Its that time of year again. Fall courses are getting ready to start up at all the local colleges – and students are moving in at every turn. As a landlord, are you ready? Is your property? Maintaining a rental property in high-traffic college areas can have both perks and downfalls. However, this mostly depends on just how prepared you are.
Use this checklist when preparing your rentals for back-to-school move-ins.
- Make sure a thorough walk-through is done prior to move-in.
If possible, do the walk-through with the new tenant. Otherwise, make note of what you see and have your new tenant do the same. This is a very important step to protect yourself from any property damage that may occur.
- Give detailed instructions of what is expected of the tenant.
Renting to a college kid rather than an adult can require a few extra steps. For most students, they are leaving home and, for the first time, have the responsibility of maintaining a living space on their own. Instructions regarding trash collection, AC filter replacement, noise ordinances, and so forth should be provided both verbally and written for the tenant.
- You may or may not want to secure an adult’s contact information.
Depending on how old the student is and who is on the lease, you may want to be sure to obtain contact information for a parent or guardian. This would be a precautionary step just in case it is needed for emergency purposes.
- Discuss the rent.
If you are renting your property to a group of students who are going to cohabitate, then you will want to make sure that your lease clearly states who is responsible for the monthly rental payment. Often in these situations, landlords only make each student responsible for his or her portion of the rent. This frees up any potential feuding. Take some time to discover the pros and cons of each method of renting to more than one student to ensure that both you and your property are protected.
Maintaining a rental property in a college area can make finding tenants a simple task – especially during the fall, winter, and spring months. However, it is slightly different than your average rental. Do your research or talk to your local Atlanta property management team at ALH|Podland for experience and guidance.
.jpg)
Marina Shlomov, a managing partner at ALH|Podland Realty and Atlanta Rental Homes Property Management is the author of many articles on Landlording, Real Estate, Rental Property Management, Atlanta Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her Atlanta property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube,BiggerPockets and REI CLub and LinkedIn.
