How to Be a Great Landlord to College Students
Some landlords are turned off by the idea of letting to students. Some things that come to mind are loud parties and huge messes. However, renting to students can also work in your favor. Properties located in college communities tend to fill up quickly, so you worry less about vacancies.
Being a landlord to 18 to twenty-something year olds could be tricky. Take some of our advice on how you can be a great landlord to college students:
If you’re worrying about your property being used as a party center, it’s best to be visible to your residents. Now, this doesn’t mean you should be a helicopter landlord to watch over your residents’ every move, but it’s a good idea to show your face every so often.
Your residents, regardless of whether they’re students or not, should know that you care about your property. Every few months, check out the condition of your property to not only show face, but also inspect for maintenance.
Give them a list of the rules (and go over them).
For most college students, this is the first time they’ve lived outside of their parents’ house. This means they’re less experienced with renting etiquette and rules. That’s where you could help them out. Print out a copy of your rules for your residents, and sit down and go over them.
Taking the time to explain all of your rules and expectations will show your seriousness about these issues. Help them understand that living on your rental property isn’t a free-for-all situation, and they need to abide by your rules.
Be their landlord, not their parent.
If you have children of your own, you might look at these students as if they were one of your own. While there’s nothing wrong with caring for your student residents, refrain from being parent-like. It’s crucial to keep your relationship with your residents professional, and to not be their friend or parent.