Renting to applicants under 21

[Wesley W.]

Hey, folks.  I'm looking for feedback based on your experiencewith renting to prospective tenants that are under 21.

Some context:  I am trying to fill a vacancy in one of my rental units and I am having a hard time finding the people that USED to apply for my apartments.  Apparently, all those people "moved up" with all this extra cash floating around, so it looks like I am dealing with a tier lower than what I am used to.  Consequently, it's taking quite a bit more inquiries before I find a good candidate these days.  This is a small multi-family dwelling in a B/C neighborhood; it is not student housing.

At the risk of sounding like I am rationalizing because of the above, I had a young couple (both aged 20) that came and looked at the apartment today.  She is a full time nursing student, and he works blue collar for a major worldwide company.  He more than makes enough income to qualify for my conservative "4 times monthly rent" income requirement.  He's been employed there for a year and has recently gotten a promotion.  They both have credit scores above 600 and this would be their first apartment together, as well as first place apart from living with family.  I've done a cursory peak at social media and do not see anything concerning.

I have come up with some things that worry me, but honestly it's not based on any empirical evidence as I have never rented to people so young.  Here are my (thus far unsubstantiated) concerns:  (1) once they turn 21 there will be irresponsible use of alcohol involving visitors to my property; (2)  they are too immature to respect other peoples' property and will not take care of the apartment; (3) when they break up in 3 months, I'll be back to square one - this time in the dead of winter.

I could do a guarantor, but here in NYS we cannot collect any additional deposit beyond one month's rent, so I would have another person to seek damages from, but they would not have any monetary "skin in the game." 

Here's my question -  if you HAVE rented to youngsters, what has been your experience?  Are my stereotypes valid?  If you HAVE NOT rented to folks under 21, would you?  Why or why not?

Thanks in advance for your collective input.

[John Underwood]

Yes, get a cosigner such as a parent. 

They will likely step in to help with rent if necessary. 

If you have to evict it will go on cosigners record too.