5 replies to this topic

[remington279]

I have a rental property near a college and so far I have been renting the whole house to one family. But there are a lot of individuals who attend the school and willing to rent one room and share the house with others. Here is my question, will it be more beneficial since I can collect more rent in total? Also, what's the law regarding to this?

[MissDoItYourself]

I'm not an expert in this field by any means, it does sound like you could collect more money by renting to individuals but should check with the guide lines in your area, some may have rules as to how many you can let live in one place.

[Jan]

You also have to figure that you'll be getting 3x as many phone calls and have to collect that many more rents. Chances of you getting a dud renter go way up.

[ndunge]

I have seen most people adopt this approach and end up collecting more rent. It can be beneficial but could also complicate issues since you will be handling more than one tenant. I would rather you talked with the current tenant and suggest an increase in rent.

[upontheroof]

If you are going to rent to college kids (which I assume is a healthy option near a campus), make sure you deal with the parents directly. Get them to sign the agreements. Also, meet the student who will be renting the room(s) to make sure he's not clueless.

[netto]

Yes, college kids can at times take you round in circles so it is really important to have some sort of lease agreement. It can turn to be a beneficial or non-beneficial venture, depending on how you prepare the ground.