If there was a definition in Merriam-Webster’s Dictionary for a student renter, it would probably sound something like this.

Stu•dent Rent•er (stood-nt, ren-ter):  A young, inexperienced and often immature tenant, who has little-to-no renting history or independent living experience.

While this does not cast a favorable light on student renters, this is unfortunately how they are often viewed. Callow, troublesome, undisciplined and naïve are just some of the adjectives often attributed to student tenants. It may be true that they are often inexperienced tenants, but student renters shouldn’t be characterized as undesirable tenants.

It is important to acknowledge that some student tenants do come with their own set of unique challenges; however, they can easily be overcome.

Student renters are often transient.
 

When it comes to lease renewal time, many students opt to change their accommodations each new academic year, instead of resigning. For student housing owners and operators, this can be somewhat of a nuisance, as each year they must seek new tenants. In some cases, landlords may get lucky and secure a tenant for his or her full academic career, but this isn’t very common. Finding new tenants each year can be a burden and time consuming for landlords. Advertising vacancies, responding to inquiries, prescreening tenants and signing new lease papers are just a few of the things that need to be done when vacancies arise. Landlords should offer incentives to students to renew their leases and/or refer friends to the property.

Student renters are usually inexperienced tenants.

This doesn’t mean student renters are bad tenants. Rather, it implies that they aren’t well versed when it comes to knowing their rights and responsibilities as a tenant. For example, they might sign a lease without reading it and then have no idea what is expected of them. This may lead to accidental lease violations, as they were unaware of the rules and regulations. It’s wise to review key parts of the lease with student renters, after they have signed it.

Student renters tend to only inhabit rental accommodations for 8-9 months.

In most rental markets, a lease follows the standard 12-month period; but an academic school year is usually only 8 or 9 months in duration. This often means that landlords will have to deal with sub-tenants, as students will likely look to sublet in order to recuperate some of their money, if they move out before the lease expires. There are very few circumstances where a landlord can lawfully refuse a tenant the ability to sublet, so it’s recommended to incorporate guidelines into the lease.

Student renters tend to be unaware of local bylaws or regulations.

This is often seen around move-out times. Student renters will frantically clean out their accommodations and may place everything they no longer want at the curb. In many instances, they will leave items that cannot be left for curbside garbage pick-up, which can occasionally result in fines for the property owner. Another example is that most cities require property owners to shovel the sidewalks in front of their properties during winter months. Failing to do so is a safety hazard and can result in a fine. This is why it’s important that a student housing owner or operator educates student tenants about these local bylaws ahead of time.

Student renters usually have limited credit history and past landlord references.

Some property owners will require things like a credit check or past landlord references, before they consider renting to a tenant. When renting to students, these types of requirements can be a little tricky to meet. Younger students will often have little-to-no credit history or previous landlord references. In these circumstances, landlords can consider other options, such as requesting for a co-signer on the lease.

Student renters often search for housing on an individual basis.

If a student housing owner has a 3-bedroom house, chances are he will prefer to rent to a group of 3 students that already know each other.  This isn’t always achievable, unfortunately, as many students do not have formed groups of friends before they start searching for rental accommodations. Landlords are encouraged to also offer by-the-room renting, as it may be difficult to find an ideal group of student tenants to rent the property together.

While these challenges can pose difficulties at times, the potential profitability from student housing investments will often out-weigh them and make student housing rentals a very worthwhile venture for owners and operators.

SEE ALSO: The Importance of Rental Market Research in Student Housing