Sun 13 Aug 2006
Renting To College Students
Posted by anesia.springborn under A Day in the Life of a Budding Real Estate Investor
Looks like Natalie has a question today about renting to college students. Let’s find out what she needs help with…
3 Responses to “Renting To College Students”
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August 13th, 2006 at 8:45 pm
August 13th, 2006 at 8:51 pm
Great question Natalie.
A lot of college students are in this situation and they can be great renters. Sometimes they receive financial aid and sometimes their parents support them through school. In this situation they will need to have a co-applicant and a co-signer on the lease.
Let’s say this student tells you his parents will be paying his rent. You’ll have the parent submit a rental application just as any renter would. You verify the parent’s employment, credit, and screen the parent using the same screening criteria you use on everyone else.
If the parent passes screening, then the parent and the student both sign the lease. They become jointly and severally liable for the rent and any damages just as if they were roommates.
August 14th, 2006 at 2:34 pm
Anesia is right.
Look at it this way, whether the potential tenant is a student or not — they need to have enough income to support the rent payment (we use gross weekly income at least equal to the monthly rent) and a good enough credit score to make you comfortable (with no marks for not paying rent).
If the potential tenant doesn’t pass either qualification, then they must have a co-signer to make up the difference.