of the semester, and give us 6 weeks with the building empty. So we can patch walls, paint and steam clean without tenants still in the building.
If any tenant is destructive [and there will always be destructive tenants], at least they did not destroy my property for 4 years continuously. Any 'bad' tenant will never see a lease from me again.
The parents often pay and they even pay through the summer to keep the room for the Fall.
Around here, I have seen where the parent will buy a small 2bdrm house, for the eldest child to live in while attending college. Then each child after that will cycle through the house. After the last child has finished college, the parent sells the house and recoups the capital.
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