Renting to College Students
Owning a property in a college town, especially towards the end of the summer, calls for an influx of new tenants looking to rent for the upcoming school year. While providing young adults with off-campus housing may seem like a daunting task, there can be many benefits to renting your home. Knowing how to minimize risks for yourself and young renters is the key to success.
For starters, it is important to know what you and your property are in for. While young adults may not have high expectations for a home, be it decor or fancy appliances, they come with the risks of a bad combination: no supervision and immaturity. Therefore, they tend to be tougher on apartments, and usually only stay for a year max at a time. Damages are always a cause for concern, however taking the right precautionary measures with parents beforehand can save a lot of headaches in the future. For instance, tailor your lease to include co-signers, aka the parents, and clauses on noise, occupancy limits, and damages/repairs.
There is no doubt that college housing is an expensive bill for parents to pay. That being said, when students look away from campus for alternatives, parents are willing to shell out the extra cash that will save them money from loans in the long run, and earn you that much more for your rental. Moreover, parents are likely to pay in advance, like they would for on-campus housing. Ensuring that you receive your money up-front. Consider also having tenants pay for utilities, saving you what could end up being a hefty bill every month for things like air-conditioning and heating.
It could be useful to do some research before renting out your home to students. Take the steps to ensure you are comfortable with trusting your property to students for the upcoming months, while weighing the risk that the bang could be worth the hefty buck.
Contact The Link Agency for any questions on renting to students from colleges in the surrounding areas such as Bristol and Providence.