The oldest saying in real estate is "location, location, location". With the rental market, this definitely holds true, especially if you are renting housing near a college or university. The closer you are to the target market such as a local college, the more you can collect for rent compared to housing farther away. Tenants can roll out of bed and get where they need to be in a few minutes.
If your property is closer to the target area where your tenants want to be, you should be able to charge more rent for the same amount of space offered at another property. If there are many properties all in the same vicinity, you must be careful not to price yourself out of the market. Pay close attention to what other landlords are charging and keep your rents close.
Similarly, if you have nearby transportation services like a bus or train, walking distance to shopping areas, or just a more desirable area, you should be able to fetch a higher amount of rent. Keep in mind that the opposite also holds true. If your property is far away, next to a noisy train, near a high traffic area, or has safety concerns, you are likely to get less rent and should consider charging a discount to other areas.
If you are renting off campus housing to students at a growing college, your property will continue to gain in value and in the amount you should be able to collect in rents. As the population of students increase, the demand for your off campus housing will also increase and so should your rents.
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