Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

9
Posts
3
Votes
Lori Marra
  • Landlord
  • Rochester, NY
3
Votes |
9
Posts

Renting To Students

Lori Marra
  • Landlord
  • Rochester, NY
Posted

We're starting to rent to students and want to learn more how to best write and manage the lease among the tenants.

We have a duplex with two, three-bedroom units. We have furnished each room with a bed, dresser, and desk, and can now make more renting to three students. Our dilemma is how to handle the following:

1. How to write up the lease. Is it one lease they all sign or does one person of the three sign and take responsibility?

2. What happens when one wants to leave and the others don't? We typically sublet but fear doing this because now someone might come in that that other two don't know.

3. How do you handle the security deposit and return?

Any help would be appreciated. Thanks.

Most Popular Reply

User Stats

8,381
Posts
4,384
Votes
Colleen F.
  • Investor
  • Narragansett, RI
4,384
Votes |
8,381
Posts
Colleen F.
  • Investor
  • Narragansett, RI
Replied

Do a search of threads on student rentals and you will get lots of info. I recommend one lease to three students who want to rent together unless this is like a boarding house in which case you are renting rooms and use of the common area. Deposit may come in 3 checks but gets returned in one unless I get it in writing that they agree to an equally divided refund of the security deposit. Three students, parent co-signers and one lease, they don't get along and want to sublet it is their issue. Go over at signing that they are jointly renting the place.

Loading replies...