Screen the tenants! Even though a viewing of the apartment won't tell you everything you need to know, you have to use your gut on this one. You can maybe ask for transcripts? I dunno, that might be discriminatory, and A students party also.
So is your property ZONED for mulit use.. can it be rented out for this type of use.. usually ok to rent to a family all same household related to each other... NOT so much otherwise.
Check your zoning rental licensing laws..
If ok I'd do by room, each with equal deposit,, month to month, and you include cost of utilities in the rent.. single person per room each room has a room number so if they default you can put room # on eviction paperwork. Usually underclassmen are required to live on campus 1st year so the upperclassmen are better, but with a month to month lease,, and issues and they are out.. Assigned spot to park.
Either they agree to a household cleaning arrangement or it's a trainwreck.
You guys are awesome.
Checked with the city, good to go there. My intent is to make more more this way than a single tenant. Has that been you experience?
That's good you've already cleared it with the city. I've got a friend out in WA who rents out rooms to students and is doing really well. He furnishes the common areas with pretty nice & modern furniture as well as all the kitchen/bath stuff needed. Pays for internet, Netflix, utilities, and here's the kicker - he even builds in the cost of a bi-weekly maid service. They get it all taken care of but only have to furnish out their room. He's been able to attract the best of the best kind of student tenants and has found that the premium rents cover the cost of the added bills. The places don't get trashed, it eliminates most of the drama, and is super easy for the tenants even when he has a turnover.
If you leave it up to the individuals to furnish the place then they're always going to do it on the cheap because they don't know who the other roommates are going to be. Then it lowers standard of the whole place. Might be worth investing a bit more up front and giving the strategy a try!
Great idea on furnishing and the cleaning service. Thanks for the input.
Anyone have a student lease agreement they would want to share?
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