Month: October 2024

So, you’re thinking about renting your property to college students. Brave, bold, and potentially lucrative—but also an adventure in its own right. College students can bring a unique flavor of tenancy, and by "unique," we mean everything from pizza boxes in the oddest of places to perhaps the loudest game nights you’ve never been invited to.

At Nesbitt Realty, we know the ins and outs of renting to every type of tenant, including the late-night-study-session, ramen-noodle-cooking variety. Let’s break down the risks and rewards so you can determine if renting to the college crowd is right for you.

The Rewards: Cash Flow and Flexibility

1. Consistent Demand Colleges churn out new batches of eager (and housing-needy) students every year. The student rental market is strong, predictable, and constant. If your rental property is near a university, you’ve got a reliable stream of potential tenants who need housing—whether it’s a first-year freshman or a graduating senior finally flying the coop.

• Nesbitt Tip: With an endless supply of students, your property will never be a ghost town. Plus, if one group graduates or moves on, another is right behind them, ready to take up residence.

2. Rent Prices Can Be Competitive Believe it or not, you can often charge competitive rent prices for student housing. Why? Because many students split rent with roommates. While you might typically rent a 3-bedroom home to a family, student tenants may divvy up the rent among three or four individuals, which means they’re often willing to pay a bit more for the location, proximity to campus, and convenience.

• Nesbitt Tip: Renting to students can bring in higher per-bedroom income than renting to a single-family or professional couple. And with students willing to pay for the convenience, your bottom line gets a nice boost.

3. Flexible Leases With students, you’re often looking at shorter-term leases—usually around 9-12 months. This can be a benefit if you want flexibility with your property. Maybe you want to renovate, change up your investment strategy, or take a seasonal approach to renting. Having shorter leases gives you that option.

• Nesbitt Tip: A well-timed lease that aligns with the academic calendar can help you take advantage of peak demand.

The Risks: Parties, Property Wear-and-Tear, and Parental Phone Calls

1. Party Central Ah, the infamous college party. While some students hit the books and lead relatively quiet lives, others... well, they hit the keg and bring the house down (literally). Let’s face it, college students might not have “quiet enjoyment” top of mind.

• Nesbitt Reality Check: If you have neighbors, be prepared for potential noise complaints. Setting clear expectations in the lease regarding noise, guests, and parties is crucial. And don’t be shy about addressing these issues if they arise.

2. Property Wear-and-Tear College students aren’t necessarily known for their pristine housekeeping skills. What they are known for? Spills. Scratches. Accidental damage. Whether it’s that ancient couch they hauled up the stairs (scraping the walls as they go) or their creative attempts at wall decor, your property will experience some wear and tear.

• Nesbitt Tip: Invest in durable, easy-to-clean materials for your rental. Think hard flooring, stain-resistant carpet, and scuff-proof paint. And don’t forget the security deposit! You’ll need it when that dorm-room poster leaves a chunk of drywall behind.

3. Inexperience with Responsibility College students, especially first-time renters, may have limited experience with things like managing bills, dealing with maintenance issues, or understanding lease terms. You might get more calls than usual about minor issues, like how to turn off the pilot light or unclog a drain.

• Nesbitt Reality Check: Patience is key here. Consider creating a tenant guide that outlines basic home maintenance tips and FAQs. This can help cut down on the 1 a.m. “My light bulb went out!” phone calls.

4. Co-Signers & Rent Payments One of the perks of renting to students is that many will have co-signers, typically parents, which means added security when it comes to rent payments. However, managing co-signer relationships can sometimes be tricky. If there’s an issue with rent, you’ll likely end up discussing the matter with the parents, who may have different expectations or concerns than their student tenants.

• Nesbitt Tip: Make sure the lease agreement is crystal clear, and communicate openly with both the student tenants and their co-signers. Everyone should understand their responsibilities to avoid confusion down the road.

Best Practices for Renting to College Students

1. Be Selective Just because someone has a student ID doesn’t mean they’ll be a good tenant. Screen students just as you would any other tenant. Look for references, check with previous landlords, and consider meeting them in person to get a feel for how responsible they are.

2. Set Clear Expectations Students may be new to renting, so set the tone early. Make sure the lease includes details about noise restrictions, guest policies, and maintenance responsibilities. The clearer the expectations, the fewer misunderstandings down the line.

3. Schedule Regular Inspections With the wear-and-tear factor in play, it’s a good idea to schedule regular property inspections. This helps you stay on top of any damage or maintenance issues and encourages students to keep the place in decent shape.

4. Be Proactive About Communication Students are used to communicating quickly and digitally—whether it’s texting, emailing, or using apps. Make it easy for them to reach out, but set boundaries about when they can contact you. (Yes, we’re talking about those middle-of-the-night requests.)

Conclusion: The Nesbitt Realty Take

Renting to college students can be both rewarding and challenging. At Nesbitt Realty, we’ve navigated this territory and can tell you that with the right precautions, it can be a lucrative investment. You’ll need patience, a solid lease agreement, and maybe a bit of good humor for when you find that old pizza crust stuck behind the radiator.

By understanding the risks and rewards, setting clear expectations, and maintaining a proactive approach, renting to college students can work out well—for both you and your tenants. You just have to be ready for a few surprises along the way (like finding out your living room is “perfect” for late-night study groups).

Owning rental properties can feel a lot like parenting. You’ve got to make sure everything’s running smoothly, keep up with repairs, and prevent disasters before they happen. But unlike toddlers, your rental property doesn’t scream when it needs attention—it just quietly breaks down. That’s why having a maintenance schedule is crucial. It keeps you organized, minimizes tenant complaints, and ensures you don’t wake up to a 2 a.m. text about a toilet that’s gone rogue. At Nesbitt Realty, we know a thing or two about keeping properties in tip-top shape, so let’s dive into creating the perfect maintenance schedule (with a few laughs along the way).

1. Start with the Big Picture: Annual Maintenance

First things first—there are some tasks that you only need to worry about once a year. But that doesn’t mean you should forget about them until the last minute. Here’s where your maintenance schedule comes in handy. Think of these as the "birthday parties" of property upkeep—big, important, and best planned ahead of time.

• HVAC servicing: Your heating and cooling systems need some TLC at least once a year. Get them checked in the spring and fall, before they have to work overtime. You don’t want your tenants roasting in July or freezing in January. (Unless you’re aiming for complaints, in which case, carry on.)
• Roof inspection: We’ve already talked about the importance of keeping an eye on your roof. An annual inspection will save you from those dreaded emergency calls when the next big storm hits.
• Pest control: No one wants unexpected roommates—especially the kind with six legs. Annual pest control can help keep critters out and tenants happy. Because, trust us, when tenants see a bug, the blame always goes to the landlord, no matter how many crumbs they’ve left out.

2. Seasonal Tasks: Staying Ahead of the Curve

Just like you switch out your wardrobe with the seasons (well, maybe not, but humor me), your property needs seasonal attention too. These tasks aren’t as frequent as monthly chores, but they’re crucial to keeping your property running smoothly.

• Fall: Clean gutters, trim back tree branches, and check for drafts or insulation issues before the cold weather hits. You don’t want a tenant waking up to a breeze... indoors.
• Winter: Check pipes to prevent freezing, ensure the heating system is functioning, and make sure you’ve got a plan for snow removal (for those of us in snow-prone areas). Nothing says “bad landlord” like an icy sidewalk.
• Spring: Test smoke detectors, give the exterior a fresh look with some pressure washing, and make sure the lawn care plan is set up. First impressions matter—especially when your property’s lawn looks more “jungle” than “manicured.”
• Summer: Service the A/C again (because no one likes a broken air conditioner in August), check for exterior paint touch-ups, and keep an eye on landscaping. Hot weather can be tough on the outside of your property, and your tenants will notice.

3. Monthly Tasks: The Bread and Butter of Property Maintenance

Monthly tasks are the backbone of your maintenance schedule. These are the routine chores that keep everything running smoothly and prevent little issues from becoming expensive problems.

• Inspect for leaks: A small drip under the sink can turn into a major problem if left unchecked. A quick monthly inspection of plumbing areas can save you from a tenant’s soggy carpet woes.
• Test smoke and carbon monoxide detectors: Safety first! Plus, if something goes wrong, you don’t want to be caught off guard when the insurance company asks, “When was the last time you tested the smoke detectors?”
• Change air filters: Clogged filters lead to inefficient HVAC systems, which leads to higher utility bills (and grumpy tenants). Make it a monthly habit to check and replace those filters.
• Check outdoor lighting: You don’t want your tenants fumbling around in the dark because that one porch light keeps burning out. Plus, good lighting helps with safety and curb appeal.

4. Tenant-Reported Issues: Tackling Repairs Promptly

While your maintenance schedule is all about being proactive, tenants will inevitably report issues from time to time. The key here is to stay on top of repairs and communicate clearly. At Nesbitt Realty, we always emphasize promptness—it’s better for tenant relations and avoids a small problem spiraling out of control.

A good rule of thumb: for minor issues (think leaky faucet or a broken cabinet hinge), try to resolve them within a few days. For more significant repairs (like a faulty water heater), aim for same-day service or as quickly as possible. And, as always, humor helps! If you can’t get to the repair immediately, keep the communication lines open and assure your tenant you’re on it.

5. Keep a Detailed Record: The Maintenance Log

Now, don’t just wing it and hope you remember every task. You need to keep a detailed maintenance log. This will help you track what’s been done, when, and what needs attention in the future. Plus, if you ever need to sell the property or provide records to a future tenant, you’ve got everything in one place. It’s like your property’s diary—except with fewer teenage heartbreaks and more leaky faucets.

At Nesbitt Realty, we know that staying organized is key to successful property management. Whether it’s keeping track of HVAC servicing or making sure the gutters are clean, having a system in place makes life easier—and lets you sleep soundly at night knowing your property isn’t falling apart.

6. Communicate with Your Tenants: They Can Be Your Eyes and Ears

You don’t live at the property, so sometimes things will slip by. That’s where your tenants come in! Encourage them to report maintenance issues promptly. They’re the ones living there, and a quick report from them can help you fix problems before they become expensive. Plus, tenants appreciate being heard, and proactive landlords have happier tenants.

Just don’t go overboard. We’re not suggesting you turn your tenants into amateur plumbers and electricians, but a quick heads-up about a leaky faucet or a drafty window can save you a lot of time and money down the road. And hey, if they report enough small issues, they’ll start feeling like part of the maintenance team.

Wrapping It Up: The Nesbitt Realty Way to a Solid Maintenance Schedule

A solid maintenance schedule is your best friend in keeping rental properties in great shape. From annual roof inspections to monthly leak checks, staying organized and on top of things is what prevents those 2 a.m. “water is pouring from the ceiling” phone calls.

At Nesbitt Realty, we’re all about making property management easy, efficient, and (yes!) a little fun. With the right plan in place, you’ll have happy tenants, a well-maintained property, and—best of all—fewer unexpected expenses. So, get that maintenance schedule rolling, and give yourself a pat on the back for being a top-notch landlord!