Best College Towns for Student Renters (2023)

FAQs

Where do most college students live? ›

Almost 60 percent of full-time students enrolled in private nonprofit four-year colleges and universities live in college housing, compared with 36 percent of public four-year college students and virtually no students in other sectors. One-quarter of full-time undergraduate students live at home with their parents.

John Heron of Paragon says its figures suggest student properties typically enjoy a yield premium of around 27 per cent over the market average, putting student rental yields at around 8 per cent.

The Benefits of Being a Student Landlord

It would be remiss of us to skip over the benefits of letting to students. Student lets have managed to outperform many other areas of the private rental sector. Demand for student housing is consistently high and student landlords enjoy excellent returns on their investment.

Demand and competition in student areas is strong and consistent. Students will usually look to rent for a minimum of 12 months, meaning less stress for you finding new tenants. Student lets tend to offer particularly high yields.

The personal finance website has come up with a ranked list of the top 20 best states to live in for 2022. Here are the results! The top state is Massachusetts, which ranked first in the nation for education and health, fourth for safety, sixth for quality of life, and 10th for its economy.

Vanderbilt University in Nashville, Tennessee, came in at number one, an honor they also held in 2014 and 2015—coming in at second in 2016.

Colleges and universities offer many opportunities for social interaction, with clubs, associations and organizations that serve a wide range of interests and affinity groups. Service organizations, religious groups, hobbies, academic clubs — the list is endless. “It scaffolds a student's education,” says Wiechert.

Why do landlords not rent to students? ›

According to the survey by student lettings app SPCE, seven out of 10 UK landlords would not let their property to a student because they do not trust them or want to risk their property being damaged.

Therefore, even though a landlord by law cannot charge tenants for professional cleaning service or enter into any other third-party contract with professional cleaners for that matter, they are well within their rights to deduct these costs from the rental deposit held in a deposit protection scheme.

How much do halls of residence cost? According to Study London a standard room (including bills) is £135 – £210 per week, an ensuite room is £130 – £260 per week, and a studio apartment is £140 – £340 per week.

The most common reasons for this are that landlords in the UK are worried about damage being caused to the property and that students are more untrustworthy than other renters. But while student renting may conjure up images of '80s sitcom The Young Ones, today's students are a little bit different.

Provide study space, storage opportunities and conveniences that help to save time for your student tenants. Use the power of social media marketing strategies to reach your target group of students looking to live in their first rental home.

Generally, students are reliable tenants, easy-going and undemanding. And best of all there's a new pool of them searching for accommodation every year.

You may also be able to negotiate a better price if you are willing to commit to a longer tenancy. Landlords may be happy to reduce the rent slightly if you agree to 24 months rather than 12 months. This is potentially something to consider if you are sure you are there for the long haul.

As outlined, being a student is not a “protected characteristic” and therefore provides ample grounds for a landlord to refuse a tenancy, however this doesn't mean a compromise can't be made.

What college has the least happiest? ›

Which colleges have highest depression rates? Here is a list of the schools in USA with the most depressed student bodies: University of Pennsylvania, UCLA, Carnegie Mellon, Emory University, Johns Hopkins University, University of Virginia, Yale University, University of Chicago.

Which students are the happiest? ›

Students from Central America are the happiest on the planet, according to research published today.

Join A Club

Additionally, if you want to meet new people, getting involved and going out to campus events is a good bet. Whether it's a club, party, or networking event, you can put yourself out there to find people with similar interests. Show people the real you and you'll be bound to make a friend soon enough.

Making new friends in college can be tough -- much harder than in elementary or even high school. It's totally normal to feel left out or alone when you're at a new school.

As of August 2022, Mississippi is the least expensive state to live in, according to worldpopulationreview.com. The Magnolia State has a cost of living index of 83.3.

After twenty-one days of late rent:

Final letters should be sent to both parties, informing them that you will be forced into taking legal action if the outstanding rent payments are not reconciled before a set date. Under the Housing Act 1988, you can take action to claim possession of your property.

Your landlord or letting agent can only take money off if there's a good reason - for example if you've damaged the property. You'll need to contact your landlord at the end of your tenancy and ask them for your deposit.

What is fair wear and tear? ›

In essence, fair wear and tear is the deterioration of an item or area due to its age and that which would be reasonably expected over the course of a tenancy, that is not due to the tenant's actions or omissions.

The receipt will be required as proof that the cleaning has been paid. Make sure you request to see the receipt for the cleaning service before you approve the deposit deduction. Because they have deposited a lot of money, it's in the best interest of tenants to maintain the property at all times.

As of Nov 8, 2022, the average monthly pay for a Student in the United States is $3,836 a month. While ZipRecruiter is seeing monthly salaries as high as $8,542 and as low as $1,208, the majority of Student salaries currently range between $2,458 (25th percentile) to $4,041 (75th percentile) across the United States.

According to the College Board, the average college student spends approximately $2,270 per month on living expenses. The amount of money you need each month depends on several factors, such as your location, your rent, whether you're splitting the cost with roommates, and so on.

Average Spending Money for College Students

According to Admissionly, depending on how strictly your student budgets, their average monthly spending will likely fall between $1,400 and $2,082 for necessity and non-necessity expenses combined.

Generally Texas is considered the most landlord friendly state. In Texas, the legal system takes lease violations very seriously. If the tenant violates the lease in Texas, the law favors landlords when it comes to issues like eviction, financial relief and regaining possession of the rental property.

Research by Simply Business has identified the buy-to-let areas that are most popular with new landlords. We looked at which areas had the most landlords who've owned property for less than a year and taken out landlord insurance in 2021. London came top, followed by Birmingham, Manchester, Liverpool, and Glasgow.

Vermont. According to RentCafe, Vermont is the most tenant friendly state in the United States based on a ranking system that focused on particular aspects of the landlord-tenant relationship, such as legislation on security deposits, eviction notices, and rent increases.

What is good rental income? ›

This is how much you will profit (or lose) from your rental annually after all expenses and mortgage payments are covered. A good ROI for a rental property is usually above 10%, but 5% to 10% is also an acceptable range. Remember, there is no right or wrong answer when it comes to calculating the ROI.

Yes, you can get rich as a landlord. You can go broke, too. And in between those two extremes, you can find yourself dealing with a bunch of problems like leaking roofs, non-paying tenants, and economic downturns. The risks of building wealth with real estate are substantial.

1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

A shortage of housing and a rise in demand have driven up prices – and not just in London. The Office for National Statistics says that rents increased by 3.2% across the UK in the past year, the fastest rate since the financial crisis.

Bolton in Greater Manchester is the cheapest, with average monthly rent for a property of that size just £386. Planning a move? Find out more about the study and see the full results here.

Overall, renters have experienced a 15% increase in housing costs since February 2021. As mortgage rates rise, it becomes more expensive to buy, which boosts demand for rentals and allows landlords to charge more. Tulsa, Oklahoma has the cheapest rent in the U.S.

What season is rent the lowest? ›

The lowest rental rates are found during the winter months—October through April—with demand and prices reaching their nadir between January and March. An apartment search should begin in the middle of the month prior to the target move month.