How to collect rent from student tenants?

[Jonathan Feliciano]

Hi BP Community.

I’m interested in investing in a multi-family property near a local university. As such, I expect to get student tenants.

In most cases, students typically don’t pay the rent bill; their parents do.

I know some people screen the student and make the student responsible for paying the rent. However, they may have their parent sign a second document saying if the student doesn’t pay, then the parents will pay the rent.

1. For those of you that handle student tenants, what is your process for screening and accepting rent for student tenants?

2. Which person do I screen: the student or the parent?

3. Who do I make responsible paying the rent: the student or the parent?

[Alex Craig]

1. Have parent co-sign. They will have to apply along with the individuals living in the home. All credits run and income approved.

2. Screen both

3. Person on the lease is responsible for paying. If they do not, call mommy and daddy.

I have been successful renting to this demographic and never had an issue with payment. I love when Mommy and daddy co-sign. Be very detailed on the move in as to document current condition vs move out condition. Spell out clearly on your lease the charges for various aspects of your get ready cost. IMO, girls tend to be easier on the home then guys, but in the event of a house or car break-in within the immediate neighborhood, they are gone.  With guys, they think the guy breaking in is their roommates frat brother; robber breaks in, sees only crap to take and leaves. Guy tenants never knew any different. :)