9 month student lease (by BillW [NJ]) Nov 16, 2018 5:15 AM
9 month student lease (by Richard [MI]) Nov 16, 2018 6:14 AM
9 month student lease (by Stephen [ON]) Nov 16, 2018 6:41 AM
9 month student lease (by Vee [OH]) Nov 16, 2018 6:44 AM
9 month student lease (by AllyM [NJ]) Nov 16, 2018 7:13 AM
9 month student lease (by BillW [NJ]) Nov 16, 2018 7:15 AM
9 month student lease (by NJ Landlord [NJ]) Nov 16, 2018 7:22 AM
9 month student lease (by BillW [NJ]) Nov 16, 2018 7:25 AM
9 month student lease (by BillW [NJ]) Nov 16, 2018 7:31 AM
9 month student lease (by AllyM [NJ]) Nov 16, 2018 7:48 AM
9 month student lease (by BillW [NJ]) Nov 16, 2018 8:11 AM
9 month student lease (by Still Learning [NH]) Nov 16, 2018 8:53 AM
9 month student lease (by Jo [CT]) Nov 16, 2018 9:13 AM
9 month student lease (by Landlord ofthe Flies [TX]) Nov 16, 2018 10:47 AM
9 month student lease (by BillW [NJ]) Nov 16, 2018 11:36 AM
9 month student lease (by Still Learning [NH]) Nov 16, 2018 12:33 PM
9 month student lease (by Barb [MO]) Nov 16, 2018 1:22 PM
9 month student lease (by BillW [NJ]) Nov 17, 2018 5:45 AM
9 month student lease (by Jo [CT]) Nov 17, 2018 10:41 AM
9 month student lease (by BillW [NJ]) Nov 17, 2018 12:20 PM
9 month student lease (by BillW [NJ]) Posted on: Nov 16, 2018 5:15 AM Message:
I rent houses and apartments to student groups from 4-12 persons, on single 12-month leases. Since the college year is 9 months, many students have sublets in their room for the summer (who have been approved by me).
I’m thinking of offering 9 months lease options to students, and I would rent out the rooms to other students taking classes in the summer.
I would do this to get a higher rent, as a 9-month lease is more attractive to many students. I thought my yearly income would be higher, adding the higher 9-month lease to the summer rents. It would be a competitive advantage.
The Cons I see if I offered 9-month leases are:
-Renting out rooms for the summer is more work for me.
-If the unlikely event one of the summer renters does not leave, I have a big problem as the whole house would not be available for the start of the semester.
-As I’m under rent control, my ability to increase rents for a 9-month lease is limited.
Please let me know if you have any thoughts on this. Thank you. Bill
--71.104.xx.x |
9 month student lease (by Richard [MI]) Posted on: Nov 16, 2018 6:14 AM Message:
Can you simply rent individual rooms by the week or month?
--23.121.xx.xxx |
9 month student lease (by Stephen [ON]) Posted on: Nov 16, 2018 6:41 AM Message:
Bill,
The main risk I see is summer renters overholding and losing you a nine month renter. As I understand it student renting is highly seasonal and they want that unit at the start of the academic year or not at all.
Here in Ontario you could not do this as all leases are open ended and renters stay as long as they like. There is no such thing as a short term lease, and you can't tell them to leave, they have security of tenure. So you are lucky you can even think in these terms but as a practical matter if they stay and overhold when you don't want them to it will take a while to get them out of there, and then you are marketing against the seasons.
Hope this helps. --64.231.xxx.xxx |
9 month student lease (by Vee [OH]) Posted on: Nov 16, 2018 6:44 AM Message:
Here I do 10 month lease for the cost of 12, then I can get in during summertime for any repairs with water being the akward one - I allow them to store furniture for free. --76.188.xxx.xx |
9 month student lease (by AllyM [NJ]) Posted on: Nov 16, 2018 7:13 AM Message:
I would let them do the sublet for the summer since the renter will be using their furniture and goods that the students leave there over the summer. If you take over the three months then you are responsible for their goods left there until they return in the fall and as you say, you might not be able to get rid of a tenant that stays over. If the student throws them out that's on them. --73.178.xxx.xx |
9 month student lease (by BillW [NJ]) Posted on: Nov 16, 2018 7:15 AM Message:
Richard, I'm embarrassed to tell you after 13 years doing this, I'm not sure the answer to your question if I can rent individual rooms. I see some of my competition advertising houses by the room, but I think they still have everyone sign a single lease.
Stephen- great point. Only once in 13 years has someone (a rare non-student) refused to leave, but cost big in lost rent and eviction costs. And not much different her in NJ vs Ontario: they can stay as long as they want. And as you pointed out, if my 6 bedroom house is not cleared out by 9-1, I'm taking a big hit, trying to rent it later than 9-1.
Vee, interesting thought, but from my time here, on the forum, and at the boot camp, I'm really trying to minimize vacancy. Right now, my vacancy averages around 4 days a year, that I allow for turnover, but I'm looking to get it down to 1-2 days per year.
Thank you all!!!
--71.104.xx.x |
9 month student lease (by NJ Landlord [NJ]) Posted on: Nov 16, 2018 7:22 AM Message:
Can you do an Airbnb type rental in summer ? This may bring in more income. --96.248.xx.xxx |
9 month student lease (by BillW [NJ]) Posted on: Nov 16, 2018 7:25 AM Message:
AllyM - Thanks, very interesting... I haven't even considered furniture and stuff. I guess that may be a reason to furnish the bedrooms, which I'm experimenting with in some of my houses.
As I re-read your post, I'm not sure I understand what you're saying. I think you're saying to continue renting on a 12 month lease and allow subletting.
Thanks!!! --71.104.xx.x |
9 month student lease (by BillW [NJ]) Posted on: Nov 16, 2018 7:31 AM Message:
NJ Landlord, that put a big smile on my face - Airbnb. It sounds crazy to me "but it just might work". I could combine that with leasing to students over the summer, or maybe the student summer rental would be handled as an Airbnb? I wonder how you'd get out an Airbnb'er who stayed past their agreement date?
Thank you! --71.104.xx.x |
9 month student lease (by AllyM [NJ]) Posted on: Nov 16, 2018 7:48 AM Message:
Yes, I am saying continue renting on a twelve month lease and allow subletting but ask that the sublet be students only. I didn't realize you were not providing furniture. So do the students take all their bedding home in may and june and bring it all back in September for the next semester?The students who would rent for the summer would be graduate students taking courses to finish advanced degrees. I get calls all the time asking for three month leases if I have an available property in May. --73.178.xxx.xx |
9 month student lease (by BillW [NJ]) Posted on: Nov 16, 2018 8:11 AM Message:
Let me think here....The lease starts June 1 and ends May 25th ("12 month" lease). Students stay 1-3 years. I think sometimes a student, on a 12 month lease, will sublet their room to another student from June 1, until the end of August. For an unfurnished house, I'm guessing, the summer sublet brings in their bed and stuff on June 1 and removes it the end of August. The student on the 12 month lease, then brings in their bed and stuff the end of August, after the sublet moves out.
As I write things like "I'm guessing" in this post, I realize I need to talk to my students and better understand how things work, and what problems they have regarding subletting etc. I think then I could better offer them some solutions that would be attractive to them.
Thank you for helping me think through this!! --71.104.xx.x |
9 month student lease (by Still Learning [NH]) Posted on: Nov 16, 2018 8:53 AM Message:
Summer subletting in CO and NH is at a loss to the student. Too many trying to sublet, not enough students. We always tried to get our son to get as much as he could to cost is less. In his case he moved houses so would throw his stuff in storage for the summer while he came home. One subletter was upset when there was no bed. Usually a few of the kids stay and bring in a few. I think it would be more hassle than extra money unless your market is different. If students stay several years by having to move their stuff out at 9 months they may not have incentive to stay additional years. --96.81.xxx.xxx |
9 month student lease (by Jo [CT]) Posted on: Nov 16, 2018 9:13 AM Message:
I live in a college town and also rent to students. All my leases end on May 26th at 6 pm. This way it gives me time to clean for turnover.
I do individual leases, has worked well for me, as they rent rooms.
My apartment's are furnished and have kitchen items...stuff left over by former students. In April I start advertising for summer students, or summer people working in the area. Those are short leases and they are usually gone by mid August when the students arrive.
This has been my "niche". Some landlord's make their leases until August, but I found that if someone is graduating they want to leave in May, so I would rather have someone commit to 9 months rather than have a vacancy
--32.215.xxx.xx |
9 month student lease (by Landlord ofthe Flies [TX]) Posted on: Nov 16, 2018 10:47 AM Message:
Two problems:
1. Holdover on 3 month tenant screwing 9 mo contract.
2. 3 months not enough time to risk damage if summer student trashes it.
Solution:
You could raise the rent for a 9 month that would cover the 1.5 month hiatus and AirBNB for the other 1.5 months worth of rent, but have 3 months of AirBNB available. You could do AirBNB for the 3 months, but not for longer than what's allowed in your state. If they stay past a certain amt of time, they automatically become tenants no matter whether they're AirBNB or lease.
--108.69.xxx.xxx |
9 month student lease (by BillW [NJ]) Posted on: Nov 16, 2018 11:36 AM Message:
Still Learning, I’m struggling to understand some of your post, but interesting you say, “many trying to sublet, not enough students”. On one hand, nice to know that my marketing efforts are competing against students trying to get a sublet, so I should have the upper hand, as advertising my student rental properties is my expertise (one would hope). On the other hand, if the room is vacant for the summer, then I’m taking the hit, not the student with the 12 month lease. (assuming I’m offering 9 month leases)
Jo, with individual leases, don’t you have problems with students, who don’t know each other, getting along together? I always wondered If I’m allowed to do individual leases in my area, or if I need to be a licensed rooming house for individual leases.
Landlord of the Flies, I’m thinking I’d get together with an attorney, and make a “you must leave or else” 3-month lease. Maybe I’d ask the summer tenants for proof of housing after the summer, to be sure they will leave.
Though I’ve never had a problem with any of my student’s sub letters, not leaving in August. I don't know what you mean by "3 months not enough time to risk damage if summer student trashes it". I will say that over 13 years, by the grace of God, I've never had anyone trash any of my places. My houses are outside of the "party central" area of town, so I don't draw that type of student.
Thank you much!
--71.104.xx.x |
9 month student lease (by Still Learning [NH]) Posted on: Nov 16, 2018 12:33 PM Message:
There are less students taking summer classes or working there compared to do the subletting so as supply and demand goes, the rooms with the biggest discount/cheapest rent get filled first. Not sure all rooms get filled. Some years my son got $200-300 a month subletting while we still paid $700 for the room. For us that meant we only paid for 2 of the 3 months he wasn’t living there. He may have waited until close to the time he was leaving to try to sublet while still trying to find an internship. If utilities are not in your name, you will also have to do a 3 month switch of utilities. --24.61.xxx.xx |
9 month student lease (by Barb [MO]) Posted on: Nov 16, 2018 1:22 PM Message:
I generally stick with June 1 through late May leases. I think I'd stay with that, unless a pressing reason. For example, for the last few years, we had lots of high school teachers coming to campus in the summer for some training. If we have them this coming summer (we don't expect them, unfortunately), I'd likely furnish my 8-plex, cover the utilities, and rent it by the week to the teachers. They have been renting in hotels for 2 weeks at a time, but many of them complain about the internet and stuff. So, if I was to meet the prices of the local hotels, I could cover my costs and make money, easy. --131.151.xx.xx |
9 month student lease (by BillW [NJ]) Posted on: Nov 17, 2018 5:45 AM Message:
Thanks Still Learning, for clarifying that. Interesting to hear how much your son got for renting his room for the summer. I always assumed students subletted for what they were paying, but that's an eye opener. I'm experimenting with providing utilities, so that would make the utilities part easier, as it will be in my name the whole time.
Tell me Barb, do you prorate (reduce) May's rent since the students vacate the place, before the end of the month? I do, but I'm not sure the students appreciate it, and I take a hit, as I collect less for May's rent.
That's interesting about renting to the teachers. Makes me think: I have one place 200 yards from a hospital, so maybe I should contact the hospital to see about renting to the interns(?).
Thank you both!! --71.104.xx.x |
9 month student lease (by Jo [CT]) Posted on: Nov 17, 2018 10:41 AM Message:
Bill, very rarely is there a conflict. I am pretty good at screening and I have the present tenant's met the new one beforehand. If you are in a dorm you have to deal with your room,ate plus, it's a part of life...there are going to be co workers you don't like but it's life and you have to deal with it.
Usually everyone is good with the situation.
--32.215.xxx.xx |
9 month student lease (by BillW [NJ]) Posted on: Nov 17, 2018 12:20 PM Message:
Thanks Jo, for letting me know. That makes sense, you are doing a screening process, so hopefully, your weeding out inconsiderate person's to begin with. And like you said: that is life - dealing with others.
This makes me think, I wonder about posting some house rules around the house? I've seen some of my tenants post them in the kitchens of the house. One made a flow chart that started like: Is the dishwasher full and dirty? -- then start the dishwasher. Is the dishwasher full and clean? -- then empty the dishwasher. The flowchart ended with: Is the kitchen as clean as your aunt Millie's? --If yes, you can go. --If no, go back to the top of the flow chart.
Thanks again. Bill --71.104.xx.x |
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