It is a lot easier to advertise to students because they understand the way the Internet works. So advertising and marketing will cost much less. Plus the rent they have to pay is much higher in a university town, for the most part.
So what are the risks, then?
The Risks of Renting to College Students
§ College kids usually have everything done for them at home. So being inexperienced in taking care of property can be a disadvantage, especially if your tenant turns out to be reckless.
§ Some college students are immature and out of control all together. This is a lethal combination that spells disaster and more expenses for you.
§ Most kids plan to party during their college years away from home so. This can result in a much higher risk of damage.
§ Since they will be staying for a short duration, they will care even less about maintaining the integrity of your property.
How do You Minimize the Risks?
Make sure you thoroughly screen your college student tenants. It may be difficult to do this because of their limited credit history. But either way it is necessary. Apart from the students also screen their parents or guardians. Also, find out if the student has ever been evicted from a university dorm.
Get our attorney to prepare a special lease when you plan on leasing to college students. There should be a clause requiring co-signers, specifying maximum occupancy, what will happen in the event of damages to the property and complaints against noise.
Explain the Rules
Make sure you read the rules to the tenant so that they are made thoroughly aware of what is and is not allowed. Like no use of fire on the property in the form of fireworks, charcoal grilling, or burning candles.
Charge for Utilities
To curb the unnecessary use of water and electricity, make sure you charge your clients. This way they will avoid leaving the water on and will learn to save power. And if they do not have pay their electric bill, there goes the TV and the computer!
Monitor the Property
Get the services of a third party monitor in the building. This way, you can receive immediate alerts if the tenants do not pay attention to the terms of the contract.
These simple rules will help you recover the money owed to you by your college student tenants and prevent them from damaging our property. Hiring a property management company to help you screen and maintain the property would help ease your burden if you are renting out your property to students.