Renting Your Property Near Campus
The good old days: college. We all remember them. The parties, the all-nighters, eating ramen noodles and pinching pennies for a night out. Because landlords remember their college days, and how they were in college, they’re often very wary to rent to students. However, if their property is close to campus, they also remember that they wanted to rent next to the university as well. If you have a rental near a college campus, you’ll definitely be able to charge more. This is one perk. You can’t necessarily categorize all college students into all-night parties. Some students are there as a stepping stone to medical school, or engineering. There are just as many responsible students who are serious enough about their education, to not get involved in having a highly-packed social schedule. You may end up with a very quiet tenant who goes to class, comes home and studies, eats dinner, goes to bed, and repeats.
Landlords only want a few things: the main two are for their apartment to stay un-damaged maintained, and for their tenant to pay rent (and on time). Now, there are always benefits and risks when it comes to renting to the younger crowd on campus. Some of the benefits are that you’ll likely never have the “for rent” sign on the front yard for long, during the school year. Renting during the summer is the difficult part, as all the students have left. You may do without rent for a little while over the summer while you wait for school to start back up. Of course, there are many students that decide to continue classes in the summer to get ahead (or, to repeat them!).
You’ll most likely also be able to up your asking price. Apartments near college campuses rent fast, and a lot of students are willing to pay more to be closer to their classes and friends. A benefit is that their parents will likely be making their rent payments. A risk is that if the student is going to school full time, but also has a side job to support themselves, if they get fired you might be in trouble. Again, a parent may pick up the slack here. Be sure to get a deposit, as you’ll likely have to fix some things when they move out. However, even a 40 year old with a great job could leave the apartment damaged with things broken. You never know.
There is a way to minimize these risks. The best way is to create a special lease for college students. You should ideally have two leases. One for college students, and one for younger professionals. You should have these prepared ahead of time and have a real estate agent or an attorney read over it to be sure everything is clear. You should include a spot for a ‘co-signer’ as college students almost never have credit yet, so you need to have someone who will be responsible if they can’t pay their rent. Aside from the fact, that minors can’t sign leases, so depending on the student’s age, they may need a co-signer.
Put any rules in writing such as no burning candles, no excessive noise, and things of that nature. You’ll be glad you did. While the tenant may ignore that clause on the lease, it will make a difference in the amount of noise they make. The student should pay the utilities. This will help them learn to pay bills; however, it is not your responsibility to teach them the way of the world, so you may want to charge more rent so that you can include utilities. Consider driving by the property once in a while to make sure the apartment is being taken care of.
Renting Your Property Near Campus
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