College Student Rentals

[Mary Fitzgerald]

I recently purchased a duplex for College Student Rental.  I am really not sure what to do in terms of lease and security deposit.  The students usually arrive in town around the middle to end of August and leave around the middle to end of May.  However,  I really don't want to lose June, July and August rent every summer.  Has anyone ever done a student lease for 11 months?   This would give me one month to get the apartment ready for the next students arrival.  Also, do you require more than one months rent (security deposit) to cover damages, repair and cleaning??  Can anyone who rents to college kids give me any tips or advice on what has worked for them?

[Jenifer Kynor]

Hi Mary,

When I worked in student housing, the leases were  mid-August to July 31st. The only way to get out of the lease was to find a sublease, so you're always guaranteed the full 12 months. Students in dorms, moving to the area, etc took over the leases for students who didn't want to stay in the summer, but it was tenants responsibility to always find a sublease, and they were charged $250 to move out early, and $50 to turn the unit. 

 The payments were also broken up into "12 equal installments" rather than 11 1/2 months for rent. 

We didn't require a large security deposit, just had "move out charges" upon move out, which I did not completely agree with, because of the disputes, but overall most students or parents paid. 

This was in Fort Collins, Colorado. I hope this helps.