When an owner has an apartment property near the campus of a University and they mainly rent apartments for student housing, there are particular problems. The competitive situation dictates that leases be offered for one semester of nine and a half months. A twelve-month lease for students is virtually unheard of. That means there are lots of vacancies as soon as final exams have ended. (This does not apply to a few University communities where there is always an apartment shortage. In those few places, the student must lease for 12 months or have no lodging.)
There are ways that might help turn the months of vacancies into extra rental income.
First, during graduation week, the vacant apartments are rented to parents and guests, by the management company, on 3-day or 5-day leases. The parents like being closer to the activities and a close place to rent is more attractive than an outlying motel or hotel.
Second, summer students taking courses at the university welcome the chance to rent an apartment on a week-to-week basis. This is particularly true of students and employees from other colleges who don’t have the time to search out living arrangements for, say, a six-week summer course.