If your residential property is located near a college or university, you may find yourself with a lot of applications from students.
Many landlords are afraid to rent their apartment or house to college-aged young adults, fearing house-wrecking parties or gross lack of care of the property. Should you be concerned?
Students have a fearsome reputation as renters. There is always the possibility that the tenant will want to host a party and things will get out of hand. Renting to young people does carry a slightly higher risk that the property might be neglected. Students might realize that they are on the wrong track and might need to break the lease early.
However, as with all potential tenants, it is best to judge each application on its own merits. Students are not all the same. For example, graduate students tend to be very focused on their studies and are less likely to have time for parties. Older students often have steady jobs. They can be good tenants.
You may recognize other reasons to rent to students.
- If your property is in or near a college town, then you will always have a fairly stable market.
- If a student must leave the lease early and you’re scrambling to fill the property mid-semester, it won’t be hard to find another student who is excited to move in.
- College kids are usually just happy to have a place of their own, so chances are that they won’t be picky about wanting stainless appliances or high-end lighting.
If you’re worried about a kid’s lack of rental history, sometimes a parent will cosign on the lease. Lastly, you are helping the next generation find their footing in grown up life, and that is a necessary and noble deed.
Here are a few tips for dealing with a tenant of the younger generation.
- Use electronics whenever possible. Make yourself available through texting and social media. If they need to tell you that something is broken, they will most likely want to text you instead of call or submit a formal report.
- Make the rules for usage of the property crystal clear. Make sure that every single possible loophole about pets, number of friends staying over, tobacco or marijuana usage, general upkeep and utility payment is closed.
- Make sure that they know who to contact when a problem occurs. Let them know you are glad that they are there, and they will be more likely to reach out to you at the start of an issue instead of letting problems get out of hand.
Renting to college aged students can make some people feel nervous, but can be a good option. Remember that Blue Mountain Realty is glad to serve as a property manager. We have experts standing by who won’t be afraid to be your liaison with younger tenants, and we’ll keep your property safe and tidy.