The University of British Columbia's Vancouver campus has a housing shortage. Purchasing a private property to rent to students on or near campus can be a great way to turn a tidy profit every month. You will also be providing a service to local students looking for a place to live.
UBC Outgrowing Its Dorms
UBC has over 50,000 undergraduates and graduate students attending any given semester. Many of these students do not have cars or wish to live as close as possible to campus.
Unfortunately for them, UBC has had difficulty in the last few years providing university-run housing for all who want it. A growing freshman class size has outstripped the school's ability to house all the students who want to live on-campus. Since freshman are guaranteed a housing spot, this year they were given more than 750 residence spaces that are normally reserved for upper-level students.
While there are several non-affiliated housing options for older students, these also fill up quickly. Many students are left wondering where to turn in order to find a place to live.
Give Them Some Shelter
Buying one of the many UBC homes for sale or UBC condos can help alleviate the campus' dire situation. An upfront investment can turn into a reliable source of revenue every month. Students will be grateful to have a place to live where they can walk or ride the bus to campus.
This idea works especially well if you have a child who will be a student at UBC. You can buy the house during their enrollment and save money on their rent while charging any of their roommates. When they move out, you can get their help to find new tenants that can be reliable and respectful of the property.
Going About the Process
Many people are unaccustomed to having students as tenants. With a few preparations, they can be as accommodating as any family living in your house, if not easier. Here are some pointers to help smooth out the process:
- Post vacancies on campus at the Student Union, or the foyer of the Graduate Student Society buildings
- You can demand only seniors or graduate students if you want to assure that they will be mature enough to take care of your property
- Remind the students that any houses not within walking distance of campus can still be reached by bus. All UBC students pay for a TransLink U-Pass that allows unlimited travel on local bus lines
- Make sure to file any rent as income on your tax return
- Since running a rental property is akin to a business, any repairs or regular maintenance may be eligible for tax deductions.
With due diligence and smart selection of tenants, you can have a reliable source of income with minimal involvement. To start looking for a potential student property that you would like to invest in, visit our buying page.