Renting to College Students

| March 23, 2009 More

Many people are hesitant to rent their property to college students and in some cases that caution is a good idea, but not all college students are irresponsible and inconsiderate. If you’re going to rent to college students you have to be meticulous about your screening process and make sure that you or your rental agent meet with each of them individually to get a feel for each prospective tenant.

Part of that initial screening process should include a credit check and a phone call to the student’s current employer, if there is one. If you don’t think the student makes enough to afford the rent then you may want to consider requiring a parent as the co-signer.

You may want to ban the college party entirely from your property but this is probably not reasonable in most cases. Instead you should add a clause that clearly states that if the police are called they will immediately be evicted.

Make sure you check with local tenancy laws as many cities have a limit on how many unrelated people can reside in one apartment, you don’t want to set up a situation where you’re immediately breaking the law.

Also make sure you ask for a large security deposit. Whereas most tenants may not do enough damage to warrant keeping even a portion of the security deposit, college aged students may do so much damage that it requires more than one month’s rent to repair.

The most important part of renting to college students is doing the research and making sure they’re a good credit risk and come highly recommended by former landlords or employers. Look for students that are responsible and have proven this in the past.

Category: Tenants

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