How do you screen student tenants? They have no salary (3*rent)

How do you screen student tenants? They have no salary (3*rent)

New York, NY · Member since 2019 · 12 posts · 1 vote

Hello everyone,

What strategies do you use to screen student tenants, mainly to make sure they will be able to pay the rent over the whole lease period.

Whether they were undergrad, grad, or even international students. All three have different situations that don't apply to one another.

Thanks!

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Peter TverdovBusiness Member
Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
7y

My company manages a lot of student rentals in NJ, about 150-200 tenants a year. Verify they're a student (having a university email address with their name is a good indicator), find out what their major is (the harder the better), find out if they're in a frat/sorority/sports team and ask for a landlord reference if they lived somewhere else. Aside from that, trust your gut. If they're asking you about the attic, basement, backyard (i.e. partying areas) let them go elsewhere. 

We don't do parent co-signers anymore. We got so sick and tired of dealing with helicopter parents. They're not on the Lease, we're not legally required to speak to them. Maybe one call to be nice, but that's it. Click.

99% of the time this will work. Mom and Dad aren't letting their precious angel get evicted at 20. 

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  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    7y

    @Mohamad Naamani this is why having a cosigner is a thing for most students.

  • New York, NY · Member since 2019 · 12 posts · 1 vote
    7y

    @Aaron K. I agree. But I find it hard to apply on international students.

  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    7y

    You can have them provide a letter that student loans can be used for housing expenses perhaps

  • Peter TverdovBusiness Member
    Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
    7y

    My company manages a lot of student rentals in NJ, about 150-200 tenants a year. Verify they're a student (having a university email address with their name is a good indicator), find out what their major is (the harder the better), find out if they're in a frat/sorority/sports team and ask for a landlord reference if they lived somewhere else. Aside from that, trust your gut. If they're asking you about the attic, basement, backyard (i.e. partying areas) let them go elsewhere. 

    We don't do parent co-signers anymore. We got so sick and tired of dealing with helicopter parents. They're not on the Lease, we're not legally required to speak to them. Maybe one call to be nice, but that's it. Click.

    99% of the time this will work. Mom and Dad aren't letting their precious angel get evicted at 20. 

  • Rental Property Investor · WA · Member since 2019 · 60 posts · 15 votes
    7y

    If they have a sponsor who pay their rent, then you can do screening on their sponsors. 

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