Below are a few guidelines to keep in mind when renting to College Students.
1. Making Rent. Be completely open with the students and enforce the idea that the whole rent will be due in the term specified by the contract. Meaning that if one student moves out the complete payment is still due. However, try to be as flexible as possible. Sometimes due to exams or other educational responsibilities they may be behind on a shift or two at their employment but plan to make up the rent after the semester etc. Tell them to be open with you and that you can be flexible if the situation calls for it.
2. Parties. College students are going to have parties whether you like it or not. Your interest here is to protect your property so if you just lay down some guidelines regarding the total number of gatherings and to what extend they’ll be responsible for any repairs.
3. Summer Months. The situation occurs after the semester which leaves the landlord without tenants and without income! One option is to make rent due for the year and allow students to sublet for the summer. This is not ideal for the student or the parent who is probably paying for the lease. You probably will have a higher likelihood of renting your property out if you just required semester based lease and leave the option open for them to rent in the summer.
4. Ensure you meet the requirements of the local law as to how many tenants can live in a property that are unrelated.