Pros & Cons of Buying Rental Property in a College Town

pros and cons of buying rental property in college town

Off-campus housing in a college town is consistently in demand. Wherever there is a university, there will be hundreds of students who need a place to call home — at least for the year. If you’re looking to begin renting or expand your scope as a landlord, college town property is an excellent investment.

However, you should understand the nature of college rentals before committing — it’s different than leasing to standard tenants. This guide will take you through all the pros and cons of renting to college students, as well as the best ways to manage your properties and mitigate any potential risks.

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What You Need to Know About Subletting

what you need to know about subletting

Where there are leases, there will be conditions. Even though tenants agree to rent, care and pay for a property, they can’t always stay for the entire lease period. Whether they’re relocating for a job, taking an extended vacation or need to spend time away on short notice, tenants have to find a solution for their rental. Rather than eat the costs of several months of rent, you can allow them to sublet.

Subletting provides an organized solution that’s a win-win for you and your tenants. You’ll avoid a property vacancy, and the occupant won’t have to pay for a space they aren’t even using. Even the subletter will likely be grateful for the temporary arrangement.

But, before you start permitting subleases, you should be fully prepared. This guide will help you understand what landlords need to know about subletting.

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Landlord Guide to Renting to Tenants With Pets

landlord guide to renting to tenants with pets

Deciding on whether to allow pets in your rental properties can be a challenge. There are many factors to consider — even once you’ve chosen, there are always conditions and variables to think through and policies to set. With so many options, you may be asking yourself if you should allow pets in your rental property in the first place.

Renting to pet owners can be very beneficial to your company — as long as you follow all the right screening steps and set up requirements beforehand. This guide will help you through everything you should set up and practice when you’re renting property to tenants with pets.

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13 Tenant Rights All Pennsylvania Landlords Must Know

13 Tenant Rights All PA Landlords Must Know

Owning and renting out properties is a two-way street. Landlords have rights and responsibilities. Tenants also have rights and responsibilities. When everyone is on the same page about what they can do and what they are entitled to under the law, the landlord-tenant relationship can be a smooth one. Although you might be more concerned with your rights under the law as a landlord, it’s also essential that you know and understand the rights of your tenants.

There are two categories of renter rights — federal rights and state rights. If you own and lease property in Central Pennsylvania, you’ll want to have a grasp of tenant rights in Pennsylvania under the Landlord and Tenant Act. Here is a rundown of some of the rights tenants have when looking for a home, when signing the lease and after they’ve moved in.

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How to Deal With Difficult Tenants in Central Pennsylvania

You could say that there are three types of tenants. The first type is “good” tenants — they enjoy their apartments or homes quietly, don’t disturb their neighbors and pay their rent on time. The second type is “problem” tenants — they have a history of being loud and even destructive. They might pay rent late or miss payments entirely. Usually, effective screening measures before you offer a person a lease can help you avoid renting your property to a problem tenant.

But, there is a third type of tenant to worry about — the “secret” problem tenant or the tenant who only becomes difficult after you rent an apartment to them.

There are multiple reasons why a tenant who looks good and reliable on paper turns out to be challenging in real life. A tenant who previously was gainfully employed might lose their job after moving in, making it difficult or impossible for them to pay rent. In some cases, tenants might have roommates or visitors who make a lot of noise or otherwise cause trouble in the building. It can also be the case that issues in a tenant’s past, such as destructive or dangerous behavior, have gone unreported, making it difficult for a landlord to learn about those issues until it is too late.

Although you’d like to avoid problem tenants entirely, it’s likely that you’ll have to deal with one or two at some point in your career as a landlord. Here’s how to handle difficult tenants and what you can do to protect yourself, your other tenants and your property.
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How to Reduce Expenses on Your Rental Property in Pennsylvania

Being a landlord has its perks. You earn income by renting out a property you own, and you get to enjoy any appreciation of the value of that property. Rental income is often called a passive income since it arrives each month without you having to put in hours at a job.

But there’s more to being a landlord than collecting monthly checks from your tenants. One of the things new landlords often underestimate is the cost of owning and renting out property. A standard recommendation is to estimate that expenses associated with a rental property will be as much as 45 percent of the total income generated by the property in a year.

Although many of the expenses connected to renting out property in Pennsylvania are fixed, there are things you can do to lower your costs and increase the profitability of your rental properties. When looking for ways to reduce rental property expenses, it helps to look at three areas — utilities, maintenance and repairs, and the cost of a vacant rental unit.

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How to Increase the Value of Your Rental Property in Central PA

how to increase the value of your rental property in central pa

“Should I renovate my rental property?” might be a question that crosses your mind from time to time. The answer, if you hope to get more from your investment properties, is yes. Updating a rental property can involve everything from giving all the walls a fresh coat of paint to remodeling the kitchen and bathrooms too.

Learn more about the best renovations for your rental property in Central Pennsylvania and the best ways to complete them to get the most return for your money. Here are the top six improvements to increase rental value in Central PA.

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Should I Invest in Central PA Real Estate?

Should I invest in Central PA real estate? For many individuals who have money to put to work but who have never engaged in the real estate market, it’s a little daunting to think about taking the plunge. But when you take a closer look at real estate investment and at the Central PA market specifically, you’ll find plenty of reasons why you should at least explore the opportunity.

Central PA home

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How to Evict a Tenant Who Doesn’t Pay Rent

how to evict a tenant who doesn't pay rent

Becoming a landlord seems like an easy way to build equity in your property, pay off the mortgage or put some extra money in your pocket. The building itself really does all the work. You just collect the rent every month and cut the grass.

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