Chapel Hill is home to the University of North Carolina, and landlords often want to know if it’s a good idea to rent their properties to UNC students. Since college students make up such a large part of the rental market in our area, it makes sense to open your property up to them. Just make sure you’re working with a company that provides professional property management in Chapel Hill, NC.
Location of Your Property
When you have a home that’s close to campus or even near Franklin, you need to be willing to rent to UNC students. It’s the area that’s most desirable for them, because they can get to school quickly and easily. When your property is in an area that’s further out from the school, you probably won’t have many students applying to live there. In that case, you don’t need to think about your strategy when it comes to UNC.
Type of Property You Own
The home you are renting out will also dictate whether or not it’s a good fit for students. If you have a luxury loft or a rambling farmhouse on several acres of land, you will likely not get a lot of interest from students. However, a property that’s in a complex near UNC will definitely be popular with the student body.
Often, we will work with property owners who simply refuse to rent to students. That’s understandable, but it means having a longer vacancy period. Chapel Hill and Carrboro are full of UNC students, so if you’re not going to rent to them, you’ll need to understand that you’re cutting your tenant pool in half. That’s going to result in a longer vacancy period.
If you’re nervous about allowing college students into your home, at least consider graduate students. They are older, more mature, and many of the have worked as professionals and are continuing their education for career reasons. They often make good, long-term tenants who are responsible and serious.
If you’d like to talk more about renting to UNC students, please contact us at Mill House Property Management.