Tips for Renting to Student Tenants
Property managers who understand students can thrive in the high-demand market of student housing. Here are a few tips from Targa Real Estate to help you succeed.
Build a Lease With Training Wheels
Craft a custom lease that spells out all the terms and includes house rules. Create "training wheel" terms like reminders and late rent forgiveness. Clearly outline the rules and prioritizing transparency will be mutually beneficial for both you and the student renter.
Give Students a Tenant Cheat Sheet
In addition to the lease, provide each new student tenant a cheat sheet, including the house rules, contact information for repairs, and tips to succeed as a first-time tenant. Leave another cheat sheet hidden in a drawer or taped to the back of the pantry door.
Design Terms for Roommates and Hot-Swapping
Roommates are going to happen, and students often want to swap out lease-holders at semester breaks or at random intervals. So be prepared and have policies in place. Have an addendum lease ready for new roommates to sign - taking responsibility as tenants. Ask all long-term guests to become official roommates. Have terms ready to help roommates swap from one lease-holder to the next.
Make Sure You Have a Tenant Portal
Modern students do everything online and through their phones. If you want timely payments, communication, or repair reports, have an accessible online tenant portal.
Send a Move-Out Checklist
Finally, help your students move out successfully by sending a move-out checklist near lease-renewal time. Give a count-down on packing up, deep cleaning, where to toss unwanted stuff, and how to leave the house to get their deposit back. A simple checklist can increase deposit returns and decrease turnover hassle on your part.
For more multi-family property management tips, contact us today.