12
Jun
2012

How to Rent Out to College Students

  • Posted in Removals
  • Published on Tuesday, 12 June 2012
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How to Rent Out to College Students When it comes to renting out your place, one of the possible choices of tenants are college students. Keep in mind that college students are also the most immature and irresponsible of tenants and renting to them can be a real challenge. Being a landlord is always somewhat risky, but there are certain ways to avoid the common obstacles. A good landlord with stable revenue is one who knows how to adapt to every tenant, before even giving them the keys to the rented place. Renting to college students usually means that you will trust your home with 2-4 students, as they never want to live alone. If you want to feel safe about your property, the first thing to do is to increase the security deposit. Any stains or cuts on the carpets and curtains, damages furniture or appliances will cost you money once they move out. This amount needs to be covered in advance. In order to return the flat or house to its former condition, charge 1 or 2 month's rent as a deposit. Another thing to take consideration of is who actually lives in your property. College students tend to be very flexible in term of their place of living - they invite newcomers to share rooms with or they move to a new place and at the end you end up with tenants you haven't even met or agreed to rent to. If there are any newcomers or leaving students, make sure they fill out the necessary paperwork and are aware of their responsibilities. You should always try to have all the contact details of your tenants in case of owed money or necessary repairs. It often happens that the students who sign the lease are not the ones living in your property by the end of the lease.

When you rent to college students it is very important to state all your requirements in the lease agreement. This way you know that your tenants who sign the agreement are agreeing to your rules. Excessive noise from parties shouldn't be acceptable after 9pm, so if you don't want problems with the neighbors and police, this should be a clause in the contract. If you can't put up with the thought of crowds partying at your place, simply state that each tenant is allowed to have not more than 2-3 guests. It is important to understand that college students are mostly first-time renters - they have no idea what is expected of them and can't even deal with most things. A fully-equipped home means all your electric and electronic appliances will be at the tenants' disposal. Explain in advance how each one works, any specific care and so on. It is best to hang a board with your details on it and any manuals for the appliances. As a landlord you need to inspect the home on a regular basis. Many tenants see this as disturbing their private space, and with college students it can be particularly challenging. Set up a date every other month for inspecting the place. During the inspection you have to spot any damages, stains and the overall condition of the place. Your students need to realize that this I not their own home, so they cannot do whatever they want, like hit doors, jump on beds, break glasses, etc. If you want a property which you can rent out for long, make sure your tenants know the importance of cleaning and tidying up regularly. During an inspection is the time to check whether someone else is living at your place without signing the lease and paying rent. Many tenants invite their girlfriends/boyfriends in order to lower their costs for rent, but if you have clearly stated a certain number of people allowed, then you are the one to control this clause is met. Many rules in the standard lease agreement can be suitable for families, but not for college students.

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