The real estate market is swarming with students as more choose to live in private accommodations, compared to on-campus residences.
One of the major hurdles landlords face when renting their property to students is the lack of trust. It can be stressful for landlords to find tenants that will obey their terms and often credential checks aren’t possible.
When renting a property to students, have a detailed list of the amenities and utilities included, and also communicate that the house is available to students only.
Here are 5 tips to find great student tenants:
- Identity Proof: The most universal identification proof is a photocopy of a passport. You can also ask for a student card or post-secondary school acceptance letter.
- Deposit: Ask the tenant to pay the first and last month’s rent as a safety deposit. If they change their mind and move out early, the deposit money can count towards the next month’s rent and is often non-refundable.
- Contract: Sign a lease contract for a term of 1 or 2 years. Clearly state the monthly rent payment and the repercussions of non-compliance with your terms and conditions.
- Address: Get information about the most recent addresses the tenant has lived within the country (if applicable). Also, note the information of a relative or guardian to contact in case of an emergency.
- Expectations: As a landlord, if you do not wish the tenant to have pets, smoke, or organize parties, make sure it is clearly communicated.
Follow these simple steps to avoid stress and find the perfect student tenant!
By Gurcharan Garry Bhaura, Broker of Record at CENTURY 21 President Realty Inc.