If you are an investor or have been considering investing in real estate, you have probably considered investing in student rentals. In Barrie, we have Georgian College and Lakehead University Orillia just 20 minutes away, so there is no shortage of students in need of housing. However, as much as it can seem like a great investment but there are many factors to consider before investing.
- Finding Tenants during ‘Off Season’ can be difficult. College and university students generally have an 8 month school year and it can be hard to secure tenants during the summer months when students are out of school. This could mean about 4 months of vacancy for your property. You can try and avoid this by signing potential tenants on a 12-month lease, but you still should be aware that you could have vacant rooms during the summer months.
- Renting to students requires attention. Renting to students is not a passive income, they require lots of attention and there can be many issues throughout the year. You could have to deal with noise complaints, roommate conflicts and or damage to your property. If you are a hands-on investor, be ready for lots of work or if not be sure to hire a property manager that is local in case of emergencies.
- Rent is stable. One important consideration is that rent is stable. If you are renting to students for off-campus housing the rent is often paid for by the parents or through government loans and sometimes even the school itself. You also may be able to get a higher rent versus renting to a single family.
Overall, it is extremely important to research a potential investment and consider if it will work for you. Our team specializes in investment properties and we have expert knowledge of student rentals in Barrie. If you are thinking of investing, call our team today Matthew 705-739-3432 or Domenic 249-877-7785. Let us help you find the perfect investment that meets your needs.