College Rental Leases

[Jason Bruning]

For renting to college students do you prefer the parents to co-sign the lease or be personal guarantors or some other option?

[Kenny Dahill]

Absolutely.

Also, make sure every tenant is responsible for one lease.  I always tell my college renters I only want 1 check, so if 3/4 pay it is your responsibility to get the last 1/4.  That way the burden is on them collectively, and not individually.

BTW, every reference will say they're "good kids".  It's a waste of time, just expect drywall damage.  And as one of my tenants learned, it's not easy to punch through both layers of drywall.

My experience is hit or miss on security deposits.  When their parents pay they want their security deposit back so they clean the house as great as possible.  Without parents, they don't mind destroying the place and walking away from the $500 they each contributed.