Your Expert Guide To Renting To Students

Many post-secondary institutions do not have enough dormitories for all of their students

, and so they go looking for other places to live.

However, many students relocate back home or elsewhere for work or internships in the summer months, making it impossible for them to sign the minimum one-year lease that most apartments require. They need somewhere quiet for studying, reasonably inexpensive, and where they can rent by the month.

The Perfect Student Accommodation

Some people rent their spare bedroom or basement suite to the college bound youngster. However, an even better arrangement is a detached flat pack house style building made with insulated panels, such as a garden home or granny flat. If you have one of these on your property, they make the ideal student rental because they allow privacy.

Insulated panels, also known as structural insulated panels or SIPS have excellent soundproofing qualities so when your tenant comes home from partying at 3am, they would not disturb you. When they are cramming for their midterms, they will have peace and quiet as well.

Prepare the Space

Make sure that your rental space is comfortable and suited to a students needs. Provide a desk with enough surface area, adequate lighting, and an ergonomic chair for studying.

Make sure there is a phone connection and wireless internet. Equip the kitchen with a few basic pots, pans and dishes as the young student will likely be moving straight from home and will not own dishes of their own. It is up to you whether or not you include utilities in the rent or charge your tenant for them. Put together a clear rental agreement that specifies all of the house rules, when rent is due, and the specifications of the damage deposit.

Get the Word Out

In order to let students know that there is space in your home available to rent, you can call the college or university and ask for your property to be listed on their housing directory. You can also put an ad on a site such as Craigslist.

If you find a good tenant who respects your home, put the time into forming a good relationship with them and they might be happy to keep renting from you for the duration of their university degree!

In a university town, renting to students can be a mutually beneficial opportunity and might even lead to developing a friendly and positive relationship with a bright young person.

by: James P Martin

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