When landlords rent to college students
11/17/2014 | Real Estate Blog
For many Americans, an empty room is simply a space that has yet to be rented to someone who can put it to good use. If you share this sentiment, you may be a landlord to many tenants or you may simply aspire to rent out a single room in your home to someone who can use it more fully than you can. And for someone in need of a place to sleep or to engage in creative work, that space may be uniquely valuable.
College students often find themselves in need of residential space to rent. Not every college provides dormitory space and not every college student wishes to live in dormitory space that may be provided. Whether they opt to live alone or in groups, college kids often seek out houses, apartments and rooms for rent.
If you are thinking about renting to college students, you will likely find candidates for your space who will respect it and treat it with relative care. However, even the most responsible college students can accidentally damage your property or otherwise behave in ways that you will need to address directly. As a result, it is vitally important that you work with an experienced attorney to draw up binding rental contracts before you allow any college students to move into your space.
An attorney can help you draft contracts that conform to fair housing laws, local zoning laws and other regulations that may affect your venture. In addition, an attorney can help to ensure that your rental contracts contain all relevant provisions designed to ensure that your property remains protected and that you receive the compensation you are entitled to in exchange for letting students live on your property.
Source: Findlaw Law & Daily Life, “Renting to College Students: 3 Legal Reminders for Landlords,” Daniel Taylor, Aug. 15, 2014