College expenses are increasing continually. Not only are tuition fees and the cost of students’ accessories scaling high, but also room and boarding charges in the campus are increasing. As a result, parents and independent college students are looking for cost-effective alternatives to campus housing.
College student housing is a lucrative investment that appeals a large number of investors to invest in properties which are feasible to rent out to students. Out-of-campus housing is economical for students and profitable for landlords since they can obtain good rents. However, landlords need to be careful with the terms and conditions of rent lease to ensure they rent out their apartments to the students safely and appropriately.
Here are some useful tips that can help landlords to offer their property to students on rent safely and without any issues.
Develop a solid lease
Make sure you have a strong lease that would help keep your property safe with students staying in it. Ensure you include details about noise restrictions, damages, unauthorized roommates, and other expectations that you have for your tenants.
Have details of each student
It is important that you have the details for every student staying in your property, even if an apartment is shared by multiple students. Make sure each student residing in your rental property applies separately. Put each and every student on the lease and have their guardians and parents co-sign the lease.
Screen each prospective tenant
Even though tenant screening for young college students might seem unimportant, most students have a credit history. Also, many students have criminal histories. It’s better to screen each prospective student tenant before you rent out your property to him or her. This helps you ensure that you are renting out the property to the right individuals.
Be clear with the rent payment
Let each tenant sharing an apartment know that they are individually and jointly responsible for the entire rent payment. If one roommate fails to pay his or her share in a month, it’s responsibility of the rest students sharing the same apartment to cover it. Make it clear to all the tenants that you won’t accept partial rent payments.
Enforce your rules
Young tenants often push the limits to see how far it is unobjectionable so it’s better to enforce certain rules to maintain safety and discipline in your property. Be clear with your rules and regulations. For instance, make it clear that you won’t tolerate any kind of damage to your property.
Have an insurance policy
Last, but not the least. It’s better to have an insurance policy that covers renting to students. This helps you secure your property when renting it out to the young students.
By following these useful tips, you can rent out your property to college students safely and easily and carry out your property management business successfully.