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Renting Your Apartment to Students

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students renting apartment

Renting your apartments to college students is one of the best ways to earn money as a landlord. This is especially helpful if your property is near to the area of the college campus; so, in case you are looking for tenants and possible candidates, there are some things you need to keep in mind before looking for renters as well as to know what problems you might face later.

Common Qualities of the Student Renters

College students are mostly individuals who are single and have recently enrolled in university. Most of them are undergraduates and new to college life, however they can be post-graduate students as well. So, if we are considering the common population of undergraduates, we can say that the average age of the renters is from around 18 to 19. These undergraduate students along with the master’s students all are enrolled in a full-time job for their college degree and might be working part-time as well to earn a little extra money to compensate their expenses.

Things to Know When Renting to Students

Usually, students are known for being too noisy and wild at night; for which you should include a statement for quiet night hours in the lease agreement for your property. This makes them aware that the fun and party is only limited to time, and they can learn to be respectful of their neighborhood as well. Apart from this, you might also face damage to your property by the students. It is important to keep check before renting it out and to set a security deposit to arrange cost of any damage that occurs to the property. You can set the amount of security deposit in rent contract.

Benefits of Renting Your Apartment to Students

There are so many benefits to renting your apartment to college students. Some of these are as follows:

  1. High in Demand: The apartments and houses that area near to the college campus and are available for rent are very high in demand. This is because students want to spend less money on living as they have to manage expensive college fee along. Some universities and colleges do not even offer any residence at all which forces students to find their own places. Since the demand of apartments and houses for rent increase, so does the rent.

 

  1. Get Higher Rents: When you are looking for renting your apartment to students, you can always get higher rents. This is because students do not usually live alone because of the expenses, so sharing it with their roommates and splitting the rent makes it easier for everyone to manage thus providing you the opportunity to add a few hundred dollars extra as compared to renting to one family.

 

  1. Payment from Third-Party: Not all students need to pay for rent themselves. For some students, the responsibility of paying rent is taken by their parents, and the other percentage of students living on third-party payment involves financial aid money, scholarship etc. In any of such situations you are always guaranteed to get your payment on time which makes it convenient for you as well. Sometimes, the parents who pay for rent also pay for the semester’s rent for the apartment or house in advance.

 

  1. No Special Demands of Students: Unlike families and couples, the college students are not looking for high-end apartments with luxury finishing. Rather, they are looking just for a safe and reasonable place to live. For this reason, they might complain less as they are busy in their studies and their social lives. This pressure on their mind makes them less focused on noticing every speck around the place. So, they will not complain about the bathroom tile color or the kitchen being too small.

Disadvantages of Renting Apartment to Students

While you may be infatuated by the idea of renting your apartment to students just this instant, it is also important for you to know that there are some cons to this idea as well. You can know that every idea and work have its cons, but to know about them beforehand is important. Some of them are mentioned below.

 

  1. Inexperience of Managing Money and Maintaining Property: College students are usually young and inexperienced about living and most of the time, not even mature yet. They are living on their own for the first time, which can cost your apartment a lot. They might cause a lot of damage, be negligent about the damages in property, as well as they might not be willing to spend money on mending a damage but will spend on a night out with friends.

 

  1. Turnovers: This is common problem of college renters; frequent turnovers. The students involved in this usually sign the leases that are short termed but stay for about a year. Think of managing damages and finding new tenants actively.

 

  1. Vacancy for Summers: Most of the college students go away to their homes in the summers, so it can be difficult to fill in the vacancies for just that short time. For this purpose, you can create a binding contract for the student to sing a lease for one year.

Conclusion

By the above points even with some drawbacks and extra responsibilities, renting your apartment to college students is an excellent idea as it will not only make you earn more, but will also be a busy home all year as well. It is a smart investment especially for people who are interested in investing in properties and renting them, this way, they can earn more money and profit off their apartment.

Erasmus Student Accommodation in Bucharest

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three students in a room with big windows

If you decide to spend some time in another country (meet new people, discover another culture) while continuing your studies, it’s good to know that there are over 30 countries where you can go. Romania’s capital, Bucharest, is a great choice to consider. Just contact your university Erasmus bureau and you shall get all necessary info, including application and admission.

You will not be wrong if you consider Bucharest as your Erasmus city, and you must know that the most important universities from Bucharest are enrolled in the European’s Union Erasmus program. At a national level, this exchange program is managed by National Agencies, and by EACEA at the European level.

All universities that are part of the Erasmus program have special bureaus – the Erasmus bureau – that handles and coordinates all Erasmus projects (for students and teachers ) and also counsel all beneficiaries on all issues related to the Erasmus program.

Here are a few options to choose from:

Four rooms apartment for rent next to Victoriei Square

Four rooms apartment for rent next to Romana Square

Three rooms apartment for rent next to Romana Square

Accommodation for Erasmus Students in Bucharest

In terms of accommodation, it’s more convenient to choose a place next to the university where you are going to study. Mornings are tough, especially after a wild weekend, so better save some precious time in the morning, without needing to spend more than a half-hour to get to classes.

You have two options: either you find a place only for you – if that’s the case, be ready to spend 300 €, depending on the area or, more conveniently and fun, rent a 3-4 rooms apartment and share it with other Erasmus students. After all, that’s the Erasmus spirit! For a 4 rooms apartment, fully and modern furnished, you’ll pay around 1000 €, so 250 €/person and get to live in a central location, enjoying all the best things this city has to offer.

Assuming that you are not into cooking, do not worry, there are plenty of delivery or take over places covering all international cuisine and fast food also.

So, let’s see exactly why Bucharest represents a great Erasmus choice, trust us, you’ll not be disappointed.

It’s the largest city of Romania (around 2 millions inhabitants) and its cultural center. It’s divided into six districts, each with its own attractions and charm.
If you’re a nature lover, Bucharest has beautiful parks, King Michael I Park (former Herastrau) being the biggest one (north side of the city). You can jog, join the sports club, have gulf lessons, enjoy the open-air theatre or rent a boat on the Herastrau Lake. You can visit here the Village Museum and the Elisabeta Palace, the current residence of the Romanian Royal family.

From a cultural point of view, the city that beard the name of Little Paris, mainly between the Wars, is waiting to be discovered: elegant architecture, beautiful palaces (Ghica Palace, Catacuzino Palace, Justice Palace), great museums (Antipa, The National Museum of Contemporary Art, George Enescu Museum), cosy bookstores and plenty of art galleries to choose from.

Nightlife, well, it can be a very long discussion, as Bucharest is renowned for its bars, pubs, and clubs, with people partying till morning hours. You’ll find here establishments for all taste and pockets. The most famous area from this point of view is Bucharest’s Old Center, packed with clubs, bars and places to eat, with people teeming all around. There are lots of places to choose from, some with cheap drinks, other more expensive, but don’t worry, we are sure you’ll quickly find your favorite joint.

Another area you should check out is the student campus Regie, with nice coffee shops and big, loud clubs with music for each taste.

Public transportation works well, you can rely on the metro till 23 (it connects quite well the districts) and rely on a taxi or Uber after this hour.

So, after all, why choosing to be part of the Erasmus program? There are plenty of reasons, but we’ll name here the most important ones:

  • Studying abroad enhances your chances to achieve a higher degree compared to other students;
  • Erasmus alumni have better chances to perform in managerial positions;
  • You’ll get the chance to work on your self-confidence, to perfect your inter-personal skills, to learn a new language, to get in touch with a new culture.

Our advice? Check with your university Erasmus bureau and ask about Romania. You will have a great experience, we’re sure about it!

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