A common question we get from property owners is whether they should rent to college students who attend the University of North Carolina. We live in a college town, and most of the rental market is made up of students. We do have a couple of considerations when we’re giving an owner advice about allowing students to rent.
If you have a property that is right downtown between Franklin and campus, it’s in your best interests to rent to students. They want to live there. However, if your home is further out in a neighborhood that’s a couple of miles from campus, students won’t necessarily want to live there. So, it won’t be a big deal if you decide not to rent to students.
We also look at the type of property you have. If it’s a luxury condo or a single family home on several acres, it might be okay not to have students rent from you, because they probably won’t want to live there. But if you have a townhouse or a condo in a complex that’s right next to campus, odds are good that students will want to live there. Restricting your home to only allow professionals could be a disservice to you.
Sometimes, owners just don’t want to rent to students – no matter what. But the rental market in Chapel Hill and Carrboro is made up of students, so you’re cutting the market in half if you don’t want to rent to them. This will affect how quickly your home is rented.
A compromise we often offer to owners is that if you really don’t want to rent to students, consider at least opening up to grad students. Most grad students have been professionals and they’re coming back to school to continue their education. There’s a good chance they will be responsible renters for you.
We rent to hundreds of students, and most of them take great care of the properties they live in. So, we always recommend that you open your minds and homes to all types of tenants.