Student Rental - Application/Screening/Lease - Assistance Please!

5 Replies

Hi BP,

We are closing on a college rental, next Friday, and are looking for some guidance for our Application/Screening/Lease process.  We will be self-managing and originally going to use Avail for this, but ran into issues out of the gate.  So we are switching to use Zillow Property Management for the Application and we have a Lease we copied from a large property management company in the market. 

Questions:

  1. For the Application Process, are you having both the Tenant and the Guarantor/Co-Signer complete the application?
  2. Is there a specific income amount you are looking for?
  3. If an applicant is borderline approved, what follow-up items are you asking for/conducting?
  4. Are there specific Screening questions you are asking the college student/potential tenant?
  5. For the Lease Agreement, are you putting anything specific into it? (any guidance here would be greatly appreciated).

Thank you for the help!

-Daniel

    1. For the Application Process, are you having both the Tenant and the Guarantor/Co-Signer complete the application? 
    2. Yes, I would definitely get the Guarantor's signature on the lease because the students wouldn't have any employment history 

    3. Is there a specific income amount you are looking for? 
    4. 2x the rent or 3x the rent per month is normal 

    5. If an applicant is borderline approved, what follow-up items are you asking for/conducting?
    6. Mainly you should make sure there is no criminal history or record on the tenant and if they meet the 2x or 3x income criteria, you should be good 

    7. Are there specific Screening questions you are asking the college student/potential tenant?
    8. For the Lease Agreement, are you putting anything specific into it? (any guidance here would be greatly appreciated). 
    9. I would look at the BP landlord forms as well to get a better idea on the lease agreement. 

    Good luck!! 

    @Aj Parikh - Thank you for the insights and assistance.  Other than those items, you aren't looking for anything else specific?

    Are you looking at any minimums for Credit History/Score?

    If you have a borderline applicant, what are you doing with them? anything extra?