Tips for Renting To College Students

Tips for Renting To College Students
  • Opening Intro -

    When you rent properties for a living, you can get very stressed.

    There are so many things to consider.

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How much should you charge for rent? What problems will you run into? Being a landlord to college students can be especially tricky and deserves some additional consideration.

If you rent out homes or apartments in a college town where younger people make up a good portion of your tenants, consider the following practices and make some small changes to protect yourself and make the entire process easier.

Screen Candidates

Most landlords require an application and screening process to rent out a unit. This is especially helpful if you are renting to college students. An application and conversation with a potential renter will help you to get to know them and decide if they are a good fit.

College students are often young, inexperienced, and don’t have a credit history or past rental history established. This is why it’s important to get details about their income so you can be sure they can afford rent. In some cases, you may want to ask for a cosigner on the lease or have an adult contact available.

Figure in the Cost of Amenities

If you are running units in a larger complex that will access a gym, outdoor recreation areas, or laundry facilities, then you should factor in the cost of upkeep in the rental cost. Think about the cost of a pool and replacing or maintaining washers and dryers.

Everything requires some money put into it to stay in good working order. You’ll find that many tenants will gladly pay an additional fee to have access to these types of extras.

Keep in mind that your college students are often on a strict budget, but they also tend to have roommates. So, even though you may want to charge a lesser amount per person, you could rent the unit at a higher rate.

Set Clear House Rules

Have a section of the lease devoted to house rules and go over this with your college renters. Many of them probably have never had the responsibility of paying for an apartment and don’t know what to expect.

Lay out the rules that all tenants are expected to live by in a way that they are not open to interpretation. Include information on when the garbage can be set out, designating parking spaces, and noise restrictions. It’s a good idea to have designated quiet hours so other tenants won’t be disturbed by late-night gatherings.

Explain the penalties and fees for violation of any of these rules. This saves both parties a lot of time and conflict over misunderstandings. When your guidelines are set out in advance, you have a stronger case and the ability to enforce them for the good of all the tenants, without causing hard feelings.

Consider Your Location

If you are marketing your properties to college students, consider the location of your available units in regards to the college campus and activities. The rate of rent can reflect this to some degree.

Apartments that are within walking distance to campus classes and events are in higher demand since they don’t require the students to have access to a vehicle. Taking the bus or calling a cab can get expensive.

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Add Safety Features

College students and their parents both want to know that the home they rent is safe. You can appeal to them, and all renters in fact, by installing some basic safety features.

Make sure parking areas and outdoor spaces are well lit and covered by video surveillance. This will also be an incentive to follow the rules and refrain from damaging any property.

With a little forethought and understanding, you can have a good relationship with your college-age renters. Even though the turnover is often higher, there is never a lack of potential tenants. This means security for you and your business.

Image Credit: tips for renting to college students by twenty20.com

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