For those of you who are currently attending a post-secondary institution such as college or university, you may have moved out of your parent’s house, and into either on-campus or off-campus housing. One common problem with off-campus accommodations is that you may be faced with signing a one year lease when you’ll only be on campus for eight of those months. The big question is, what can you do with your rental for those four months you aren’t there?
Luckily there are a few easy ways to reclaim your lost rent money. The first, and easiest, is to have a friend or someone you know move in when you’re away. Posting on school social media accounts is a really easy and effective way to spread the word about a vacancy of a campus property. One downside is that most students will be in the same boat as you and are also looking to sublet their properties too. So, what now?
Well, if you have read any of our previous blogs, you would know that we are a big fan of short term rentals, and ways to make use of rental properties. So in our opinion, if asking around doesn’t work, your next best option is to turn your student accommodation into a short term rental. Before you go this route (or any for that matter), you should ask your landlord about what they are most comfortable with, as at the end of the day they are responsible for the property. If you’ve gotten the approval from your landlord, then let us move on to the next step.
When you’re subletting your room, or turning it into a short term rental, you are going to have to be as transparent as possible with what the environment of the property is. If you are going the STR route, anyone can rent your room, so you’ll want to disclose anything that would disrupt their stay. Disclosing if your roommates are noisy, or if there’s anything wrong with the property, will help your future tenant get a better picture of what they’re getting themselves into. Also, with short term rentals, you will want to make sure that everything is in working order so that when your guest does end up staying there, they won’t be disappointed.
At the end of the day, subletting your apartment or turning it into a rental can prove to be a mess, but if you’re transparent with your landlord, I’m sure they will be understanding with any solution you come up with. If you have any questions regarding how to fully transition your property into a STR or if you’re curious about what a STR entails, feel free to email us at email@example.com.