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Well, another twist to consider

June 26th, 2012 at 03:04 pm

Now, I've got 4 college boys wanting to rent our house for a year at the full asking price of $1700. Anyone have any pros/cons with renting to college kids?

(The $1300 family now wants to change it to a year's lease with the option to renew for another year.)

Posted in GOALS | 6 Comments »

6 Responses to “Well, another twist to consider”

  1. Swimgirl Says:
    June 26th, 2012 at 03:17 pm 1340723823
    1340723823

    I would wait out the person moving across the country. You are not supposed to discriminate, but I wouldn't rent to four college kids if there were other options. I don't have a rental, myself, but there is a rental in our neighborhood, and at one point, four boys lived there. Lots of big parties, too many cars all the time, drive too fast, leave junk around the yard (and on sidewalk and in street)... and we called the police all the time. You wouldn't believe how crazy it was!

    Having moved across the country several times, I'm sympathetic to that person!

  2. creditcardfree Says:
    June 26th, 2012 at 03:19 pm 1340723959
    1340723959

    Always pull credit checks on all renters is my best advice. A group of people are likely to pay more in rent than a family because they are pooling resources. It could get sticky if one college renter leaves and doesn't pay their portion of the rent. The rest should cover it, but can and will they?

    Best wishes!

  3. Joan.of.the.Arch Says:
    June 26th, 2012 at 04:46 pm 1340729177
    1340729177

    I've lived next door to a series of student renters and they were very good neighbors. Quiet, kept the yard mowed, no trash, no parties. All of them were in medical-related fields of study; I think they were just focused, responsible people. There were two at a time in the house.

  4. CB in the City Says:
    June 26th, 2012 at 05:24 pm 1340731444
    1340731444

    I have lived next door to student renters also. The first set were baseball players, all friendly and helpful, good neighbors. The second batch was moderately friendly, a little lax on mowing the lawn, etc. The third set was definitely unfriendly, wouldn't even look at you, and I heard they totally trashed the house. The landlords had to gut it and re-do everything. Then they sold it.

  5. snafu Says:
    June 26th, 2012 at 07:20 pm 1340738401
    1340738401

    What year? what faculty? I wouldn't rent to freshmen and check out sophomore participants very carefully asking 1st, last and security deposit in advance. The process of getting them evicted if they turn out to be problematic tenants is long, onerous and frustrating. If the original guys move and the remaining bring in new shares do you have the option of vetting the new person? Do you include utilities in the price? If they fall behind what are the consequences for your house?

    Currently: If they are 'good tenant' I'd find them preferable since move-outs/move-ins are hard on the walls etc. If the rental market has improved, you need to increase rent to at least market value.

  6. Jerry Says:
    July 8th, 2012 at 08:30 pm 1341779418
    1341779418

    We have been renting to medical students in the past which leads to no problems so far, but it is a different cohort than undergrad students. You have the insurance that they are a little older and a lot more mature, by virtue of getting into medical school.
    Jerry

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