Property management company: first potential door is student housing
Member since 2025 · 13 posts · 7 votes
Property management company: first potential door is student housing
Most Popular Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes@Christopher Tinelli when I first read the title, I thought YOU are a PMC and your BP profile seems to confirm this.
Unfortunately, most of the responders seem to be answering as if you bought the property.
Recommend checking out NARPM, there are a lot of student housing PMCs there.
Here's what I can think of
PMA: you'll want to have a charge for periodic walk-thrus, like almost monthly. How else will you keep college kids from causing major damages? You can't do this for free, so you'll want to charge for it somehow.
- Also, you'll want to handle lawn & snow as students won't have time. Again, owner will have to pay.
LEASE: include lawn & snow in cost of lease.
- Charge tenants for any walk-thrus?
- You'll want VERY specific language for tenant damages and paying for those damages.
- As it's not uncommon for students to drop out or decide they can't get along, you'll want very strong language regarding one tenant moving out and the others remaining - specifically that you won't refund security deposit to one student moving until ALL tenants on lease vacate.
- Strong language regarding locks on bedroom doors
- Cover landlord?PMC will not be responsible for theft of personal items.
- To stop students from trying to make you their babysitter and counselor, language that PMC will not interven on intra-tenant matters unless there is a specific lease violation with proof or a police report.
Logical Property Management4.9458 Reviews
7 Replies
- Realtor · Oklahoma City · Member since 2020 · 258 posts · 139 votes10moIf you are acquiring an already rented out unit, you’ll need to abide by the lease terms until the lease is over. From there, you can get a new lease signed by the PM company. When you are acquire a rented out property it is good to get the rent roll, possibly chat with tenant during inspections (see how they are, if there’s any open maintenance requests, any issues, intent to stay if lease is month to month, etc.) At closing, you should have received prorated rent & the tenants security deposit (which needs to follow your states deposit laws/rules). From here if they’re month to month, they can utilize their lease, the states or your own lease (if it’s in legal compliance). The PM company will sign the lease with them, or if their lease is still going they can do a general addendum to notate the ownership/management change, where to make new payments, submit maintenance requests, etc. The management agreement will be yours with the PM company, which will go over duties, responsibilities, management & leasing fees, marketing, etc. A good PM should communicate with you through the process & ongoing during operations.
- 10moColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
All students on one lease is easier. Get parents as gaurantors unless the students have their own income. I think you can search on here and find tons of student rental advice. There is a season to student rentals so if this is going to be an ongoing student rental you may want to build in an end of season refresh period in the lease, old lease end Aug 10 , all new leases start Aug 15. I can't speak to that because the student rentals in Narragansett were 9 month. I am sorry I cannot find one of the best threads on student rentals was something like 10,00O student rentals and had alot of replies on the topic. It addressed hardening the rental. Going over the basics with the tenants on move in. Dealing primarily with students not parents etc
- 10moDenise SuppleeBusiness MemberRealtor · Willow Grove, PA · Member since 2017 · 979 posts · 641 votes
Student housing can be a great first door, but it does require a slightly different structure. The biggest shift is deciding whether you’ll lease by the bed or by the unit, because that determines how the management agreement and leases need to be written.
You’ll also want clear rules on guarantors, turnover expectations, and who’s responsible for damages. Student rentals usually see more wear and tear, so deposits and inspection standards matter a lot!!!
Before you sign anything, make sure your PM understands student housing specifically. Ask how they handle leasing cycles, renewals, summer vacancies, and parent co-signers. Those systems can make or break your cash flow.
Spark Rental Co-Investing Club577 Reviews - Investor · Cincinnati/Fort Thomas, KY · Member since 2015 · 206 posts · 183 votes10mo
@Christopher Tinelli
my first doors and second doors were all student rentals. I self-manage but I did have a daughter who was in school there so I could understand the leasing cycles and I was given the previous owners leases to start . Definitely try to understand if it’s rented as a student rental now on the academic year schedule.  many times they say they are student rental because they’re close to the university, but they’re not on the academic year schedule .
Ours are all one year leases, but all have to move out a couple days early so we can do the turnover.  Go and call around to other landlords in the area or property management companies and get copies of leases and act as a renter and trying to understand what the requirements are and their best practices.  in our area, it is common to pre-lease 9 to 10 months in advance before the academic year begins and for tenants to pay every utility including water . Join a local real estate, investors association or landlord group.
Please reach out to me. I’m happy to answer any questions you have on student housing.
- 10moDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
@Christopher Tinelli when I first read the title, I thought YOU are a PMC and your BP profile seems to confirm this.
Unfortunately, most of the responders seem to be answering as if you bought the property.
Recommend checking out NARPM, there are a lot of student housing PMCs there.
Here's what I can think of
PMA: you'll want to have a charge for periodic walk-thrus, like almost monthly. How else will you keep college kids from causing major damages? You can't do this for free, so you'll want to charge for it somehow.
- Also, you'll want to handle lawn & snow as students won't have time. Again, owner will have to pay.LEASE: include lawn & snow in cost of lease.
- Charge tenants for any walk-thrus?
- You'll want VERY specific language for tenant damages and paying for those damages.
- As it's not uncommon for students to drop out or decide they can't get along, you'll want very strong language regarding one tenant moving out and the others remaining - specifically that you won't refund security deposit to one student moving until ALL tenants on lease vacate.
- Strong language regarding locks on bedroom doors
- Cover landlord?PMC will not be responsible for theft of personal items.
- To stop students from trying to make you their babysitter and counselor, language that PMC will not interven on intra-tenant matters unless there is a specific lease violation with proof or a police report.Logical Property Management4.9458 Reviews- Member since 2025 · 13 posts · 7 votes10mo
Quote from @Drew Sygit:
@Christopher Tinelli when I first read the title, I thought YOU are a PMC and your BP profile seems to confirm this.
Unfortunately, most of the responders seem to be answering as if you bought the property.
Recommend checking out NARPM, there are a lot of student housing PMCs there.
Here's what I can think of
PMA: you'll want to have a charge for periodic walk-thrus, like almost monthly. How else will you keep college kids from causing major damages? You can't do this for free, so you'll want to charge for it somehow.
- Also, you'll want to handle lawn & snow as students won't have time. Again, owner will have to pay.LEASE: include lawn & snow in cost of lease.
- Charge tenants for any walk-thrus?
- You'll want VERY specific language for tenant damages and paying for those damages.
- As it's not uncommon for students to drop out or decide they can't get along, you'll want very strong language regarding one tenant moving out and the others remaining - specifically that you won't refund security deposit to one student moving until ALL tenants on lease vacate.
- Strong language regarding locks on bedroom doors
- Cover landlord?PMC will not be responsible for theft of personal items.
- To stop students from trying to make you their babysitter and counselor, language that PMC will not interven on intra-tenant matters unless there is a specific lease violation with proof or a police report.@Drew Sygit You're correct, I'm a PMC. My post could have been clearer. Thanks for the insight! Still trying to close the lead.
- 10moColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
@Christopher Tinelli for student rentals use any opportunity when you physically meet the parents or tenants to clarify roles/responsibilities. You want them to read, see and hear it. You are also going to need to give them a list of utilities to put in their name, whose name it is and get proof they do if you don't already do that with tenants.
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