I’m sure there is no legal basis for their policy, but in both cases they have done it for at least 20 years. So obviously no one has contested. But both of them are licenced student lodging houses (one for the whole house, the other for the basement.)
The female students probably don’t bother to report them because there are plenty of other landlords willing to rent to them. I wouldn’t be surprised if there are female-only rental properties too.
Students are probably no better or worse than any other client group, but you have the opportunity to get their parents to co-sign the lease, and maybe even make direct payments to your bank. We’ve had fewer problems with students than other clients and as others have said, get slightly above market rent. Make sure you have a good contract (contact your local apartment association) and you’ll probably be pleasantly surprised. Good Luck.
Living about 2 miles from two large universities, I’ve heard all kinds of stories, from good to horrific.
Although I haven’t rented to students yet, I know several people who have done so very successfully for many years.
One in particular who is an absentee landlord keeps tabs by cleaning the public areas once a week and making a point of talking to each student regularly just to let them know he’s ‘around.’
Another couple have paid off 3 houses thanks to students over the years. Their policies are tight: Only rent to 3rd and 4th year engineering or computer science majors, because (and I quote) “They don’t have time to fool around, they’re there to work.” And they do not allow them to have girls over AT ALL!
Interestingly, neither of these landlords will rent to female students. Basicly for one reason: Long hair clogs.
I’ve not had direct experience, but I think I read somewhere, (I think it was in some Given’s material) to have the parents co-sign the lease. That way, if they bag on it, you can go after the people who actually have some money.
Posted by Bob Hanson on April 18, 2000 at 19:39:44:
Paul,
My partner and I have been renting a two family house we rehabbed near a college and it has worked out much better than I ever expected. We get the parents to co-sign the lease and have a “meeting of the minds” get together where we make it clear that if there is any damage we will not hesitate to go after their homes and garnishee their (parents) wages. We get copies of their driver’s license and get a 2 month security deposit. Lease runs from the end of the school year June 1st to June 1st, they graduate and leave. The new people are looking forward to the next year so they pay the summer and we don’t get stiffed. We use a check in/check out form that everybody signs. The place is listed with the school and we have not had to run an ad in the last 3 years (we give a $50 referral to the students there if they find suitable people to rent it when they leave). If you have a good location near a college and screen well and take precautions, you should be no worse off than any other tenants. We get about $150 over market for rent and they gladly pay it and so far they have been very professional about making punch lists of things wrong or that need to be fixed etc. Also, we introduce them to the neighbors and let them know we have given the neighbors our pager number and told them to call 24 hrs a day if there are any problems with noise, parking, parties etc.
Keep in mind, I’ve also known of horror stories with people that have rented without taking some of the precautions we have. Houses trashed etc. But bottom line, we come across as professional, treat the students with respect and they have respected us.
Good Luck !!!
Bob Hanson in Hyde Park NY
PS We are now putting in a coin operated washer/dryer as a convenience to them and increase
$$$$$ for us
Paul I rent to college students. My only advice would to be treat them as anyone else. Have an airtight lease and hold them to it. I have rented to college students for a year now and have no complaints. They are a high rent so the income is good and guaranteed rents. Also if you are an absentee owner they will know that and treat you like it. I make calls every so often and if they call with a problem I am there within a day to at least look at the problem. I am getting ready to close on another deal for 3 more in same area, hope the success continues. Feel free to email me if you have any more questions.
My understanding is that while you CAN discriminate on the basis of employment or even major in college, you canNOT discriminate on the basis of gender. I also doubt that their rule about ‘no women’ is enforceable, unless they’re running a rooming house.
My experience of renting to college students has been great so far.