Need student lease agreement that allows for parent co-signs

[Laurie Chimento]

Hi all!

We have a former STR that we had to transition to LTR. (That's a story for another day.) But we found students who need a furnished unit for four months and can pay a higher price for such. I had a standard lease agreement given to me by a fellow landlord here in TN. However, with this being students, we are going to have their parents co-sign and I'm thinking I need a different agreement.

Also, we have this unit still fully furnished and equipped right down to the linens. When we were doing Airbnb there was a damage waiver insurance that the tenants paid for via Airbnb. I'm wondering if I need to do that in this scenario as well and how best to go about that. We are getting a months deposit, which could likely cover all damages.

Any suggestions? 

Anyone have a lease agreement that would fit this scenario? (I am in Nashville, TN btw.)

Any other advice you think I should know?

Thanks in advance!

[Roy N.]

We use a standard form lease here, so there is not much I can provide you in way of a lease.  

However, I would advise that you use separate guarantee agreements with the parents rather than have them as cosignatories to the lease.   

If parents are signatories to the lease, they are entitled to the same rights as any other signatory, including access.  Nothing kills social cohesion among housemates more quickly than helicopter parents letting themselves in on Saturday morning.  Having helicopter parents as "effective" tenants can be trying experience for the landlord as well.

As guarantors, the parents are not signatories to the lease, but guarantee to financially backstop their child's obligations under the lease.   As a guarantor the only right the parent has is to be apprised of whether the tenants are meeting their financial obligations and the have the obligation to open their wallet if little Jane or Jonathan defaults.