College students will require suitable accommodation, especially if the university is outside their area of residence. College students will typically look for a hostel, apartment or house if they don’t prefer the university accommodation. Therefore, if you have an apartment unit close to the university, you can consider renting it out to college students for a good income. However, before you give your unit for rent, you will need to make the necessary preparations to ensure that the apartment is suitable for renting. Here are some tips that will help you with this.
Find out how much to charge
The first step you will need to take before you rent out your apartment unit is to figure out a suitable amount to charge. The advantage of renting an apartment to college students is that you can charge on a per room basis, which will in turn increase your potential income. To get an idea of how much a suitable rental would be to charge, you can have a look at some of the other units in your apartment to get an idea of how much you should charge. Another factor which will determine how much rental you can charge is going to be the distance the apartment is from the university.
Partition to expand
Since there will most likely be limited rooms in your apartment unit, you will need to try and expand the number of rooms in the apartment unit to further maximize your profit. If you are renting out the unit on a per room basis, you can consider adding a partition room in the living room, which you can then rent out. You may need to charge a lesser rate for this room as it might not be having the facilities you would find in the other rooms.
Set your terms
Before you rent out the apartment, you will need to prepare a tenancy agreement which states all the relevant conditions that the tenants will have to follow. One such term is going to be that any damages to the unit or rooms is going to be deductible from the monthly rental. This way you don’t have to bear any costs for any damages to the unit. An effective way to ensure that this is covered is to charge an initial deposit of a sum larger than the monthly rental, so that you will be able to deduct the relevant charges from this.
Renting an apartment to college students is a terrific way to make an income. These tips will help you out with doing this.