Ewing NJ TCNJ College Studen Rentals

3 Replies

Hi everyone. I have a rental house in Ewing, NJ, that would be good for TCNJ students. I wonder if some pros here would be kind enough to share their experience with this. I'm very detail oriented, so I want to be sure I have everything covered before i dive in.

1) I noticed that student leases in the area end the day before new leases begin. How do you prepare the property for the new lease without intruding on the current tenants? Is it expected that you'll be inspecting and repairing the property during the last month or so?

2) I keep hearing how "messy" students are. What kind of expenses do you see? I expect carpet cleaning and painting. Is it often more than that?

3) How do you screen tenants? Do you background check all of the parents?

4) What kind of special provisions do you include in the lease for students?

5) Do you make separate leases for each student or do you put them all on one lease?

6) Do you find that many students continue to live at the rental in summer when school is not in session? Do you allow sublets?

7) Is there anything else you would add about student rentals?

Thanks in advance.

Imagine 5 Students on a lease, and 5 Parents co-signing.  Yikes...    And yes they all need to be on the same lease.  

Also have 5 sets of parents reviewing your lease and pushing for changes to protect their kids.

Everyone is responsible for the rent and on the lease... but they want to feel like the are only responsible for their portion.

What happens when 2 move out and 3 stay...   Dividing up Security deposits etc can be difficult.  

Constant turnover.  But hey...  your increased rent can help offset the turnover costs.  

Ewing will need to know all the tenants every year, and if they change you need a new certificate of occupancy before the new tenants move in.  

Neighbors complain when they leave a mess outside, or don't handle yard care.  Sometimes to you, sometimes to the township.

You can do well with student rentals, but they are a lot more management intensive.  

Personally not my cup of tea.   But there are a lot of investors very successful with this model.  

Good Luck





Originally posted by @Danielle S. :

Hi everyone. I have a rental house in Ewing, NJ, that would be good for TCNJ students. I wonder if some pros here would be kind enough to share their experience with this. I'm very detail oriented, so I want to be sure I have everything covered before i dive in.

1) I noticed that student leases in the area end the day before new leases begin. How do you prepare the property for the new lease without intruding on the current tenants? Is it expected that you'll be inspecting and repairing the property during the last month or so?

2) I keep hearing how "messy" students are. What kind of expenses do you see? I expect carpet cleaning and painting. Is it often more than that?

3) How do you screen tenants? Do you background check all of the parents?

4) What kind of special provisions do you include in the lease for students?

5) Do you make separate leases for each student or do you put them all on one lease?

6) Do you find that many students continue to live at the rental in summer when school is not in session? Do you allow sublets?

7) Is there anything else you would add about student rentals?

Thanks in advance.

 

Hey Danielle! I was a student of TCNJ and now investor in Ewing - so I will give you both perspectives hopefully. 

1.  Typically even though the lease ended May 31, and started June 1, typically alot of the students would not move in during the summer, only a few would, so you can let them use the home, just let them know you need 2-3 days to fix up the home for them and they will typically cooperate.

2. Im a guy who was in a fraternity, so things got messy.  But typically it was just an overall dirty house.  A good cleaning, a paint job and minor fixes would do the trick.

3. I believe my parents had to cosign for everything, but I don't have students in my current rentals so I haven't had to face this as a landlord.

4. I do not remember

5. All on the same lease for the single families I lived in.

6. Only people that had internships or were taking classes stayed in Ewing for the summer, sometimes students would stay in the room of a friend that didn't need their room for a month or two over the summer to help a struggling student out

7. Just be prepared to lose people every single year as they aren't there for long. Feel free to reach out to me directly with any other questions! DM me 

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