Are you looking for a passive income source? Do you want to increase your gross salary per month? Yes, you can do this. If your house is nearby a college or university, you have an excellent opportunity to find tenants. Usually, students prefer to find a rental place near their college or university because they spend most of the time on the campus taking classes, doing work, or taking part in extracurricular activities.
Read this article to find some benefits of renting rooms to college students. You can get advice from property strategists to improve infrastructure and facilities to attract college or university students.
1# High number of tenants:
Renting rooms to college students is a stable source of income. Many universities do not provide hostel facilities for four years to all students. Moreover, every year universities accept hundreds of new students. If you provide Wi-Fi, laundry, and safety to students, you will have a sufficient number of tenants. Make sure that your house is easily accessible to public transport and shopping markets.
2# High rental prices:
According to the expert property strategists, you can get higher rents by renting your house to college students rather than renting it to a family. As rental rooms are in higher demand, you can offer high rental prices. Usually, students look for an affordable place in the proximity of their campus. Hence, two or three students share a single room and split the rent. The rents are approximately 30-40% higher in this case.
3# Save money on the renovation:
The students are more concerned to find a room near their campus rather than finding a lavish apartment. Generally, families look for high-end apartments. There is no need to spend extra money on renovation. The students feel comfortable with the old infrastructure. Keep on asking them about the renovation. For example, you can repair faucets, electric wirings, internet connectivity, gas supply pipes, etc over time.
4# Low marketing or advertisement cost:
If your apartment or house is at a sheer location, there is no need to go for marketing it. You will already have sufficient potential tenants. The best estate agents in central coast NSW help you in marketing your apartment or house at the lowest rates to capture more tenants. There are many student websites on which you can post free of cost. However, word of mouth also plays a significant role to promote you.
5# Regular source of payments from the third party:
Generally, parents or financial aid services pay the rents of the students. The students are less likely involved in this process. As it directly involves a responsible third party for paying living expenses and rents, you will get rent without any delay. Sometimes these third parties pay a full semester’s rent in advance. You feel more comfortable and relaxed.
Find the best real estate agents in the central coast NSW from Sharp Property Buyers to increase your passive income with a little investment.