There is no question that college living is different than life in the real world, and being a landlord of a college property is a different experience than looking after a “real-world” tenant. Anthony Gemma, executive vice president of Gemma Realty in Providence rents 500 properties in Rhode Island, slightly more than 10 percent of which are rented to students at Johnson & Wales, Providence College and the University of Rhode Island. He said he charges the students more money for rent than he would a regular tenant.
”I think that upkeep is a little bit more, and maintenance and on-sight supervision is required,” he said. “In exchange for that you’re making more money, so it’s a little bit of a wash, I guess.”
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The average rent he charges his student tenants is $650 to $900 per month, where other tenants are charged on average $100 less.
Bruce Lord, a Milton, Massachusetts-based landlord who rents to students at Providence College, Johnson & Wales, Rhode Island School of Design, also charges more rent for college students. With good reason too, he said.
”The obvious difference is that the damage and the trash is far greater as compared to regular tenants,” he said.
He said he rents to tenants in Boston where he has not had to do any work for almost six months, whereas there are some apartments he rents to students that require him to do maintenance work twice a week.
Lord said that despite the constant maintenance his apartments require because of the heavy wear, renting to students does have its advantages.
”College kids move out after a year or two, whereas regular people stay,” he said, “so when they move out, it’s easier to raise the rent.”
Lord also said he generally has less trouble collecting the rent on time from students. Gemma has found the same.
