Renting to college students

[Jordan Woolf]

I am looking at rental properties near a college and was curious if this is a good strategy. Has anyone tried implementing this strategy? If so, was it a positive or negative experience? I would most definitely be working with a property manager.

[Dylan Earl]

I rent to students and I have some recommendations:

1) Sometimes people/roommates don't get along... make sure they sign a "roommate agreement" which covers guests, noise, furniture, appliances, maintenance (if applicable) etc. 

2) Sometimes people want to move out while the others don't.. make sure they are ALL on ONE lease. If one wants to leave, EVERYONE has to leave (OR they find someone to replace the one leaving) this can be done by making sure all of their names are on ONE lease agreement and that it is specifically stated as "a collective single tenant"

3) Sure, students party and make a mess, that's to be expected. If they are too loud, bylaw will fine them... however when damages occur, I can guarantee they don't have the resources to get it fixed. I'd recommend monthly or quarterly surprise check ups on the property. We usually provide 24 hours notice to tell them we coming to change out furnace filter OR test smoke detectors

4) Get their contact info, drivers licenses, student ID numbers, parent contact info, send out an email in the beginning with EVERYONE on it so they know what to expect. 

5) Take photos before the unit was occupied. After they move in, get THEM to fill out a move-in inspection checklist.. anything NOT on the inspection checklist discovered during move out needs to be identified and brought to their attention + their parents promptly. 

Takes some effort but students come and go and cycle which is nice if you end up with a not-so-great member! 

Best of luck