We have been renting a great 4 br 2.5 ba house for 12 years. Usually our tenants are a couple or a couple w a small child. Recently a group of 4 graduate students showed interest. One of the students toured the house with her father and they absolutely loved the place. Her father will be co-signing on the lease. I've not thought this rental group through yet but can anyone recommend the best method moving forward? Should I even rent to roomates? Any deal breakers? BTW all 4 of the students will be in school for at least 2 years. Two of the students will be in school for 3 years. I usually have a 1 year lease with option to renew after discussion in February. Appreciate feedback. Hot summer, brain not thinking clearly.
Who is the ring leader accountable for rent? In college town it is popular.
I mentioned that to the woman who toured with her dad. They agreed unless one of the other students would be even better point of contact.
I personally think renting to students is a good idea! They can become long term renters because it's a guaranty they'll be in town for the next 2-4 years. In addition, a lot of the time their parents are paying their rent so it makes it less likely that rent will be late. On the flip side, students can sometimes cause more damage than your average renter, so make sure you're asking for a deposit that will cover you if they destroy the place. Best of luck!
this would be a first for us. i surely remember my college days! but think that graduate students might have a tad bit more maturity than undergrads. i might take an extra deposit and extra thorough pre lease walk thru w video documentation
@Mike Savage two things I'd highly recommend.
1) Check with Zoning first. Many markets with student rentals do not allow more than 3 unrelated persons to live in a dwelling unit. Make sure you're not violating anything there.
2) If you do lease to them then put them all on one (1) lease. It's my experience that this requirement will almost ensure your success of getting paid in full.