Do Students Make Good Tenants?
Q: Gerald, I’m about to buy a rental property and I was wondering if students make good tenants? Julian, King Of Prussia, PA
A: Great question, Julian. First and foremost, you should always screen potential tenants regardless of what your general strategy is as a landlord. Your strategy as a landlord should be guided by the specifics in your local real estate market where your rental property is. If your rental property is in a college town, students may be the ideal tenants, however, since students tend to be more transitory, you’ll need to budget for higher turnover costs (painting, carpeting, wear and tear) and since younger students often don’t have credit history, you should consider requiring co-signers with established credit. The bottom line is that you have to do your due-diligence before you rent, just like you have to before you buy.
Thanks for your question, Julian. Good luck.
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