Final answer:
The student's house is being renovated while they are away, as implied by the conversation about not wanting to renovate just for a short-term rental.
Step-by-step explanation:
Referring to the information provided, it appears that the student's house is being renovated. The conversation fragment '...I don't care to renovate the house just for a three months' rental,' implies that the house is undergoing renovation rather than being rented out, sold, or experiencing any unfortunate events such as fire. This suggests that during the student's time away from the house, renovations are happening to improve or update the property.