University belts are, by far, the top locations for rental properties. An apartment, a condo, or a house that’s within a university belt, or close to a major university, can be prime opportunity for long-term rental income. Investing in a property that you can turn into a dorm or a boarding house can be a lucrative as well.
Get the Ideal Location
Consider, firstly, whether the property is accessible to a good school. Location is what makes the rental something you can market to the the college demographic. The closer it is to the school, the better. You can charge for more rent if your rental is within stone’s throw of the university. If the property isn’t walking distance to the school, it should, at the very least, provide easy access by car or public transport to the campus.
Comply with the Basics
If you’re investing in a dorm or an apartment complex, secure the necessary compliance certificates from the local government, particularly compliance with the building code, fire exits, and sanitation requirements.
Security is also paramount. Check your property for any security weak-link and remedy immediately. Install CCTV cameras, if possible. Make sure that your tenants can enjoy uninterrupted water supply.
Consider the School’s Demographic
Upmarket amenities won’t fly with a student population from the low- and mid-income segments. The rental should be something that most of the university’s student body can afford. Choose your amenities accordingly -- if, for instance, the university has a sizable portion of students from mid- to upper-income backgrounds, you can opt for pricier amenities and provisions, like a fully-furnished space, or free housekeeping for dorm and apartment complexes.
Make the space comfy -- it’s the students’ home away from home, after all.
For a dorm, procure individual beds, or bunk beds, for the student boarders. Installing individual lockers for each boarder would also be appreciated. Personal study tables may be provided or a common study area designated.
For apartments and condominiums, most students also prefer a semi-furnished space. It’s best to provide a bed, a refrigerator, a kitchen table, a study desk, and a couch, at the very least. A bookshelf would also be highly useful.
The most important provision, and a huge draw to the college crowd, is Internet connectivity. Invest in cable Internet or WiFi in your rental. Your tenants will thank you for it.