Renting to Student

by Mary Anne Ragragio


Posted on 2019-09-14 20:17:01


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Renting to college students

Thousands of students go to universities and look for rental properties.  This is a great opportunity for landlords as student accommodation is a highly lucrative investment. Although it helps leads to higher cash flow, this kind of property investment also meets some challenges. In this blog post, we will talk about some benefits, risks you will possibly encounter and how to help landlords minimize the risks associated with students renting an apartment.

Benefits

  • Student accommodation is high on demand, that’s why sometimes there’s a shortage of apartments for college students. This is a great opportunity for some landlords who are willing to accept students as their tenants as they give landlords a guaranteed income.
  • It is a good option to landlords for student lettings, especially to those landlords whose property is located near a college or university.
  • Since parents are normally the ones who pay for the rent, it is safe to consider accepting student tenants. In some cases, it could be their grandparents or other people who care to help pay their rental expenses.
  • Some students, who have student loans, offer upfront rent payments after they paid their tuition. This is a good chance for some landlords to consider accepting the student.
  • Some parents pay the rent upfront since finding an off-campus apartment is difficult for their children to find.

Risk

  • Most students would prefer to have a quiet place to stay so they can concentrate on their studies. Noisy housemates could be one of the problems that students may encounter. Too much noise could attract public attention and might disturb lots of people surrounding the area.
  • Bills for maintenance and repairs in case students may break something on the property.
  • Units may be a bit difficult to keep occupied during student’s summer break.
  • Students possibly may not have a credit history or rental history.
  • It may be difficult to find tenants during student summer break.

 

Minimizing Risk

  • The landlord may require the student of the consigner. You may ask parents, guardians, or grandparents to sign as co-signers or guarantors. This will ensure the landlord that if ever the student fails to pay the rent or breakage of property, their consignee will be the next responsible to pay it.
  • In case of too much noise, the landlord may include in the lease agreement specific noise guidelines (ex: minimize noise or no loud noise after a specific time).
  • Landlord’s regular inspection visit would help to make students be aware that you really care about them being your tenant and on their concern (if there is any). It will also help you in keeping your property in good condition.
  • Deal with the problem up front. Don’t wait until any problem occurs. Set-up guidelines beforehand. Specify some rules that would help protect not only your property but also the safety of the students.
  • Landlords may check cosigner’s credit and total income since they are the source of income of the students.


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