Student Room Rental? (by GKARL [PA]) Aug 11, 2017 7:42 PM|
Student Room Rental? (by Still Learning [NH]) Aug 11, 2017 8:30 PM
Student Room Rental? (by DJ [VA]) Aug 11, 2017 8:34 PM
Student Room Rental? (by GKARL [PA]) Aug 11, 2017 8:52 PM
Student Room Rental? (by RentsDue [MA]) Aug 11, 2017 8:53 PM
Student Room Rental? (by GKARL [PA]) Aug 11, 2017 8:58 PM
Student Room Rental? (by Still Learning [NH]) Aug 11, 2017 9:28 PM
Student Room Rental? (by CDM [CA]) Aug 11, 2017 9:39 PM
Student Room Rental? (by RB [MI]) Aug 12, 2017 5:02 AM
Student Room Rental? (by Barb [MO]) Aug 12, 2017 9:06 AM
Student Room Rental? (by NJ Landlord [NJ]) Aug 12, 2017 5:18 PM
Student Room Rental? (by GKARL [PA]) Aug 12, 2017 6:15 PM
Student Room Rental? (by BillW [NJ]) Aug 13, 2017 10:09 AM
Student Room Rental? (by WMH [NC]) Aug 13, 2017 12:22 PM
Student Room Rental? (by Nicole [PA]) Aug 13, 2017 7:47 PM
Student Room Rental? (by GKARL [PA]) Posted on: Aug 11, 2017 7:42 PM
Doing a bit of research in my local area today on student rentals and I see the majority of them are now renting by the room as opposed to a single lease covering everyone. I see the pros and cons of doing this either way. Doing it by the room certainly is fairer and less risky for parent guarantors, but creates more work for the LL. For those of you with student rentals, is renting by the room an emerging trend you see in your markets?
Student Room Rental? (by Still Learning [NH]) Posted on: Aug 11, 2017 8:30 PM
I think it depends on the area and the building. My son rented houses with 6 other guys with jointly and severely clauses and parent co-signors.
He had a friend renting a place in a newer building at our local university that ran into an issue. 4 friends rented a "suite style" apartment with 4 bedrooms and shared common area. 1 friend dropped out and gave notice. They found a friend to take the spot and management said no, it gets filled with someone from the waitlist (every bedroom had it's own lock). After reading the lease they signed, I had to explain they leased the bedroom only. Each bedroom was rented separately with no guarantee of who you would share the suite with even if requests were put in. The lease explained the waitlist policy but not one of the kids or parents knew what they signed.
One of our local landlords rents a 4 bedroom house. Last year was the first year a group wasn't renting so she got used motel furniture, put locks on the doors and rented it by the room to avoid the possible long term vacancy.
I looked at a duplex with 5 BR on each side a few years ago. It was a cash cow but more than I was ready to take on. The seller said depending on the year she rented it as a 5 BR unit and if there were no groups signing up, she would switch gears and rent it by the bedroom. The cons of renting to the larger groups of friends were more parties. The cons of renting by the room was the drama similar to a boarding house. The pros of both was the $'s coming in. --24.61.xxx.xx
Student Room Rental? (by DJ [VA]) Posted on: Aug 11, 2017 8:34 PM
Another very experienced landlord in this area, who has advised me, has a house close to a university that is student housing. She rents it by the room with a list of house rules for common areas. She says young men are generally her preferred tenant - less drama. No parent co-signer, but will use financial aid award as income. In VA, we may accept advance rent as long as we don't spend it until it is due. That is the preferred way to collect rent from students (by semester). Also: rent rooms unfurnished, so it is less desirable for them to move all their furniture and everything out & break the rental agreement (rather than trying to work out their differences). It also helps them want to hold over for the next year when they can leave their furniture in place.
I am also starting to try reaching out to students. --68.105.xxx.xxx
Student Room Rental? (by GKARL [PA]) Posted on: Aug 11, 2017 8:52 PM
I'm thinking of converting this particular building to student rentals but I need to upgrade it and the issue is timing. I have three residential units in this place and I'm thinking of converting the larger one to student rental to see how it works and then do the others. I have to terminate a m2m tenant, upgrade the place to get ready for renting season for students. Most leases begin in June-August, which means I need to terminate the existing tenant in March, get the improvements done and then hope to get rented between June-August. That will mean at least a 3-5 month vacancy to gear up but the investment may be worth it.
I don't think anyone around here accepts advance rent, but that would be the ticket. I like your suggestion DJ; go for a group lease and then by room if no takers. Renting by room is easier in some ways and is something that I'm not wary of given the experience with my rooming house. --207.172.xx.xxx
Student Room Rental? (by RentsDue [MA]) Posted on: Aug 11, 2017 8:53 PM
I rented to students, by the room. It didn't work out like that. When I did it like that I had to include utiities. Killed me to drive by in zero degree weather and see the front door wide open. I have rented to students jointly and severally with much less problems. Furnished is better because they don't bang up the walls moving furniture and they don't bring in bugs with the second hand furniture. --66.189.xx.xxx
Student Room Rental? (by GKARL [PA]) Posted on: Aug 11, 2017 8:58 PM
The utilities in this place are separated by apartment, so I can easily either add a factor to their rent for utilities and true it up like commercial leases are set up with CAM escrows. --207.172.xx.xxx
Student Room Rental? (by Still Learning [NH]) Posted on: Aug 11, 2017 9:28 PM
Find out what time of year the students are usually loooking for housing. My son had to secure housing in the fall for an August lease. My niece looked in the spring for a summer lease start. Every university town seems to have a slightly different timeframe. Having said that, there are always students that transfer, study abroad, have internships, etc which create a need for housing outside of the usual timeframe. --24.61.xxx.xx
Student Room Rental? (by CDM [CA]) Posted on: Aug 11, 2017 9:39 PM
I don't own a student rental, but I do have a college-student daughter who rented this way last year and will be doing it again this year. I like this approach because if her roommate runs into trouble of any kind, it doesn't become a problem for her.
The apartment last year had two different options: a nine-month lease for a higher monthly amount, and a 12-month lease for a lower monthly amount. This year's apartment only offers a 12-month lease. Both years, we signed up in June for a lease that started in August. The students can come in as a group and fill an apartment. If they don't already have roommates in mind, the apartment complex assigns them a roommate. The complex claims to do some kind of compatibility assessment before assigning roommates, but I don't believe there's much to it beyond having an available slot.
Student Room Rental? (by RB [MI]) Posted on: Aug 12, 2017 5:02 AM
Install Two Revolving Doors, Front / Back.
Student Room Rental? (by Barb [MO]) Posted on: Aug 12, 2017 9:06 AM
I have mostly one bedroom units in my university town. Love them, because of less drama.
I have one three bedroom. I look forward to getting it paid off, at which point I plan to tear it down and rebuild with an 8 unit home, each with a separate bathroom. Planning on a large kitchen, large common room. At that point, I will rent it out by the room. The zoning of it allows me to have up to 8 bedrooms and 8 unrelated people living there. My plan will be to have the cleaning lady over every day or so to clean the common areas. --64.251.xxx.xxx
Student Room Rental? (by NJ Landlord [NJ]) Posted on: Aug 12, 2017 5:18 PM
My township does not allow a rooming house so I cannot rent a house room by room. Instead only one lease is allowed for the entire house covering everyone in the house. --98.110.xx.xxx
Student Room Rental? (by GKARL [PA]) Posted on: Aug 12, 2017 6:15 PM
A single lease is the rule here as well, but it's ignored and very difficult to enforce --208.54.xx.xxx
Student Room Rental? (by BillW [NJ]) Posted on: Aug 13, 2017 10:09 AM
I don't see it in my local market, because I don't think it's legal. However, nationwide, I think it's a trend and individual leases are often touted as a benefit to students and their parents. --73.197.xx.xx
Student Room Rental? (by WMH [NC]) Posted on: Aug 13, 2017 12:22 PM
We can have a rooming house here - no more than 5 unrelated persons - but the owners has to LIVE there. No thanks ;) --173.22.xx.xx
Student Room Rental? (by Nicole [PA]) Posted on: Aug 13, 2017 7:47 PM
by the room may be a way of skirting "no more than xx unrelated individuals may live in the same household" ... in your municipality has that type ordinance