Acquire a property or use an existing owned property for the privatized student housing facility. Select a location that is near a college. Choose a property that has a number of rooms and can be turned into a multi-tenant space. Determine the number of rooms that can be rented. Convert unused space into bedrooms to maximize profits. For example, an office or den can easily be turned into a bedroom.
Research how much to charge for the rooms. Look at what other property owners are charging in the area for similar locations with comparable amenities. Price the different rooms according to size and furniture (if applicable).
Improve the renters' space to increase the desirability of the property. Add appliances like a fridge, stove, dishwasher, A/C and heat, these are considered standard. Adding furniture like a sofa or TV in common spaces may be desirable or even furnishing bedrooms with a desk, bed and dresser can help attract student tenants. Include utilities like Internet with Wi-Fi and a house phone. Change the doorknobs on each room, so every individual tenant has their own key for their room.
Create a renter's agreement outlining the terms of the lease. Use existing templates found online and modify them according to the property's specifics. Search for "tenant" or "renter agreement" on a search engine to find these documents.
Market the property by posting it on the college's housing website (most schools have a housing tool like this), post an ad in the school newspaper or use free classified ads like craigslist.com or kijiji.com.