Monday, March 14, 2011

College Rentals

Rentals for college students are tough. Ask anyone involved in Milford CT real estate. Why is that? If any of you lived the college lifestyle or have kids who are doing so now or have in the past, you know what I mean. Students most likely will have parties, and chances are the place won't be the same after a few school years, depending upon your tenants, however.

Not all college students are like this, but it's a risk you'll have to take when renting out your properties. For a lot of landlords, the only reason they do this is because they've owned the property for so long and that they most likely purchased it at such a cheap price that they've been profiting from this rental for years, despite any wear and tear. So these landlords are pretty much set.

Then there are the landlords who just purchased their properties recently at the current market prices. It'll take a while for these properties to become profitable, so keep in mind the possible wear and tear on your rental over the years. Just check out the apartments for rent in Milford CT and take into account the current prices of the average home. Even if you were to repair or continue to maintain things, will you still be profitable in a decent number of years?

As for renters, especially college students - yes, enjoy these years of your life, as the real world awaits once you get your diploma. So work hard and play hard. At the same time, however, if you are on an off-campus rental of sorts, do your best to keep it in tip-top condition - clean on a regular basis, don't let the remnants of last night's party stay there for too long, and don't wreck havoc on this property. This is your home for the time being, so treat it like your home.

And who knows? One day you may become a landlord yourself :)

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