When you search for an apartment online, many times you’ll see in the description “no students.” Why? The reason is simple. Landlords get nervous at the prospect of a young person living in their home. Especially if it is a really nice house or apartment. Even if they have the means to pay for it. It’s nothing personal; it is usually based on a bad past experience with a younger person. Landlords for years and years have been very apprehensive toward renting to the younger generation.
Young adults tend to ask themselves why. They are often curious, because their mindset is that even an older person could damage the apartment, have loud parties, have a barking dog that disturbs the neighbors, or put a million holes in the walls. So why are they singled out? Unfortunately, there’s nothing you can do about a landlord not wanting to rent to you, as it is their right to choose who lives in their property. While it might not be ‘fair,’ the world also isn’t fair.
So what about if you are a landlord, and you have an apartment near a college? Should you rent to them? When you have a rental near a university, sometimes you might find yourself forced to rent to college students, as a 35 year old lawyer probably doesn’t want to live next door to the fraternity house. You might have to face the fact that you’ll have to rent to students, or sell the house.
Keep in mind that leases protect you. You need to have their parents co-sign. If you do, you likely will not be at a large risk, as having an adult on the lease as well, is almost the same as that adult living there. If anything breaks and the student doesn’t pay it, their parents are liable. And they will always pay, because they don’t want their credit affected, or to go to court. Unless the student does something major like setting your house on fire, you really will likely be fine regarding any damages to your property.
Be sure that you do a criminal history search check on both the parents and the young adult. See if they have a previous eviction history, which they likely will not, since they are too young to have ever lived in another apartment up until now. You’ll also have the luxury of listing your property around the college, and on their website, which will give you maximum exposure. Do keep in mind, that anyone can damage your apartment no matter what race, age, or what their income is. As long as you have a detailed lease, you really should be more than fine.