does anyone have a sample lease for off-campus student housing?
I would like to use it as a template for my leases.
I use my standard lease and then simply add a co-signer addendum. The co-signer for students adds a layer or accountability that I have found helps tremendously both for assuring timely rent payments, but also behavior issues.
Look on the local website for the school you are trying to attract. Often they post one for the students to see an example. Also the state specific lease is a good one to get from the real estate board. I have a student lease but it is RI specific 9 month lease. In your area you are looking for 12 months and don't have the local party ordinances and such that we have.
My mgmt company uses our standard lease, and we include an addendum that lists out even more rules and stipulations. Key things to note are noise violations and "red tags" (if police respond to a party complaint and have to shut it down). We charge a $250 fee for that, and the tenants also have to pay a fine to the city.
Also, we make each student have a parent co signer, and we send that as a separate document.
Make sure to do one single lease per unit/house. Doing separate leases by student is never a good idea. If you get objections to that, then those roommates aren't ready to live together if they aren't even able to commit to a lease together.
Lastly, we charge a 20% non refundable portion of the security deposit. This ensures that we have money to do a final cleaning after they've moved out and "cleaned" their house, and also allows us to fix any minor items. Of course, we will bill more out of the deposit if damages and charges exceed that 20%, but making that portion non refundable eliminates a lot of debate and arguing upon move out that we re charging them for a cleaning, etc.
thank you all for the great info, I definitely will have a co-signer addendum.
never considered the "school provided sample", great idea.
yishi, I definitely will incorporate some of your ideas into my leases.
This was all very very helpful...thank you again.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing