I have a townhouse which I prefer to rent to families. However, 2 recent university grads (both female) want to rent it together. Would you rent it to them? Some potential problems in my opinion:
- 2 tenants on the lease which complicates the agreement
- May have overnight guests whom I would not want to stay
- May sub-lease the extra bedroom to people who I do not approve of
- If only one moves out, I cannot rent the whole house to a family. Finding individual tenants to fill each bedroom seems like a lot of work
I rent to university students all the time. In fact about half my units are rented that way each year.
I generally have 3 people on the lease since mine are 3bedrooms. If one wants to move out they look for a new roomie and i screen them and add them to the lease. I have rarely gotten complaints about parties.
I like College kids. The ones I rent to are respectful and happy to have a nice place to live.
I have a townhouse which I prefer to rent to families. However, 2 recent university grads (both female) want to rent it together. Would you rent it to them? Some potential problems in my opinion:
- 2 tenants on the lease which complicates the agreement
- May have overnight guests whom I would not want to stay
- May sub-lease the extra bedroom to people who I do not approve of
- If only one moves out, I cannot rent the whole house to a family. Finding individual tenants to fill each bedroom seems like a lot of work
- May have parties
What do you think?
Cheers,
Paul
I'd do a little social media search on them and see what kind of people they are. Parties are fine, it's "wild" parties that are the problem. You can keep them from subleasing and put a limit to the number of days anybody that isn't on the lease can stay. You just need to know what is legal to exclude in your jurisdiction. I'd want to know their majors and if they had jobs, too. It tells you a little bit about them. If they graduated in physics, that's one thing but if they graduated in message therapy that's something else.
@Paul Z. You can include wording in the lease stating they are jointly or severally responsible for the rent. You can also state that they are not allowed to sublet or have extended guests.
I rent to university students all the time. In fact about half my units are rented that way each year.
I generally have 3 people on the lease since mine are 3bedrooms. If one wants to move out they look for a new roomie and i screen them and add them to the lease. I have rarely gotten complaints about parties.
I like College kids. The ones I rent to are respectful and happy to have a nice place to live.
I dont know..... i know lots of massage therapists that have their own businesses, etc and not sure a physicist has the same ability to get a job no matter where they go ? Also a massage therapist has many many many opportunities to make money, where as a physicist has a smaller channel of opportunities
I dont know..... i know lots of massage therapists that have their own businesses, etc and not sure a physicist has the same ability to get a job no matter where they go ? Also a massage therapist has many many many opportunities to make money, where as a physicist has a smaller channel of opportunities
Your Comment: "Also a massage therapist has many many many opportunities to make money"
You make it sound like multiple people on a lease is a bad thing. The more people on a lease, the better. That way, in the event you're owed money, more people are on the hook.
And if you're so worried about renting to recent graduates, have one of their parents with income/good credit co-sign the lease for extra 'insurance'.
No offense, but it sounds like you worry too much and are creating hypothetical negative situations in your mind which serves no purpose. You can't sit around and worry about hypotheticals; instead, rent to tenants with good income, good credit and a clean criminal record.
We had success with 3 female grad students in a large home for about 8 years. When one left another would be screened, more by them than us & we never had any issues. They had their own 'no guys overnight' rules & my old neighbor allowed them to use his pool to swim & sun bath!!!.
When the sump pump died they mopped it all up, let our maintenance guy in & never complained. The 'airforce reserve' gal had all the chores down on a chart & ran a strict ship so to speak. They also mowed the large lawns on the garden tractor, snow blowed the long sidewalk & kept the gardens in great shape.
When an elderly neighbor passed away they adopted the old lady & took her shopping & dropped off meals for her etc. Sad to see them go & we always got invited to their annual BBQ.
I would not for the same reasons you mentioned. However , it really depends on the location and how desperate you are to rent it. ideally , I prefer a stable family who will stay and not have many life changes , as college grads do.
I dont know..... i know lots of massage therapists that have their own businesses, etc and not sure a physicist has the same ability to get a job no matter where they go ? Also a massage therapist has many many many opportunities to make money, where as a physicist has a smaller channel of opportunities
Your Comment: "Also a massage therapist has many many many opportunities to make money"
That's what I'd be afraid of
you do know there is a real profession called massage therapist? You are sounding very agist and sexist.....
Eta: they have lots of work opportunities because that kind of work is needed everywhere - so it would be easy to get a job - kind of like a hair dresser, accountant, etc
I dont know..... i know lots of massage therapists that have their own businesses, etc and not sure a physicist has the same ability to get a job no matter where they go ? Also a massage therapist has many many many opportunities to make money, where as a physicist has a smaller channel of opportunities
Your Comment: "Also a massage therapist has many many many opportunities to make money"
That's what I'd be afraid of
you do know there is a real profession called massage therapist? You are sounding very agist and sexist.....
Eta: they have lots of work opportunities because that kind of work is needed everywhere - so it would be easy to get a job - kind of like a hair dresser, accountant, etc
Of course I know what a massage therapist is. :-) I also know human nature. You sound young and naive, which isn't a bad thing I can assure you, until you get the wrong tenants.
@Account Closed you asked a question about college grads. Obviously you are inexperienced in this area. I have experience renting to college kids. And I gave you my experience and how I handle college kids. Take it or leave it ....
Also fwiw source of income is a protected class. Ie you cant discriminate based on if she is a massage therapist or a physicist...
@Account Closed you asked a question about college grads. Obviously you are inexperienced in this area. I have experience renting to college kids. And I gave you my experience and how I handle college kids. Take it or leave it ....
Also fwiw source of income is a protected class. Ie you cant discriminate based on if she is a massage therapist or a physicist... and thanks for the back handed compliment :)
It was meant as a compliment, you appear to be a kind and decent person. Misguided perhaps, but kind. I spend a lot of time with my college grad kids (one is a nuclear physicist, but no massage therapists in the family) and time with their college grad friends. I know more about college grads than you give me credit for ;-) (and this is the Good group of college grads) They tell me stories of their peers. Lol. Fortunately, almost all of us grow up at some point.
@Account Closed But I am not misguided..... I have spent the last 5 years renting to college kids. They are for the most part, clean, friendly, and pay rent.... they also mostly leave their apartments in good shape when they leave ... whats not to like? I have waiting lists each year and I wish I had more spaces for them.
My units are not right on campus and the kids I rent to want to be away from the crazy party scenes.
Anyway, my experience has been overwhelmingly positive.....
And treating tenants decently is just how I do business.... that said I have B class new builds so my tenants can afford higher rent....but I do try to treat my tenants as paying customers, i respect them and i dont rip them off or trick them. I treat them (college students, families, singles, roomies, etc etc) as I would want to be treated....
@Account Closed But I am not misguided..... I have spent the last 5 years renting to college kids. They are for the most part, clean, friendly, and pay rent.... they also mostly leave their apartments in good shape when they leave ... whats not to like? I have waiting lists each year and I wish I had more spaces for them.
My units are not right on campus and the kids I rent to want to be away from the crazy party scenes.
Anyway, my experience has been overwhelmingly positive.....
And treating tenants decently is just how I do business.... that said I have B class new builds so my tenants can afford higher rent....but I do try to treat my tenants as paying customers, i respect them and i dont rip them off or trick them. I treat them (college students, families, singles, roomies, etc etc) as I would want to be treated....
Agreed. You are renting to the same people I do. You haven't stated that you've rented to massage therapists. We have no disagreement.
i guess I dont understand your aversion to her job? The fair housing rules state you cant discriminate based on income source...... so not sure what your actual concerns are... perhaps if you articulate them folks here can help you more.