First off – I was once a student…and not that long ago. I know the stigma that can be associated with “student rentals”. When I first started investing in student rentals, some of the feedback that I received was pretty harsh.
“You are investing with student rentals??!!?? Are you nuts?? Students are terrible tenants and will destroy your place!!”
In a student’s defence, I know what they are going through. In many cases, it is the first time they are away from home and “free” from their parents and rules. Some of these students have never taken out the garbage, washed a countertop or even know how to turn on a vacuum. However, with a little management and stern words, you can run a clean, efficient and money making rental!
Here are a few things that are dead giveaways when driving through a neighbourhood that has student rentals:
-knee high grass
-weeds between the cracks in the driveway
-tire tracks on grass
-piles of garbage outside house or on front lawn
-couches on front lawn
-flags in the window
The last one, flags in the window, is pet peeve of mine. So much so, that I have included in my lease that “proper window coverings must be used at all times”. Yes I know that legally I cannot enforce this, however I have been successful in being able to manage avoiding this.
Some of the things that landlord’s can do to avoid owning a “typical student rental.”
- If you live out of town, hire a company to cut the crass every couple of weeks. Even hiring a neighbour or a kid in the area can work well! This will only cost a couple hundred bucks for the whole summer at most – and maybe free if you have nice neighbours. What some investors don’t know is that if you don’t cut your grass, the City will cut it for you. Sound good? Yes it does, until you receive a bill in the mail for up to $400. And don’t try avoiding the bill. If you don’t pay it, they will add it to your property taxes.
- Use vinegar for weeds in and around sidewalks, driveways and other areas where you don’t want them to grow. This is a safe and environmentally friendly way of keeping your property clean and appealing. Doing this once or twice a summer is usually enough to keep the weeds away, but be sure to keep it away from plants that you want to keep! Vinegar will kill all other plants around the grass as well.
- Make sure your tenants are aware what days garbage is picked up because chances are they don’t know. Include a clause in your lease that if you receive any garbage violations, the tenants are responsible – plus an extra fee for your trouble to having to pay the fee. This usually scares students into being responsible about garbage and recycling.
- As mentioned above, have a clause in your lease that does not allow flags or any other type of ugly window covering (posters, bed sheets…you name it!!) If you encounter pushback, just spend the $25 yourself and buy some drapes….at least for the windows that are visible from the street.
All of these tips will have several benefits:
- better curb appeal, which can lead to higher rents and resale value
- neighbours who will respect you as a landlord and investor
- no complaints about the property which leads to city inspectors and possible fines
If you want a copy of the student lease that I use, which includes all these clauses, email me!!
