College students are widely acknowledged as an unknown risk when it comes to renting property. While some are incredibly respectful and mature, others can be shockingly rowdy, rambunctious, and careless of property. Because of the risks associated with allowing immature students to rent their property, many Seattle owners are hesitant at best to offer leases to college students.
On the other hand, college students present a population that is ever in need of housing, and can be an extremely lucrative source of income for many rental properties. By hiring a property management company, Seattle owners can safely consider the possibility of renting to students.
Benefits of Renting to Students
Most property owners cringe at the thought of letting young high school graduates sign off on a lease for their property. But if adequate preparations are made, renting to students can promise substantial benefits for Seattle property owners.
1. High Premiums
Housing in Seattle is difficult to find. Property owners can take advantage of the opportunity this limited market offers. If your property is located in an area with high student demand, you can charge premium rent. Since students often prefer to split expenses between two or more roommates, higher rates can quickly become a reasonable rate.
2. Units Filled
All property owners know that empty units are bad news. Many Seattle property owners have found college students that are willing to agree to a 12 month lease, guaranteeing that they have money for the property coming in for a full year. Additionally, many students prefer to remain in the same apartment or unit while in school, meaning that most property owners can rely on two of four years before they must find another tenant.
5 Tips to Safely Rent Property to Students
Many property owners are still convinced that there are too many risks involved with allowing students to rent their property. Thankfully, property owners can get in contact with a reliable management company to help them eliminate any dangerous factors and get their properties ready for students.
1. A Solid Lease
Essentially, your lease should be thoroughly detailed and as close to bulletproof as possible. Even if it seems childish, be vigilant about laying out your property’s rules and regulations so that students have no excuse for any irresponsible behavior. Include rules about everything, from parking spaces to activities such as burning candles, owning weapons, and so forth. If you’re uncomfortable with the possibility of your tenants subletting your property during months that they’re not in school, prohibit this in your lease. Don’t leave anything in your lease to chance.
2. Attorney Review
To be sure that your lease is up to date, have an attorney review it annually. These qualified individuals can help ensure that your lease is properly tailored to the students renting your property. Standards regarding noise, maximum occupancy, and the handling of damages and repairs can also be included in the lease.
3. Parents Sign
College expense can really end up pinching the pockets of college students. Most rental property owners are very concerned that they will not receive payment from their tenants on schedule. In order to prevent this situation, have the parents co-sign as guarantors to ensure that your payment always arrives on time. If the student can’t pay, you can at least charge their parents.
4. Prepare the Property
If you’re interested in having students rent your Seattle property, you have to make sure your units are prepared for it. Thoroughly inspect your units to see what items, furniture, or equipment could be easily broken or damaged during a student’s stay. For example, to protect hardwood floors you may want to install wall-to-wall carpeting.
However, don’t go so far as to cheapen your properties with low-quality materials. Find the balance between cost and durability to prepare your properties for students.
5. Hire a Property Management Company
By hiring a property management company, you can delegate the task of managing your properties to a team of skilled and professional managers. At North Pacific Property Management, our team can help select suitable student tenants, answer their questions, address any of their housing needs, arrange for regular inspections, and respond to any problems during their stay.
Contact North Pacific Property Management
With the right preparations and the appropriate resources at your disposal, you can welcome Seattle students to your property knowing that big benefits are waiting for you. The assistance of a property management company is critical to attaining these rewards, so contact North Pacific Property Management today to learn more about how our services can help make your Seattle properties more profitable.