Renting to students can be a profitable venture, but it comes with its own set of challenges and considerations. Many of them are on their own for the first time. We’ve had many very interesting calls from students. From wanting us to change their lightbulbs to asking us to do their laundry. Here are some tips to help you successfully rent to students:
- Location, Location, Location:
- Choose a property located near universities, colleges, or public transportation to make it more appealing to students. Take a day or two and go hang around the campus and surrounding areas. You’ll be surprised what you find out. And will get invaluable insight into desirable areas to live.
- Understand Local Laws and Regulations:
- Familiarize yourself with local rental laws and regulations, as well as any specific student housing ordinances in your area. These can very based on the state, local laws and regulations, and also specific to each university.
- Offer Furnished Apartments:
- Many students prefer fully or partially furnished apartments as it saves them the hassle of buying and moving furniture.
- Set Clear House Rules:
- Establish and communicate clear house rules, including quiet hours, maintenance procedures, and expectations regarding rent payments and security deposits. This should be done with all rentals. But it is VERY important to do with students. Make things very clear in the lease. Also, we’ve found it helpful to do a one-page “Lease Highlights” because most of them don’t read the lease.
- Individual Leases vs. Joint Leases:
- DO NOT consider offering individual leases to each student rather than a joint lease. This will be a HUGE time drain. Joint leases are the way to go.
- Co-Signers:
- This seems counterintuitive. But we do not require co-signers for students. We’ve NEVER had a student not be able to pay rent. Many of them are on grants or scholarships. And if they’re not, their parents are paying. We do ask for proof of income. But in order to avoid helicopter parents, don’t put them on the lease. Don’t give them a seat at the table because they are awful to deal with, especially when you don’t change the lightbulbs in their daughter’s room.
- Semester and Academic Year Leases:
- Offer flexible leasing options, such as semester or academic year leases, to accommodate the typical academic calendar. Start leasing process ASAP. We start marketing for next academic year in Sept.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
