How to Rent Apartments to Students
Some landlords prefer to rent apartments to students for a number of common-sense reasons. For one, students commonly get funds from either parents or school financial aid to help pay for rent. Also, although there are students who like to party every weekend, many are focused on school and can be quiet and easygoing tenants.
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Instructions
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Outfit the apartment with basic furnishings and amenities that a student will probably need, like a study table, TV and kitchen utensils. Set the apartment up like a dorm room, but consider removing the furnishings if the student prefers to supply his own.
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Create a written lease, with the help of a lawyer if you need one, that covers all details of your rental arrangement with students. Include sections about noise levels, additional tenants and the term of the rental. Keep in mind that some student renters may only need the space during school months. Decide if you want to rent monthly or weekly. Find a a sample student lease between a college and students for reference.
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Visit the colleges in your area and post your apartment listing on billboards in campus student centers and cafeterias. Post your apartment advertisement on the college website if possible. Some schools allow the general public to publicize housing listings --- call the student housing department at each school for the website address.
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Schedule appointments for students to view your apartment during convenient hours. During the meeting, ask the prospect about how he plans to pay the rent and the estimated move-in date. If the student plans to pay with financial aid, ask when the student expects to receive his check -- sometimes there are delays at the beginning of each semester.
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Determine if a parent plans to co-sign with the student -- if so, make arrangements to meet with both the student and parent at lease signing. Some landlords have concerns about damage (beyond normal wear and tear) when renting to young students, so you may want to charge a higher security deposit than you would a non-student tenant. Security deposit rules vary by state so check your state landlord tenant laws for security deposit limitations.
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Tips & Warnings
You may want to allow the student to sublet the apartment during summer months to keep income flowing in. A sublet agreement (also called a sublease) is an arrangement where the student allows a friend to take over the apartment while he's gone, though the student on your lease is still ultimately responsible for the property.
