College Rental Questions

3 Replies

Hello! My husband and I recently purchased our first rental and I just got it rented out to a group of college students. We specifically purchased the property in hopes of renting to college students and I’m excited that I found tenants. I have a few questions specific to college properties and I was hoping someone else in this field could answer some questions for me. Thank you!

- Do the college students needs renters insurance?

- For those of you who do 12-month college rentals, how do you structure the lease? Do you leave a week gap in between renters for repairs, etc?

- For out-of-state parents who are co-signing, how does this work? Do you send them the lease agreement before the students sign it or after? 

That’s all my questions for now. I would love to connect with another landlord who is doing college rentals.

Thanks!

@Megan Thomson Renters insurance is fairly cheap. An average policy per unit runs about $150 per year. I would make it mandatory in my lease agreements. Also for out of state parents I would also include them in the lease agreement along with the student and specify in the lease agreement the parent is only a guarantor of the lease and not the occupant. This makes both student and parent responsible for fulfilling all aspects of the lease agreement. 

Jack V. Ospina, Broker in Florida (#BK3253158)
305-815-8384
Originally posted by @Megan Thomson :

Hello! My husband and I recently purchased our first rental and I just got it rented out to a group of college students. We specifically purchased the property in hopes of renting to college students and I’m excited that I found tenants. I have a few questions specific to college properties and I was hoping someone else in this field could answer some questions for me. Thank you!

- Do the college students needs renters insurance?

- For those of you who do 12-month college rentals, how do you structure the lease? Do you leave a week gap in between renters for repairs, etc?

- For out-of-state parents who are co-signing, how does this work? Do you send them the lease agreement before the students sign it or after? 

That’s all my questions for now. I would love to connect with another landlord who is doing college rentals.

Thanks!

 Students & Parents signing before or after, doesn't really matter. So long as you get everyone to sign on the dotted line along with your payment you are good to go.

As for repairs you definitely want to make sure you have an empty house while you do repairs. You don't want to be trying to work around your tenants.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

I would definitely make sure I had at leases a 7-10 day period for turnover process.  Trust me, I have tried the “hey, if we work together with painting/repairs while you are moving then we will be fine” business.  It works just fine for the students, but the parents can be a pain in the.... to deal with like that.  Many times, they have not seen the property until their child is moving in, then they are upset if it isn’t perfect and move in ready. 

Set clear definitions of expectations with both students and parents prior to lease signing and why there has to be a break between current tenants and their lease start date. 

Brian Corbett, Real Estate Agent in NC (#208336)
252-531-7858

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