Landlord 101: Dealing with Student Renters
Landlords are often hesitant to rent to college students because they are young, financially insecure and more likely to be irresponsible. But while renting to students has its pitfalls, it's nothing that a good landlord can't deal with. So long as the potential issues are addressed ahead of time, both landlords and their student renters can avoid grief and remain on good terms throughout.
Addressing Financial Issues
Before renting out to students, landlords should make sure that their potential student renters have enough money to cover their rent. If they can't secure the necessary funds, you can always let their parents co-sign the lease. Their parents are more financially secure and more likely to understand issues involved in renting.
If the student has roommates, landlords should make sure that all roommate would be able to cover the entire monthly rent on their own. That way, if one of the roommates moves out, the remaining tenants would still be able to pay monthly rent in full.
Most local governments have laws regarding how many unrelated people may live in one apartment. Many students wouldn't mind letting their friend crash on the couch for a few days (or longer). Unfortunately, in doing so, they may wind up violating occupancy laws, and the landlords will be held responsible. That is why the lease should specify how many people may live in the apartment at the time.
During the summer, college students usually move back with their parents, leaving the landlords stuck with empty units. Landlords can avoid this problem by letting students rent for the entire calender year and allowing them to sublet during the summer.
Students will usually have parties. The best way to handle them is limit the number of large-scale parties students can hold per month and let them know if that if the police is called in because of the party that's gone out of control, they will be evicted.