San Diego is home to 3 major college campuses, making college students an ideal demographic to target as renters. However, renting to college students is a bit different than renting to older adults or families in San Diego. So what are the differences and if you are a landlord, how do you ensure that you have a good experience renting to college students? The following are things to know about college students, as well as a few things that you should keep in mind about the younger rental market.
Take the School Year into Consideration
College campuses welcome students at the end of August or beginning of September through late May. If you are planning on renting to college students, you should start advertising your rentals heavily in June or July. This gives you plenty of time to find a tenant for the school year. You may also want to consider requiring a 12 month lease to ensure that your property will generate revenue throughout the entire year, even during the summer when school is no longer in session.
Know what Type of Students Your Property Will Attract
The type of property you own will dictate the type of students that will want to rent from you. For instance, if you are renting a one or two bedroom apartment in San Diego, you will likely be appealing to smaller groups, couples or individuals. If you rent a single or multi-family home will likely appeal to large groups of students, and could possibly increase your monthly rent potential. For landlords who do not feel comfortable having large groups in their properties, you can always stipulate the maximum number of renters allowed in the lease.
Although many college students are responsible young adults, others are living on their own for the first time and may not always make the best decisions. You want to have a thorough screening process to ensure the students you rent to will be respectful of your property. During tenant screening, you will also want to perform routine background, reference and credit checks, as well as monthly income statements. If your prospective renters are currently full-time students and do not have a job, you’ll need to get information from a co-signer.
Create a Clear and Straightforward Lease
Unfortunately, you will not always have the perfect student renter residing in your property. From renters who are not fond of cleaning to those who stay up late into the morning playing music, you may have to deal with damage and noise complaints. Clearly state what the student renter is responsible for in the lease and what will be done if your general rules are not followed. While you can’t mandate that your tenants clean the house daily or go to bed at midnight, you can put clauses in the lease that can expedite the eviction process if your property is being abused.
If you are looking for a property manager to assist you when leasing to college students, contact Harland Property Management today. Specializing in San Diego property management, we can help you with everything from the application and screening process to maintenance and eviction. For an instant property management quote, call 858-367-0343 and speak with one of our expert property managers.