A Beacon Hill condo rental property is one of the most lucrative assets you can have. If you happen to have one that is in proximity to the Suffolk campus, that’s even better. then you may just be sitting on a goldmine. A study conducted by the College Board revealed that students who live off-campus account for 44% of the college population.
Prior to the COVID -19 outbreak, Many landlords were not too keen on renting their Boston condo to college students. These students are in a transitional phase, which is synonymous with being young and immature. However, with the recent situation, we have lower demand, and with the chance to charging competitive rates, Beacon Hill apartment renters are re-visiting their options. As a property owner, all you need to do is strategize effectively, so you can mitigate the risks.
This guide comes to you from a well established Beacon Hill real estate office over 20 years on the Hill, and today, we’re providing Beacon Hill condo owners all the information you need about renting to college students.
While this information can be applied to almost any college student renters in the country, the focus of this piece is on the Beacon Hill apartment rental market.
Professionals with well paying jobs and Suffolk college students don’t prioritize the same things. Large spaces and premium amenities have much less appeal to Suffolk students than affordability and proximity to the campus. All students want is a place that isn’t falling apart, so they can study and sleep. The alternative is dorm living, which can be cramped and can even be costlier than renting a place off-campus Beacon Hill apartment.
Students are familiar with the relationship between upgrades and the cost of the rental. This means that you don’t need to worry so much about modernizing your Beacon Hill condo and paying for costly renovations.Keep your costs low, along with your apartment rents.
For example, a Suffolk University student isn’t concerned with anything apart from the necessities. As a property owner, you just need to make sure there are no health hazards. You should also ensure that the interior essentials of our Beacon Hill condo are functional, this would include; walls, showers, toilets, plumbing, sinks, electric systems, heating systems, and gas systems are all in workable condition.
Campus proximity –
This has been highlighted before, but you should never underestimate how important this is. Most of a student’s time is dedicated to classes, studying, and extra-curricular activities.
Students don’t always have cars, which is the reason that bike-share programs and public transportation can be so important to them. This means that as the campus, there should be dining, entertainment, and shopping options nearby.
Affordability – This is another big one because college students aren’t known for their lucrative incomes. Some students even share housing and split living costs to make things more affordable. Though they may not be making much, they still have expenses to take care of. Therefore, the more money they can save, the better. So, while your profit is important, you should also charge figures that are both affordable to students and a fair market price. It’s wise to do some research to ascertain what to charge. You could do this by getting a feel for what similar properties in the area to your own are being rented for.
Laundry – This can be a source of agony for many students. Their busy schedules mean that they don’t even have time to wash their clothes. Traveling to a laundromat to do so could also be a nightmare. Why not be that Beacon apartment landlord that makes it easy for student renters? Try to get a simple washer and dryer on the property. Even one that is shared by multiple units is better than none. Putting this in place makes your offerings more desirable than those of competitors.
Wi-Fi – Who can live without Wi-Fi these days? Certainly not college students who need to get work and research done. They need entertainment too, and the internet allows them to stream music, movies, and TV. Of course, you can’t forget about video games and web browsing. You can make your property stand out if there are options for packages from various internet service providers. Some of the top providers in Beacon Hill are Verizon, and Comcast. Feel free to wrap it in the price of rent or make it free of charge.
Safety – Students and their parents need a safety guarantee. While you never know what to expect, deadbolts, and adequate exterior lighting help students to feel safer. You may also want to consider having a secure area present for mail and packages.
ADVANTAGES OF RENTING TO COLLEGE STUDENTS
Now it’s time to review some of the great things about renting a property to college students.
Colleges consistently operate with new batches of students each year. You have a potential customer base so long as the colleges near your property are accepting Suffolk college students. Furthermore, many students who live in dorms don’t do so for their entire tenure, which means they start hunting for Beacon Hill apartments during the course of study.
Students tend to rent places together to split expenses, which is a perfect opportunity for you. This is because each tenant can pay an affordable amount towards the total, but that total can be profitable for you. Here’s a scenario to consider. Imagine that you own a two-bedroom property in Beacon Hill that is in proximity to Suffolk College. You could make the living-room into a third bedroom.
Additionally, demand is a heavy driver of price. There is a never-ending need for convenient Beacon Hill apartments near college campuses, which is something that you can capitalize on. Once the cost is within reason, you can charge higher rents and get away with it. Research done by Fortune Builders suggests that a house can be rented for 40% more because of proximity to a college. The research states that the same 40% would be none existent if the house were even five miles away.
This is purely because of third party involvement. Students are not usually the ones responsible for their Beacon Hill apartment rent. Parents tend to be the ones that bear the burden. Therefore, you are more likely to get your payment on schedule, since the person responsible for it is more reliable.
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The Listings below are co-broke listings, broker fees vary for each Beacon Hill apartment. For more information call John Ford at 617-595-3712