If you’ve ever lived in a dormitory, you’ll know they are less-than-ideal homes. The cramped bedrooms, the rowdy roommates, and strict guidelines simply aren’t for everyone. Luckily, there are student apartments that provide a better alternative. Take a look at the many benefits they offer, both for tenants and landlords:
Let’s be honest: student housing often leaves a lot to be desired. That’s why sooner or later, most college students move off-campus to find better accommodations. Apartments are an excellent choice because they offer:
- Greater comfort and privacy — Being in college is hard enough as it is and living in a dormitory doesn’t make things any easier. By moving into an apartment, not only can students enjoy more space but they’ll likely have fewer housemates, too. Oftentimes, they can even have a room all to themselves instead of bunking with a fellow student. They can also say goodbye to communal bathrooms and showers that are shared by the entire hall.
- Potential savings — Staying in a dorm means paying room and board; houses for college students to rent, however, charge only rent. Students can save a lot of money by simply grocery shopping and cooking meals — something many dorms prohibit. Renting an apartment also means paying only for the utilities they use rather than splitting the bill equally with all other dorm residents regardless of their actual consumption. They likewise have the freedom to choose other utility companies, leading to even more savings.
- Better amenities — Living in a dorm is an exercise in compromise. As apartment dwellers, students enjoy much better amenities than they’d otherwise get in student housing. For instance, they can have a full-sized kitchen that enables them to make home-cooked meals — something a homesick university student likely misses. Apartments may also have leisure amenities like swimming pools and fitness centers that dormitories usually don’t have.
- More freedom — Strict dorm regulations can be a dampener to an undergraduate’s newfound sense of independence. Do they want to hang out with friends? They’d better get home before the curfew. Would they like to have people over at their dorm? Visitors need to observe strict guest decorum guidelines. When they live in an apartment, however, students won’t have to deal with any of these restrictions.
If you’re a property investor, you’re likely wary of renting out your apartment to students. Why entrust your unit to tenants who are barely adults, right? As it turns out, renting to college students can be quite advantageous:
- A fresh crop of tenants — Working tenants come and go, but students stay — for at least four years, to be exact. And even if they graduate and find a job elsewhere, there are always new students who are looking for better accommodations than what a dormitory can provide. Each new school year brings a new batch of students just waiting to become your tenants.
- Higher rent — The more tenants you have, the more wear and tear your unit faces, the higher the rent you can charge. Since most student tenants come in groups, you can actually ask for a bigger rent to increase your profits. And the best part? They likely won’t mind. For instance, a $2,000 rent might be exorbitantly expensive for a single occupant; split this among four housemates, however, and they only have to pay a very reasonable $500 each.
- Easier to please — Undergraduates aren’t looking to live luxuriously; renting for college students is all about finding a place that’s comfortable and affordable. As such, you don’t have to stage or improve your rental unit drastically to attract these potential tenants. As long as the bedrooms are spacious, the bathroom is private, and the kitchen is well-equipped, they’ll be happy. Non-student renters, on the other hand, will be much more demanding and exacting about what they want in an apartment.
- Someone else pays the rent — If you’ve ever dealt with a tenant who’s always behind on rent, you’ll know that collecting payment isn’t always easy. Students, however, don’t have to worry about rent because their parents are the ones paying for it. Some parents will often co-sign the lease just to secure an apartment for their child — and there are those who will even pay rent for the entire semester upfront.
If you’re thinking of renting an apartment to undergraduates and you feel you’ll need expert property management, partner with Sundance Property Management. We can also help students find an apartment that suits their needs, lifestyle, and budget.