As thousands of students are beginning their return to University, now, in the midst of summer, is the perfect time for landlords and property managers to begin the vetting process of new college aged rental applicants.
Waltham, MA (PRWEB) July 20, 2015
In general being a landlord has many pros and cons. On the plus side one can gain a steady income stream, one that could supplant traditional income, or provide secondary income. On the downside renting out a property could be a miserable experience, one filled with a great many challenges. Renting to college students can be a little of both, pro and con, but one step that must be taken from the start is a thorough tenant background check.
Adam Almeida, President and CEO of TenantScreeningUSA.com states: "As thousands of students are beginning their return to University, now, in the midst of summer, is the perfect time for landlords and property managers to begin the vetting process of new college aged rental applicants."
A tenant check is a tool that assists a landlord or property manager in making a decision on a specific individual or group of individuals renting out a house or apartment unit. Rental decisions for college students are no different than those potentially longer term renters.
Almeida states: "Typically, a college rental is one that lasts the course of a school year, essentially September until May or June. The process of vetting a college student is no different than that of a long term renter."
Tenant checks or background checks generally depend on the needs of a specific rental property.
From USNews.com (Jun. 23, 15):
"...background checks may include a comprehensive credit report, eviction reports, criminal reports and a prequalification estimate based on the landlord’s desired criteria." (1)
In general, renting to college students is no different, but there are some differences.
From rent.uloop.com (Jun. 25, 15):
When renting a place out to college students, there are some challenges you are going to have to expect that will be slightly different than renting to a family who is just starting out or an older couple. (2)
Almeida states: "When a young adult goes off to college and lives off-campus, that apartment may represent their first renting situation. A thorough tenant screening should still be conducted on that student as well as any other students that are a part of the leasing agreement. Further, a check should be conducted on any guarantor if only for the ability to fulfill the fiscal obligations of the rental agreement."
Some differences in renting to college students are:
- Many students are on their own for the first time. Lack of control and immaturity can be a bad combination.
- Students have little to no experience living away from mom and dad’s nest where everything was taken care of for them.
- Students are tougher on apartments than normal tenants due to the short-term nature of their stay.
- Certain institutions are known as party schools, increasing the risk that some students may do damage to their apartments. (3)
Almeida states: "In the end renting to a college-student could be rewarding as long as they are fully vetted. With the fast approaching college semester now is the time to start the vetting process with a thorough tenant background check."
TenantScreeningUSA.com is a third-party tenant screening company with an experienced staff highly trained in all aspects of tenant screening, including laws and regulations governing the use of public records. With programs designed specifically for first-time and/or small unit landlords and property managers, TenantScreeningUSA.com can provide all the tenant screening tools required for a successful and enjoyable experience.