As practice shows, landlords are traditionally afraid to rent apartments or rooms to young people. This group, of course, includes students. It is believed that they are irresponsible with other people’s property, throw parties and invite endless friends to visit. However, with the help of real estate experts, we want to debunk some myths.
First, students’ parents often act as contract employers who try to make sure their children behave well in the apartment. Second, students are usually interested in establishing a long-term relationship with the landlord. After all, the college program lasts at least three years, and moving is very exhausting. Finally, renting to students is beneficial as it is easier to find a tenant in a studio than in a three-room apartment.
In a word, there are many advantages to renting housing to students, and in this article, we are talking about some of them. But we are also emphasizing the cons so that you get to form your own opinion.
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Students Are Stable Tenants
The saying about poor students is outdated. Education and living costs are often parents’ responsibility, and they are precisely the guarantor of students’ capacity to pay. Looking for housing, students are ready to spend money. Otherwise, they would be looking for more affordable options, like living in a dorm or with relatives.
Real estate agents advise landlords to sign a lease agreement with the parents. Thus, all legal and financial responsibility under the contract falls on their shoulders. To minimize the risks, state all the rules for living in the apartment and the penalties for violating them in the contract. Parents usually try to prevent all unplanned expenses, so they are surely not interested in their child ruining your property.
Most Students Are Looking For Long-Term Rentals
Another advantage of renting +to students is their interest in building long-term relationships.
They need a roof over their heads while studying at a university, which is at least three years. No one wants to move as it’s quite stressful. What if you become such friends that you will even allow the student to make a home improvement or even buy out the apartment in the future? This also happens.
Moreover, learners are well aware of how most landlords treat them, so they are happily signing contracts for at least one academic year. They are also likely to respect your conditions as their future depends on your decision.
Students Rarely Spend Time At Home
Students have a really busy life: lectures, practicums, study sessions at the library, internships, their own projects, or part-time jobs. They are in a permanent search of ways to be more productive and can hardly be called irresponsible or poor. In addition, some students often go home to their parents on weekends and holidays, as well as during vacations.
Many combine work with studying. And they are used to meeting friends in cafes or clubs where there is more space.
And now, let’s move on to the cons.
Possible Property Damage
When we live with our parents, they usually take care of most household issues. But when we are on our own, even turning on a kettle can turn into an accident. That’s why landlords avoid students so often: their lack of experience and immaturity don’t let them handle property maintenance.
But with effective communication, any problem can be resolved. First, tell the student that you are always available and that they can easily reach you in case a sink is leaking or a battery is dead. Second, write down all possible risks in the contract. This way, you will protect yourself from unforeseen expenses.
Unplanned Turnover
In fact, plans can change for any tenant, be it a 35-year-old bachelor or a couple with a small kid.
The coronavirus pandemic has shown that we must be prepared for any unpredictable circumstances. They can be an offer to live in an apartment while friends are gone, the beginning of a music career in another city, or a spontaneous desire to take a gap year and live abroad. It can also be difficult to find tenants for the summer when many people leave the city.
So, here’s the solution: don’t sign leases for longer than a year and make students obligated to give you at least a month’s notice of changing plans. During this time, you can find a new tenant and not lose money.
The Difficulty of Screening Students
Usually, students don’t have a rental or employment history (or it is critically small). Therefore, screening them becomes a problem. No one wants to give their home into the hands of an unverified person.
That is why parents become co-sign, and in the end, they are responsible for paying the rent. You can look at the parents’ credit histories to increase your chances of finding a reliable tenant. Well, a small friendly interview with the students themselves won’t hurt, either. This way, you will find out their daily routine and habits.
To Wrap It Up
The housing issue seems to be an eternal problem for everyone. Both landlords and tenants are anxious, and this is not surprising. The first party wants to rent housing to reliable people, and the second wants to find a new home for a long time and at an affordable price.
Students are often demonized. They are shown as those who are constantly partying, damaging property, and not fulfilling the terms of the agreement.
Surely, everyone is different, and you never know who you will come across. But on the other hand, there are a lot of things to keep you safe, from thoughtful dialogue to a detailed contract and financial penalties.
Also, notice that modern students are more and more focused on their development and have little time for hanging out. Plus, user manuals are available online, so the risk of damage to your devices can be minimized.
