Many homeowners are wary of renting to college students and with Arizona State University in session we want to deal with these concerns. College-aged tenants are sometimes vilified for being irresponsible and inconsistent renters. After evaluating what qualities make a good renter, we answer the golden question: Can college students be good tenants?
Are College Students Good Tenants?
For example, these are considerations we keep in mind to protect your investment and to also not rule out college students who may be amazing tenants.
What makes a good tenant?
It’s nice to think of college students as responsible young adults, learning to make their way independently in the world, but in reality, college freshmen are a few months removed from high school seniors, and are still very young. That’s not to say that all college freshmen are immature, but it’s definitely a consideration.
Most college students have no credit history at all to check, so the property manager may need to have someone with good credit to co-sign the rental agreement, whether it’s one parent, both parents, or a legal guardian.
It’s not always the case, but some college students are only interested in renting for the school year, usually September to May or June. If that’s the case, you might have to add in a sub-lease clause to the rental agreement, or arrange for a full year’s rent to be spread over a shorter time period.
It’s no secret that college students have parties, and those parties can get out of control fast, causing headaches for you, your other tenants, and the community. Rental agreements will have to be explicit regarding the number of guests at any given time, noise regulations, and damages.
So can college students be good tenants?
Still, all those considerations aside, the college crowd can be a financial windfall, and if word gets around that your property is college student-friendly, you can be sure that your vacancies won’t stay vacant long come September.
If you are looking for a property management company then you need to look no further. C21NW MoneyMaker’s team are property management experts and have the experience to handle every situation and every need. We work with a lot of homeowners who have had to relocate to another state because of work, family, and other circumstances and did not want to sell their home. These hard-working homeowners depend on us to protect their investment and find responsible renters.
C21NW MoneyMaker is here to deal with these considerations and be your expert property consultants. Call us today with any questions on investing in a second property or if you want to keep your home as a rental property.