As the universities begin the age-old process of graduation and migrating the student body off campus, landlords and apartment managers will see the inevitable upswing in applications from students who want to stay in the area, either temporarily for the summer or for a full year-long lease if they’re moving off campus permanently. While approving college students may be good for you financially, especially if you live in a college-friendly area, it’s important to consider a few things before opening the floodgates.
What sort of lease are they looking for? One of the last things you need as a landlord is for your tenants to break their lease early because something else came up, especially if they might leave during a time where it’s difficult to refill the unit, like winter break or the holiday season. Make sure you discuss the length of the lease and offer students an appropriate one. This might be three months, six months, or a year, depending on when they may need to move due to semester change or graduation.
Discourage unwanted behavior with community regulations, and enforce them. If you want to make sure your tenants don’t break their lease, make the consequences for doing so fairly steep. Avoid discord with other neighbors by enforcing quiet hours or notification for gatherings over a set amount of people if necessary. Create firm guidelines about apartment care and cleaning if it’s a concern. Establish grounds for how long guests may stay and what is and isn’t considered squatting.
Review perspective tenants with background screenings and credit checks. While college students often rely on cosigners to establish credit, it’s still important to run these checks to make sure there are no surprises or criminal records involved. If you have an established relationship with the housing offices of the local colleges, it’s also prudent to touch base to learn about any past issues if possible.
Offer services that appeal to the demographic. If college students are a big piece of your tenant puzzle, it may make your units more appealing if you offer community activities and services that draw them in. Mixers, pool parties, clubhouse gatherings, and roommate mediation are a few of the ways you can appeal to the college demographic.
For more help with screening services or guidance on housing college students, please contact us here at Tenant Screening Center. We’re happy to help!
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