Home to three major college universities, San Diego has a large population of student renters. If you have a second home or apartment in San Diego, and are looking for a way to make additional income, renting your property to a college student is a great option. Harland Property Management offers the following is advice on how to successfully rent to students.
First, you need written and signed leases and agreements. In these agreements, it is important that each detail and point is clearly stated in a way that is easy to understand. A majority of college students have never rented a home or apartment before and may be unaware of what you may consider “common sense” rental terms. Include information in the lease that outlines the requirements for garbage removal, cleaning of common areas, as well as the guest policy. Also, you may want to consider adding a clause that reserves your right, as the landlord, to alter the agreement if they do not follow the outlined points.
You may also want to consider having the parent of your student renter co-sign the lease. Some landlords have trouble with student tenants paying rent on time. By having a parent co-sign, they are then responsible for any payment that is due if their son or daughter does not pay what is owed. This is an important feature to add, especially if you are going to forgo the professional services of a San Diego property management company.
When renting to students, it is also important to know the condition of your property before they moved in. Students sometimes have a reputation of being messy or careless. If there is some damage during the course of their tenancy, you need to have proof it was not there prior to their arrival. Tour the premises before they move in to show you are up on the condition of the unit. Also, have them look around and make note of any damages or problems and ask them to put it in writing before they move in.
Finally, offer friendly reminders during the holidays. Many students will leave the area and head home for the holidays to be with family. Whether caught up with studying for finals or holiday travel, a student can easily forget about their rent. A friendly reminder during winter and spring breaks, as well as before the summer begins will help ensure you receive rent on time.
Harland Property Management is a full service property management company. We are experts in residential property management as well as multi-unit property management in San Diego. For independent landlords who are finding it difficult to manage their properties, contact us today at 858-367-0343 and learn about the wide selection of management services we offer.