Landlord · Rochester, NY · Member since 2012 · 9 posts · 3 votes
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?
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
12y
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.
Investor · Herriman, UT · Member since 2017 · 79 posts · 60 votes
9y
@Ronda R. I use Cozy for my screenings. They fill out everything online. As the landlord, you can require a credit and a background check that the applicant pays for ($39.99 for both) and then shares with you, the landlord. If they require a guarantor, I require that party to fill out an application as well as the credit check. I want to ensure that if the tenant defaults, the guarantor can step in and take care of the rent!!!
Investor · St George, UT · Member since 2017 · 16 posts · 6 votes
9y
@Ronda R. we do not use parent guarantors (although we may start) and haven't had many problems with not getting paid. We do require the semester or school year rent upfront. In a rare case we will do a payment plan but it is weighted to the front end. I dont see much point in credit checking 18 year old college students.