Scholarships / Charity Rent Assistance
Does anyone have experience renting out to a student tenant, or family, that would be receiving payments (partial or full) through an academic scholarship or charity? Assistance will only cover rent. Any amount above the assistance amount would be covered by the tenant. Utilities, fees, and penalties would also be covered by the tenant.
In terms of collecting rent, what would make you feel comfortable in agreeing to this type of setup? (Perhaps setting 1 year’s worth of rent money into an escrow account, or something similar, for monthly disbursements to the landlord)
What type of income screening would you do?
How would that change your income requirements?
How would your lease be structured to hold the tenant accountable to discourage property damage and to allow them to rent from you?
With COVID impacting the world, I thought this would be a neat way to help out students with families and am brainstorming on how something like this could be implemented?