student house ? (by kt [IL]) Feb 12, 2021 8:33 AM|
student house ? (by Dee Ann [WI]) Feb 12, 2021 10:18 AM
student house ? (by S i d [MO]) Feb 12, 2021 10:19 AM
student house ? (by BillW [NJ]) Feb 12, 2021 12:02 PM
student house ? (by Deanna [TX]) Feb 12, 2021 1:50 PM
student house ? (by Still Learning [NH]) Feb 12, 2021 2:15 PM
student house ? (by RentsDue [MA]) Feb 14, 2021 10:59 AM
student house ? (by Vee [OH]) Feb 15, 2021 2:06 PM
student house ? (by Amy [LA]) Feb 23, 2021 12:56 AM
student house ? (by Nicole [PA]) Feb 23, 2021 8:15 AM
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student house ? (by kt [IL]) Posted on: Feb 12, 2021 8:33 AM
have property very close to a major college & have considered renting to the students at of coarse a higher price/ but when ever I get a call their crazy questions/ this time mom calls/ wants a 4 br (almost unhears of here)wants me to hold it for free tell june & rent it on a short term lease tell dec/ do people do this?/ haw can u make any money? had1 call wants me to hold the place for 2 yrs tell they get out of high school. --173.233.xxx.xxx
student house ? (by Dee Ann [WI]) Posted on: Feb 12, 2021 10:18 AM
Wait for better calls.
Most of these are wacky responses, except maybe from the mom. If you have a parent willing to cosign for their kid. I've had parents involved at the start and it has worked very well for me...the kids have ended up very responsible and some of my best tenants. Their parents just wanted to be sure they got a good start. But you do have to talk with the kid and determine resposibility, cooperation and attitude.
Patience has worked for me. Once I get a good set of students, they end up finding me classmates when they graduate to continue. Had one group for 8 years, another 9 years, going on 5 years with current group. --75.11.xx.xx
student house ? (by S i d [MO]) Posted on: Feb 12, 2021 10:19 AM
All calls go to voicemail.
I want to deal with the prospective tenants themselves, not mom and dad. the only time I want to deal with mom and dad is when it's time to co-sign the lease. They aren't there to micromanage my business: they are there to ensure I get paid the rent if little Sissy and Jim Bob fail to do so.
If they leave a message about "holding it" for 2 years, I delete the message. Easy cheesy. If they want me to hold it until June, I say, "Okay, as long as you start paying rent March 1st." Who know? They might do it. The worst thing that can happen is they say No and then you're right where you are today.
As and ye might receive. Do not ask ye definitely will not receive.
student house ? (by BillW [NJ]) Posted on: Feb 12, 2021 12:02 PM
I rent to students and don't know why you're getting so many wacky calls. I would contact the college's off campus housing office and ask them the best place to advertise. Or Google: "off campus housing (name of your college)" and you'll see the sites where people are advertising.
I tell students "I rent to groups, not individuals" and "I rent on first come first serve basis, whoever gets their applications in (and approved), signs the lease and submits security deposits gets the house"
Hope that helps :-) -Bill --72.88.xxx.xxx
student house ? (by Deanna [TX]) Posted on: Feb 12, 2021 1:50 PM
Double-check your zoning. Some places will deliberately put ordinances into place that limit the number of unrelated individuals that live together, precisely to keep students out of "normal people" neighborhoods.
Once you have an idea as to what external limitations there are on your biz, then you look at what internal limitations you have. Look at your parking, your bedrooms, your baths. How many people would be practical, without stressing out your house, or stressing out your occupants, or stressing out your neighbors? Limit yourself to those boundaries.
Then look at the places that are your direct competition, that also target x number of occupants, in a similar distance from school. Homes inside the bubble are going to rent differently from homes outside the bubble, for example. Look at what's included. Cable? Internet? Look at the finishes. Upscale? Shabby? Clean/safe/functional?
See how they present themselves. How do they advertise? What do they require? What do they allow? What do they not allow?
Did you go to college? Did you live off-campus? Or did you stay in the dorms? Or did you not go to college, but you know people who did? Use your memories, or other people's experiences, to help figure out what's normal in the student rental biz, vs what's not normal... because student rentals are definitely their own animal. --137.118.xx.xxx
student house ? (by Still Learning [NH]) Posted on: Feb 12, 2021 2:15 PM
Figure out the timeline of other student rentals and follow their model. My kids had to sign leases in the fall for May/June start date even though they didnít move in until August. Year leases whether you stay for the summer or not. Be specific about sub-leasing and roommate changes/security deposit because it comes up often with kids dropping out, leaving for the summer or studying abroad. Most of the bigger student rental companies have lease copies on their website. See what they offer/require. There is big money to be made depending on your location, but sometimes that comes with big headaches by renting to that age group. --73.17.xx.xxx
student house ? (by RentsDue [MA]) Posted on: Feb 14, 2021 10:59 AM
I stopped renting to students because they are not good tenants. I have had some GREAT student tenants. The problem is that they get stupid when in groups. Add alcohol and itís a dumpster fire. However, the eviction moratorium has me renting to students again. Itís stressful, but they will eventually leave. General population non payers donít go home for the summer. I get a lot of requests to hold apartments and Iím not doing that. Iím also requiring g a year lease. I used to do a 9 month lease and just charge more so I made the same as a 12 month lease anyway. This was for furnished rentals. That doesnít work. They leave a fridge full of food and shut off the electricity. --75.133.xxx.xx
student house ? (by Vee [OH]) Posted on: Feb 15, 2021 2:06 PM
Our family has been doing student housing over 50 years, rent is prepaid 8-10 months min, give reciept every month showing balance and need refill after account falls below 2 months rent amount - you bill damages fast and easy... --23.125.xxx.xx
student house ? (by Amy [LA]) Posted on: Feb 23, 2021 12:56 AM
I know all students aren't the same and I'm sure the culture is different at every school, but here in Louisiana where our schools always make the lists of the "top party schools" in the country, I've found renting to students is a nightmare. For 24 years, I've owned and lived in a duplex that is one block from the university and I rent out the second unit. For the first few years, I would rent to students, but I learned it wasn't worth it. They never stayed more than a year and would usually break a lease before one semester was up. I could get high rent from students because they were splitting cost with roommates and had parents paying the bills. But I'd loose more in damages and turnovers. They were spoiled kids who didn't care about deposits or any financial consequences. And the parents were even worse...in complete denial that their little angel could ever spend the rent money on a keg and drugs, then invite their friends over to intentionally trash the place. I never involved parents, but after their kids broke a lease, forfeited deposits, lied and blamed it all on me, I'd hear from a parent who would try to intimidate by name-dropping all the big-shot attorneys in their family. I had to deal with flea infestations and major pet damage from prohibited pets, roach infestations from the filth and month old pizza boxes on the floor, smoking damage from "non-smokers", refrigerators full of rotted food with power shut off, dead-beat boyfriend squatters after the girlfriend and roommate went MIA...and I haven't even mentioned the misery they were to have as neighbors through all that. Even the rare students who may be good tenants for a semester or two would transform into demons the second they knew they would be ditching out. They never bothered to give notice, but I'd know it was coming because I'd see a sudden behavioral change.
Eventually, I learned how to steer students away and attract professionals seeking an alternative to apartment living. I had to drop the rent below the average student rental rates and sometimes I'd have longer vacancies. But in the long run, the bottom line is better and I have few hassles, plus pleasant, respectful neighbors. I no longer post rental signs on-site and I only advertise online. I've been surprised that my best tenants came from Craigslist. My ad highlights the great location near downtown, several major employers, walking distance to parks, etc. but I don't promote the proximity to the university. And I only provide an email address rather than phone number. Their first email inquiry usually separates the good prospects from the bad ones. A quick Google and social media search also reveals a lot. For students, I simply reply with a copy of my application. It requires 3 years of employment and rental history, monthly income of 3 times the rent. And student aid and parental assistance can't be included in that income. I mention that I'll do a credit check, occupancy is limited to 2 residents and roommates can't use combined income and must each qualify on their own. I don't hear back from the students. The sort of tenants I want have no problem meeting the requirements.
At the end of this month, I'll be loosing a fantastic 7-year tenant to a great job offer out of state. The rental market has changed drastically since the last time it was vacant. The university has torn down and replaced all the old dormitories, drastically increasing the amount of on-campus housing and numerous large, new "luxury student housing" developments have been built in the area. So rents have dropped in the neighborhood and vacancy signs are staying up much longer. I'm expecting it to be more of a challenge to rent now and I may have to try a new strategy, but I except little interest from students this time. This site continues to be a great resource and I've adopted many ideas from more experienced landlords. Thanks!
student house ? (by Nicole [PA]) Posted on: Feb 23, 2021 8:15 AM
I've never rented to students; however, when my oldest moved from a dorm to off campus housing her junior year, the parents were required to sign the lease, along with the students. There were five girls and 10 parent signatures - 15 lessees total. I was divorced and her father and I both had to sign. I don't remember any damages and if there were any, they weren't significant or I'd remember (it's been 20+ years and I'd still nag about it = just because). My mind is blank on the timing but I'm thinking abut this time of year is when we paid rent for the fall semester and there were no monthly rent payments - we paid either a year or a semester up front - no refunds if they moved out.
As for the attitude, immaturity and entitlement, that is why I want nothing to do with students. --72.70.xxx.xxx
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