College Renting Timing and Winter Renting Tips

[Ryan King]

About a week ago I listed my duplex for rent available immediately. The only inquires I've had are from college students wanting to rent it next May/June. I'm in a college area and my goal is to do a short-term lease until that timeframe and get college students in, so this is a good sign but I also want to get some income until then. This leads me to two questions:

1) Can I have them apply and sign a lease this early to start in May/June? Should I offer to give it to who ever gives me a deposit and passes my application first right now or is it way too soon? If not, when do I say I'll be accepting them and how to I handle who gets it if they're both qualified?

2) Anyone have tips for finding renters in the winter months? And finding renters for short-term leases without getting into a sketchy situation?

Thanks!

[Kelly N.]

Hi Ryan,

Welcome to the joys of college rentals.  

1.  Yes, you can screen a tenant and sign a lease now, as long as there aren't any local ordinances against it.  In my area, kids used to sign leases in September for the following year, they have recently changed and only allow you to sign 9 months in advance.  We pretty much follow what the big guys do- start showing apartments with August/September move in dates as early as January.  I prefer to wait until we're 4-6 months out, this gives the current occupants more of a chance to see if they want to stay another year.  

You'll have to decide how to choose from qualified applicants- I used to go with first to qualify and submit a holding deposit would get the apartment, now I have a list of items to rank them on.  For instance, I would rather rent to someone who plans to be in the area for longer than someone who just needs a place for 12 more months.  

2.  Be careful with short term/ winter renters and especially those looking to move NOW!  I don't mind the short term renters too much, as long as I can get their lease ending close to a time that is good for me (either that August/September time frame or spring/summer).  I prefer to sign a 3-6 month lease over a month to month, that way I have more control over when they move out, but many others love month to month agreements.  Sometimes you get people that moved in together and no longer get along, so someone want to move out, or someone that was commuting to school and wants to live closer, or someone that just didn't realize apartments near campus weren't going to be readily available any time in the year.  I have had a few people who rented in the winter months that turned out to be awesome tenants, but for the most part I prefer the plan ahead/ move in late summer tenants.  This may be very area specific due to the school, but less than half of my tenants are even students- most are young professionals.  Part of the problem with my winter renters is likely that I am anxious to get the unit filled and maybe settle for a tenant I would normally pass over, but  less people looking for a place at that time means less people to choose from.  I am moving forward with a slightly different attitude now- I'd rather the unit stay empty a few months than to just accept the only tenants looking at the time.  

Those that need to move NOW may be getting evicted, and may just repeat the process once they are your problem.  They may just be people that didn't plan ahead and let their landlord know they wanted to renew, and are now stuck since the landlord went ahead and rented to new tenants so they ave to move out.  

Hope that helps a little,

Kelly