With graduation a distant memory and summer in full effect, many college aged kids are not thinking about going back to school. Not yet. However, as summer begins to draw to a close the focus will change and the idea of where to live will become a fixation.
In college towns with large out-of-state student populations, housing can be relatively easy to find. A multitude of choices exist. Many schools have on-campus housing. Most colleges are surrounded by large apartment complexes designed for temporary student based living. Another choice may be with private residences or small unit apartment complexes.
Generally, large apartment complexes cover their bases by conducting tenant screening and each tenant listed on the lease is usually screened. In college environments it is not unusual for a single bedroom unit to have multiple tenants. Property managers for large complexes understand the nature and transiency of college students. But this may not hold true with single family dwelling or small unit rental property landlords.
Tenant screening of college students should be as robust as screening conducted on other, long-term, or non-student tenant. Despite their living arrangement, typically less than a year, it is as important to protect ones investment, regardless of renter’s occupation.
Adam Almeida, President and CEO of TenantScreeningUSA.com states: “Owners of single family dwellings or small unit apartments that rent to college students should conduct a thorough tenant screening just as they would with anyone else. Ultimately the goal of tenant screening is to protect people, property, and perception.”
A tenant check for a college renter must include all individuals on the lease as well as any co-signer, such as a parent. The opportunity to check evictions records might not produce viable records as a college student may not have lived in a rental situation prior to shipping off to school. However, a complete reference check may prove beneficial in understanding a tenant.
Almeida states: “One of the keys to a successful renter-landlord relationship is actually having a relationship. Knowing tenants, understanding tenants, and having an open communication are key to success.”
As with standard rental relationships, the importance of tenant screening is multifold. First, and foremost, tenant screening provides information that allows a landlord/property manager to make a solid decision on a potential tenant. Tenant screening greatly assists in creating a safe living environment for both new tenants and pre-existing. While a college student may not have the long-term relationship with a property, there could be others in a complex that do. This may be especially true in smaller unit properties. Another important result of tenant screening is the protection of property. Again, if one considers a solid and complete reference check, as well as other available tenant screening reports, a landlord/property manager will have the information required to make a decision to protect property. Single family dwelling landlords must be extremely careful in their tenant screening as the risk to potential property damage could be significant. Lastly, tenant screening can allow a property to make a decision to protect a properties reputation. If a complex gets the reputation of a “party” location or a “dangerous” location, the value of per unit rental income will decrease.
In the end it is important for single family dwelling and small unit apartment landlords/property managers to be especially vigilant in renting to college students. They should take the same precautions as they might with any other renter: Complete interview process, tenant screening all tenants, communicate with tenants, and make decisions based on factual information.
TenantScreeningUSA.com is a third-party tenant screening company that can provide low-cost, compliant, and thorough tenant screening packages for large unit complexes to single family dwellings. Contact them today to get more information…
