Tenants vacating properties early

[Jay Strickler]

I rent about half of my 150 units to college students.  Every summer, even though they are on 12-month leases I have a high amount of vacancy simply because tenants move out without paying for the last month or two of rent.  As it stands today I have 13 openings.  Legal costs and the time involved make chasing these folks unprofitable. I am looking for suggestions or proven strategies that this audience has used to incentivize folks to stick it out to the end of the lease.  Thanks

Jay

[Caleb Heimsoth]

Collect a larger deposit upfront. Get first and last months rent. Stagger when your leases end and start. They may skip at the end of the lease but it’s unlikely they’ll skip in the middle