Lease for student whose parent will pay the rent?

Question

Any advice on renting to a student whose father will pay the rent?

I have a furnished property in Denver and just received interest from an attorney in New York, whose son is starting school at UC Denver in the winter semester. The father wants to pay the rent. He seems to check out. He wants a 6 month lease with a 6-month renewal option.

Anything I should be aware of in a situation like this? Any particular provisions to get in the lease? Should I have the father sign on as a tenant as well?

Any thoughts would be much appreciated.

Bill S. · Answer

@James Carlson so renting to an attorney. Think about that long and hard. If all goes well then no problem. If it goes bad, it is going to cost you big time. Think of it this way. Average people settle disputes by figuring it out. If we don't get what we want, then we chalk it up to a life lesson and move on. Attorneys solve problems in courts which is expensive and has you at a significant disadvantage. Father can coach son who appears to the court as a poor novice. You either have to hire representation (expensive), be, coached by an attorney (also expensive) or be handed your head on a platter.

IMO tenants are plentiful, find another. If you don't want to argue with an attorney about why not, just tell them it's a year lease or nothing. BTW, negotiating is a tactic to gauge you as a suitable mark.

I never allow a change in terms from what I advertise. If I decide my terms are unreasonable, I re-advertise with those terms. You never know what the market will be when you modify the terms unless you advertise those terms. It's a classic tactic by tenants to get a better deal. For example 6 month leases go for a premium so rather than pay the premium find someone who will take less than the 12 months they advertise for. Tenants do this with pets as well. Landlords advertise no pets, and because tenants with pets pay more rent, then they call landlords asking to allow their wonderful pet. Get rejected a lot but works enough that people still do it.

Tyler Ansell · Answer

It is likely the student can't qualify financially/credit/rental history anyway so he'll need his dad to co-sign or act as a guarantor.

We use guarantor forms in hand with our lease agreement that basically just say if the tenant (his son) fails to make the payment he (father) can be held accountable for it. You don't need the father on the lease necessarily. Tenant is responsible, who cares where the check comes from. But if the check doesn't show up, you want to have another person to hold accountable for it.

Edit: Also, I'd try and negotiate him into a 12 month contract and maybe after 6 months he can give you a 30 day out or something. The 6 month is most likely due to the school schedule.

Edit 2: Another thing, I disagree with @greg s. about accepting payment from the father. We get about 20% of our checks and/or payments directly from parents. They sometimes prefer to handle it so the kid can focus on school / not blow rent $ on beer.

Deanna McCormick · Answer

Your rental criteria is what you use to determine if your applicants qualify,  If the kid can't pass income requirements due to $$$ then he doesn't qualify by himself,  If you have a STUDENT POLICY as part of your rental criteria then the cosigner,, grantor,, can be considered with applicants application. BUT only if they are a student otherwise your gonna have to extend this to all other applicants.. Or dad signs as tenant his kid is joint tenant and they both are on lease.

I've rented to attorneys and had no issues.. so not a nightmare for me.

Carl C. · Answer

We have student's sign the lease then we have parent's sign a guarantor form that says they will be responsible for paying the rent.

Thomas S. · Answer

What you should probably be aware of is that having a tenant whose father is a attorney can be a nightmare.

As a example he is demanding a 6 months lease with a 6 month renewal option. You only offer what is the standard lease option for students in the area not what he wants. Better hope he and his son look elsewhere.

Do not put the father on the lease simply have him as the guarantor. You do not want him having any tenant rights. Have the father give the money to the son and the son will pay the rent to you. Do not accept direct payment from the father.

Deanna McCormick · Answer

I'd have father sign lease as well, Is the apartment limited to single occupancy, if that's the case then father would be co-signer. if its 2 person occupancy then the son would not be able to move in a roommate which if I was dad would be a good thing...

He's a attorney so make sure you know your state laws and if you do a renewal option make sure if rent rate for that period is also listed.

Dad would have to qualify just as son if he's on the lease as tenant.. co-signer just financial.

Matt M. · Answer

This was my guy reaction. I'd say pass. If you are going to do it, he should be on the contract. I'd also ask for 1st, last, & security deposit.

James Carlson · Answer

Thank you to everyone who replied. I should have said that I advertise for a minimum 3-month lease. (I tend to get a lot of traveling nurses.) So he's actually proposing a longer lease.

Lease for student whose parent will pay the rent?

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