Who has a good student housing lease contract or addendum

Question

I am leasing some 4 bedrooms one room at a time to students. I am pretty new at the one room at a time thing. Many times, these tenants don't know each other until they are moved in. That said, I got to set some rules to keep the harmony. These units are all furnished, I don't want them removing my furniture etc. Or I don't want some on the 3rd floor doing a zumba (tap dancing) after certain hours. Another scenario some one might leave dirty dishes in the sink. Or trash cans getting stinky. And of course the partying. So-so many things. Surely there has got to be an addendum that has evolved to cover the many scenarios I know I will be facing. I am using a really good TAA ( Texas Apartment Association) lease and it has some stuff for that but not nearly enough in my opinion. I'll take all the help I can get. Any advice?

Guy Gimenez · Answer

@Charley C.

@Dave Poeppelmeier

It's not a matter of "who" is renting the unit, it's a matter of short-term rental versus long term versus per room rental. Several insurers denied coverage for our rentals of less than 90 days. Read your policy carefully...the insurance agents seldom know or care if your policy actually covers your particular scenario. It falls on you to read the policy and get confirmation in writing that your rental scenario is covered. Again, GET IT IN WRITING! Not all insurers are created equal and not all rental policies are the same.

Charley C. · Answer

Thanks @Guy Gimenez and thanks @Dave Poeppelmeier I was in the process of expanding and renewing the farmers policy to add the buildings, I will ask about the student housing scenario. To answer your question about why? Really only the college market in this little broke east Texas town can generate enough rent to pay the mortgage. If I built 4 bedrooms and tried to rent them conventionally, I doubt I could rent even one of them at 70% the same price.

Next project I build will be closer to Houston

Dave Poeppelmeier · Answer

@Guy Gimenez You're absolutely right. But, Safeco Insurance has nothing in their underwriting about anything regarding "students", so that's who I have all of my Student Rentals insured with. @Charley C., just curious, why are you just renting a room at a time? I have never tried it myself, but I have groups of students who obviously are friends rent a house together, and takes care of most of your problems. Regarding a specific student lease, I really don't have one, because any good lease covers damage, quiet enjoyment, etc. What you want to do is set expectations immediately at the Move-In. I call it my "Dad talk". I have never (knock on wood) had any group of students severely damage or destroy a house, and if something happens (pretty sure a guy was drunk and fell in the shower damaging the knobs) they 'fess up to it pretty quickly.

Guy Gimenez · Answer

Don't forget to check with your insurance provider...most of them won't cover these types of rentals.