The availability of flats for rent has benefited hundreds and thousands of people across Pakistan. This has not benefited the people who live in rented apartments, but also those people who own the properties and rent them to common people. Give apartments or Flat for rent to students is yet another way to earn money. Though there are some advantages and disadvantages of this business. Let’s have a look at the pros and cons of giving your property on rent to students.
The things that students seek in a Flat for rent in Lahore
- Students seek for an apartment which is closest to their campus. It can let them reach their college or university with great ease. Students in this way can save their time and money. Sometimes the hostel is so near that students can reach their by just walking on feet.
- Budget is an important factor to be considered when students find a hostel to live. Most of the time, students are tight on their budget, as they have to bear variable expenses while staying away from home. So they try to find girls or boys hostel in Lahore, where they could stay but at very reasonable rent.
- Students seek hostels which are near important amenities like shopping plazas, departmental stores, restaurants and even hospitals.
- They tend to choose hostels which are in those areas from where they could easily get public transport on daily basis.
- Safety is prime importance not only for the students but for their parents as well. They prefer those hostels which are not in any crime areas. Moreover, a hostel which has windows, emergency exits, deadbolts on the doors and are well–lit, are always preferable.
- Students also like to have privacy even when they are living in hostels. They tend to choose a hostel which has the facility of private bedrooms along with some other shared spaces like kitchen and living area.
- A clean boys or girls hostel in Lahore is also preferable. Students want to live the hostel which is free from pests and rodents.
What should the landlord consider while giving a hostel for rent to the students?
When a property is given on rent to students and some things are not considered before then there are chances that the property is damaged and spoiled by the notorious students. So be careful before letting anyone enter and live in your Rental properties.
- Students are known to be notorious for making a lot of noise. Therefore, it is important that you make a rule and fix quiet hours before you rent your property and make the leasing agreement. You can give them permission to enjoy and party in fixed hours of a day.
- Make them pay security deposits.
Students are young and energetic. They can cause damage to your property. So to recover money from them against the damage they might make the property would be difficult. So it is better to ask them to make security deposit before they start living there.
Now let’s look at the benefits of renting your property to the students.
- Highly demanding
There are colleges and universities which do not offer the facility of hostel to the students. In this situation, students seek residence outside the premises. It ultimately provides monetary benefits to the landlords.
- High rents from students
When you give your property to students then you can enjoy higher rents and this is because of two reasons. firstly, students usually prefer to share their rented apartments with other students as they cannot afford to live in a hostel independently and this is because of affordability. So when more students are sharing your property, you can obviously earn high income. Secondly, it is a continuous process as the demand for hostels can only rise so you can ultimately keep increasing the rents on yearly basis.
- Payment by third party
When students decide to live in your property, then your income is safe. Usually, parents take the responsibility of paying the rent in time so that their children do not face any trouble while living away from their home.
All in all, there are some great financial benefits a landlord can enjoy by giving their flat for rent to students.