College students are generally rowdy, immature, and irresponsible, which makes renting to them a challenge. In order to protect yourself as a landlord when renting to college students, you will need to adapt to this particular type of renter before handing over the keys to your rental property.
College students do not usually live alone, which means that you need to worry about 2-4 students that are all rowdy, immature, and irresponsible.
1. Increase the security deposit. Carpet stains, damages within the apartment, or other unforeseen things that will cost you money when they move out must be covered in advance before they move initially. Charge between 1 and 2 month's rent for the deposit to ensure that when they move out you've been able to repair your apartment to its original condition. This often helps because when you're renting to college students, most of the time the ones you've rented to are not the ones living in the apartment by the time the lease ends, typically because of the diverse college terms and such.
2. Make sure you follow up with the original renters on the lease. Make sure that any new comers or those who have left the apartment have filled out the necessary paperwork so you know who to contact in the event money is owed or repairs need to be made. This is really close to the first tip because the students that originally sign the lease are often not the ones living in the apartment when the lease ends.
3. Insure that your lease agreement stipulates the excessive noise from parties are not acceptable after a certain time of day, typically 9pm. Also, if you consider putting a clause in your lease agreement that states that they are not allowed to have more than 2 guests per resident on the lease agreement, you'll be saving yourself from many of the after hour parties that would occur otherwise.
The important thing to remember when renting to college students is that they often are first time renters that have not had a lot of responsibility aggrav upon them so far in their life. As you create a lease agreement customized to this type of renter, keep in mind that rules and guidelines that would be suitable for a family may not be suitable for a college renter. If you remember these three tips, you should not have any trouble renting to a college student.