I have three sub-leased houses around a university in Melbourne. We've significantly increased the rents, by taking a 4 or 5 BR place and providing fully furnished rooms.  We pay a cleaner to go through each fortnight and clean all common areas. For us, it has worked very well, but we have to put in a few hours here and there managing things.  Essentially you've got to run it like a business. If you just sign students up, and leave them to themselves for 6 or 12 months, you'd be in for trouble.  If you build a bit of rapport with them, show them that you value the house and value them as a rent paying tenant, you'll get some respect and minimal issues.