I have been looking at houses to rent around a college campus to the students but as I am running my analysis one question came to mind which was: What should I do when screening college students as a tenant?
Since the majority of college students have very little credit history would a credit check be enough along with a background check?
What types of strategies would the community recommend when trying to screen college students as tenants?
I look forward to anyone’s help!
They typically don't have the history to be screened. In that case, i would require a cosigner. Usually a parent.
You could check with the school, a few offer a guarantee. Most don't.
There are also insurance companies that can guarantee rent, but be sure that the premiums are paid.
As mentioned, get a cosigner. I would start with a background check, just like any other tenant: credit, background, landlord references. But some might not have landlord references.
I would look to make sure you are securing someone with assets to co-sign the lease. If they destroy, a broke college kid won't help you much in paying for repairs.
@Robert Chaiton I would recommend screening anyone 18 and older that will be residing at your property. In the instance of college students, it may be best to have them provide you with a cosigner as well. I would recommend developing a consistent process and criteria to follow with all of your applicants.
BiggerPockets has recommended screening companies on their landlord resources tab, I would suggest checking that out and doing some research to see what company would best fit your screening needs. Good luck with your investment!
I agree with the cosigner. I also have a more stringent process and I try to get a feel for how they are as a person. This is their first time living away from home and some college students can get very careless and messy.
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