Renting Apartments and Houses to Students

You have probably heard a lot of things about renting to students. Well they are probably all true. Students can definitely do some wear and tear on your property. They can be messy, cause damage, have lots of parties, and even break the rules. However, renting to students can also offer you some big advantages such as a large pool of potential renters willing to pay top dollar.

Students can be very impressionable. By setting their habits early on, you can eliminate 99% of the difficulties that most landlords face. Follow up with them immediately if rent is late, talk with them about how to use the heat before it gets cold, be honest with them about utility costs and clearly explain what damages they will be financially responsible for. There are some simple steps that can help you eliminate lots of head aches.

To be truly successful renting to students, plan on doing a lot of follow up and inspections so they know what they can expect from you. If they know that it is important for you to get the rent on time and you are proactive in reminding them, they will be more likely to get you a check by the due date. Keep in touch with them regularly and fix problems quickly so your tenants will remain happy.

Anticipate a certain amount of repairs, cleaning and upkeep and incorporate the cost of these things into your rent. Plan on painting the interior every few years or when tenants change. Replace carpets every few years. Provide proper instructions for operating appliances, heat and any other operating systems.