Pub. 4 2019 Issue 5

8 www.ctaahq.org What are some red flags to watch out for? • Applicants are nervous about being checked on, and they have long stories about problems with other landlords or their credit history. Also watch out for tardiness, lying, and evasive answers about the number of tenants. • They don’t have references. • The parents seem to be micromanaging, which may mean their children are particularly clueless about adult responsibilities. • Applicants are discourteous even when trying to apply for a lease. • They drive a messy car. The more red flags you see, the more cautious you should become. What else do you need to know about renting to students? To start, you should be familiar with what students look for when deciding to rent a property. Since most students have a choice between living in a dorm and living somewhere else, the choice to live in an apartment or a house tells you that they would rather have some privacy than be on campus, even though living on campus is incredibly convenient. The following choices matter: • Location is a given, but you want more than proximity to a specific university. You also want easy access to mass transit, and proximity to places such as grocery stores, restaurants and gyms. Many students don’t want to have a car. Make it easy for them to do without. The rental should be in a safe area. • Have everything available online. The rental applications, the screening process, and rental payments should all be some- thing that can be done through a website instead of in person. • Allow students to share a room if they want to so they can pay a lower rent. This one is a balancing act. You should know the local ordinances for your area so you know how many people can legally live in your rental. At some point, having too many people in one unit is going to affect quality of life and will also be hard on your property. But having a small number of extra ten- ants is not going to make a big difference to the proper- ty … and will increase rental income. Done right, you will have increased income without decreasing much of anything else. • Choose the layout carefully. If you have groups of people living in a property, you are going to want to provide as much privacy as possible for them in terms of bedrooms and bath- rooms. At the same time, you should also have com- mon areas where larger numbers of people feel welcome. • Provide a clean environment and quality furnish- ings. Obviously, your units should not have rodents or pests. By providing a nice environment that doesn’t require any effort or money from the tenants, students who want an all-inclusive deal will be more likely to choose your rental than a competitor’s rental. Look for furnishings that are simple and easy to clean. Basics should include a bed, a ward- robe, and a desk, but you may also want to consider stocking the kitchen with dishes, gadgets, and utensils. Can you offer cable TV and Wi-Fi? What about large screen televisions and large refrigerators? It doesn’t have to cost that much to provide these extras. Alternatively, you could go to a rental company. If someone trashes some- thing, well, that’s what deposits are for. • Have on-site laundry facilities. The number of washers and dryers is going to depend on how many people live in a building, but rentals that don’t offer tenants any options at all are at a distinct disadvantage. Continued from page 7