Having a property from where you can expect regular returns is a blessing. Your hard-earned money is invested into something, which is now giving you appropriate returns. One of the best ways to get returns is through purchasing a property and giving it to rent at the best price. It generates a very stable form of return or income to your investment.
Some of the property owners target the young audience for their rental plans. Having a property near a college campus provides you with a great opportunity to attract student renters. They look for cheap apartments for rent and you might want to give the best price to keep your rental running. It is one of the best forms of rental plans since you have a big pool of potential renters that never run out, however, there are also some challenges and issues that come with it.
Don’t worry, we are not here to scare you off into renting to a college student, we are here to tell you some basic rules you should know about before renting to a college student so that you don’t face problems in the future.
1. Customize your Lease Agreement-
Professionals and landowners who have had similar experiences recommend Getting your lease agreements customized. It helps you make sure you have covered all the bases with this agreement. You can also include classes that might create an issue later if not written, such as penalties for late payments, pets policies. Maximum occupancy allowances, utility allowances, move-out procedures and so much more. This will help minimize the confusion later on.
2. Getting a Co-Signer-
Every landowner has a problem with late or no payments from their renters. While this is less frequent for established workers who have a job or income, it is more frequent for college students who are trying to be independent and making ends meet. One of the ways to tackle this is to give cheap apartments for rent at the best price available. We know you must already be doing this, so the next step is to require a co-signer on the lease agreements. This means that apart from the main renter, there is one guardian or a parent who signs the rental agreement. In the case of delated or no payments, you can collect the payments from the other signor or take legal action against them if necessary. This helps you in collecting regular payments and being stable and also inculcates a sense of responsibility among the renters to be rigid in their payments.
3. Option to Sublet-
If you are choosing to rent to college students, you can allow for subletting options when the college students are not around. It is common sense the college students don’t occupy themselves throughout the year for their yearly agreements. They have summer and winter vacations, and if you give them the option to sublet during this period, you don’t have to go through a vacant rent period two times a year. If your college renters are planning to vacate the property for longer periods of time, this will be a suitable option. Make sure you include this clause in the agreement with all the conditions equally applicable to the subletter also.
4. There are Advantages too-
When you are renting to college students, be it vacation holiday rentals or normal accommodation, there are certain advantages too. Firstly, they don’t need too much to be happy. Since they are learning to make it on their own in the world, they don’t need or crib about modern furnishings, equipment, etc. You can provide the basic amenities and equipment at the best price. Many students also prefer old appliances since it helps them find cheap apartments for rent. This can save you some money on furnishing the place as compared to renting to a well-established renter.
Being a landlord to a college renter is not an easy task. We all understand the challenges you go through. You can list your property for vacation holiday rentals at vacation saga at best princes so that you can attract worthy and responsible renters to your place, who know how to take care. You can talk to them beforehand and know about their personality before renting them. Visit vacation saga for more information.