College Rentals in Riverside have a cycle similar to the school year. Most students and parents paying for tuition want to start a cycle in September and end June 1 or when the college term ends, while it makes it more difficult to find a renter for the short three month term. Typically, a landlord may be able to charge a higher than normal rental fee to compensate for the loss of income.
It is not unusual for affluent parents to purchase a rental property and have a child manage the home and find tenants (friends to occupy rooms and share costs). It really takes some of the ouch out of the high tuition bills and if timing is good can be financially beneficial at the same time of sale.
Owning an investment property that your child can live in while at school can make a college education more affordable, depending on how long you hold it and how much appreciation can be realized.
Speaking from personal experience, I purchased a home in a college town near the beach. After 25% down payment, from day one the property paid for itself through rental revenue. During the summer months our family used it as a beach getaway.
The downside to renting to college students is that they are college students and the focus in their life is getting good education and fun!
Careful screening and good communication of expectations are of paramount importance. Routine inspections are a must! I recommend every 3 months insuring proper maintenance of yard and interior.
Collecting a healthy security deposit, requiring each student to have adequate credit and having parents cosign is a must.
Like any investment the rewards can be great and there is some risk but you can minimize the risk by taking the above actions.