Student housing questions.

[Jason Bruning]

Hey Ladies and Gents, I just got my first accepted offer and have made it through the inspection phase. My appraisal is tomorrow and do not expect to have any issues there. The property is going to be a student rental as it is very close to campus and makes the most sense in regards to rent. Can other student housing landlords share their minimum requirements for renting. Do you apply this to the kids or their parents? Any tips or tricks on vetting these tenants? Do you have the parents co-sign? As always I appreciate the guidance. Thanks Jason

[David O.]

I do student housing as well. Good choice.

Background check the kids and the parents. The kids will not have much of a history, if any. The parents will.

Do not have the parents co-sign. That would effectively be adding them to the lease, and bestow upon them all of the privileges associated with that. You want to deal with the kids, not the parents, if there are issues.

Instead, have the parents sign a Guarantee. The parents are there to ensure that the rent, utilities, and other expenses get paid in full, and on time. Nothing more.

If I think of anything else, I will add to this later.

Enjoy :-)