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Student Accomodation, Homes For Rent, Rental Home Apartments, Rental Homes for Western University (UWO) and Fanshawe College Students in London, Ontario

Average Student Rental Fanshawe College House For Rent Accommodation in London On – Prices!

2/2/2014

 
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Above is an image of the average prices of homes for rent around Fanshawe College student accommodation housing bubble in London, Ontario. I will provide a little bit of insight in regards to these numbers and begin to justify them. First, the Fanshawe College Off Campus Housing service does not provide average rental prices for different types of accommodation, so these numbers were developed based off our experience and research of the local student rental market at Fanshawe College.

1 or 2 Bedroom Apartments – As you can tell, it costs more per person to live with less people. For a 1 bedroom apartment by yourself it’s $700 + utilities, for a 1 bedroom in a 6 bedroom house could be as low as $420 all in. The apartments across the street from Fanshawe College are usually full and not extremely popular with Fanshawe Students. Fanshawe College students are usually looking for a basement in a house or an apartment closer to Oxford/Richmond area. The drawbacks of an apartment are that they are expensive student accommodation, you need to pay your own utilities, and they are further away than single family residential homes

3 or 4 Bedroom Houses – It is difficult to find a 3 bedroom house at Fanshawe College. Usually a 3 bedroom houses is the upper floor of a single family residential house. Four bedroom homes are usually townhouses on Second or Third Street in London, ON which target Fanshawe College students. The 4 bedroom student accommodation at Fanshawe College provide really good value: short walk to school, all inclusive, usually 2 full bathrooms, and living only with 3 others for a great price. The three bedroom houses do cost a little bit more and there be another group/individual sharing the house.

5 or 6 Bedroom Houses – Five bedroom student rental accommodation homes for rent are the most popular with the Fanshawe College students in London, ON. The houses on Fleming, Prosperity, Farnsborough, Thurman, First Street, Mardell, Hyman, Mark, etc. are all popular student home for rent locations. The 5 bedroom houses at Fanshawe are so popular because: students enjoy living in larger groups, the houses are usually 2 blocks from campus, they come all inclusive, usually have 2-2.5 full bathrooms, and all of this for a decent price. The price and location cannot be beat on the five bedroom Fanshawe College student homes for rent. The 6 bedroom houses are a little more rare to find, usually have  1 or 2 rooms that are significantly smaller than the others, and sometimes it is really difficult living in a smaller homes with six Fanshawe College students.

As you can see, student accommodation and homes for rent for Fanshawe College students is difficult to organize because it is so fragmented. There are homes for rent, apartments for rent in London, and student accommodation that all have different Landlords who offer different properties, prices, services, leases, etc. 


How To Avoid the “Headache” That Comes Along With Students In Your Rental Property

12/10/2013

 
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The reason why many Fanshawe College Landlords and Western University Landlords burn out and get out of the industry is because of what is known as the “headache.” It is not very difficult for owners to maintain the property, to upgrade their property when needed, and maintain the exterior of the home.  Core Property Management and Rentals deals with the “headache” for our property management clients in London, Ontario. If you are new to this business, or you want to avoid “the headache” from your student rental tenants, than you must consider the following:

1.       Be Upfront With Your Student Tenants at Fanshawe and Western

If you are from out of town, let them know that. That way they will not expect you within 10 minutes if there is no hot water running. When sitting the tenants down to sign the lease, go through each line out loud and give examples of you operate. For example, if all the light bulbs work and the lease states if any bulbs go out they have to replace them, then they call you for more bulbs you need to remind them of this conversation. Being upfront and transparent goes a long way

2.       Try To Have You Student Tenants Pay Their Own Utilities

If the student rental tenants are paying their own utilities, you have three less things to worry about: London Hydro bill, Union Gas bill, and probably a hot water rental. With the tenants paying the utilities, they will be much more responsible with the bills and with your property in general taking care of it because they are obligated to care more than the “all you can eat buffet” which is renting all inclusive.

3.       Sign Joint Leases With Groups of Tenants

Signing groups of tenants to rent your entire property is the best way to go about renting your property because you will get the London, ON Landlord License, you will sign on a group of friends who know each other, and the tenants will be jointly liable to pay the full amount of rent. When tenants are jointly liable and obligated to pay the rent, there is a much greater chance of none of your student rental cheques bouncing.

4.       Buy a Townhouse to Rent

When purchasing a student rental property, some of the “headache” comes from cutting the grass, cutting branches, raking leaves, cleaning snow, changing windows/doors, replacing the roof, etc. which can all be taken care of if you pay a monthly condo fee and buy a townhouse to rent to students to Fanshawe and Western University students.

5.       Hire a Property Management Company That Has Experience in Managing Western University and Fanshawe College Properties

To make most of your headaches going away, sometimes the only way is to outsource it to a local, London Ontario based company that has a rich history in providing Landlords when a great service. Some Landlords of student rental properties don’t appreciate text messages at 9 PM on a Sunday evening asking “what is the postal code of the house?” from their tenants. The little things definitely add up, and if you haven’t utilized a combination of the above recommendations to minimize your headaches, you are better off hiring a company to manage and rent your property to local Western and Fanshawe students.



    Author

    Core Property Rentals and Management's Advice on Student Rental Properties at Fanshawe College and Western University in London, Ontario, Canada.

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