Student rental lease forms
- Thread starter barb
- Start date
- Joined
- Dec 16, 2008
- Messages
- 1,005
QUOTE (barb @ Sep 4 2007, 03:26 AM) Could someone tell me where I would find lease forms for student rentals?
There are several methods of Student Rental Leases. I would suggest contacting your lawyer. In addition, you can contact the housing tribunal.
There are a few things to consider:
Are you doing a 12 month lease? and when are you starting it... May, September, etc.?
Are you going to rent the property to one person then allow them to sub-let it out to room mates?
Are you going to ensure that the parents also sign the lease?
Generally, the lease is the same normal lease other than a few statements around parties, etc.
If you are purchasing the property, make sure you get a tenant acknowledgment form signed and a copy of the current lease.
Finally, students are students, make sure you set the ground rules early and stick to them.
There are several methods of Student Rental Leases. I would suggest contacting your lawyer. In addition, you can contact the housing tribunal.
There are a few things to consider:
Are you doing a 12 month lease? and when are you starting it... May, September, etc.?
Are you going to rent the property to one person then allow them to sub-let it out to room mates?
Are you going to ensure that the parents also sign the lease?
Generally, the lease is the same normal lease other than a few statements around parties, etc.
If you are purchasing the property, make sure you get a tenant acknowledgment form signed and a copy of the current lease.
Finally, students are students, make sure you set the ground rules early and stick to them.
QUOTE (barb @ Sep 4 2007, 04:26 PM) Hi. I live in London, Ontario. Could someone tell me where I would find lease forms for student rentals?
Barb,
I own a student rental property in North Bay. If you send me an email, I will send you a copy of the Property Information Form (which I normally give out when a student comes to view the property and spells out the conditions they would be agreeing to if they want to rent), Lease and Guarantor Agreement.
One advantage I have is that my son is on title as joint owner and also lives there. Under Ontario`s Residential Tenancies Act, since he shares kitchen and bathroom with the tenants, the tenancy is exempt from the Act which allows me more protection as a landlord. For instance, I can take a security deposit rather than just last month`s rent. If you are purchasing a property for your own son or daughter to live in, I would recommend you do the same.
Al Verwey, Penta V Holdings
Newmarket, Ont.
Barb,
I own a student rental property in North Bay. If you send me an email, I will send you a copy of the Property Information Form (which I normally give out when a student comes to view the property and spells out the conditions they would be agreeing to if they want to rent), Lease and Guarantor Agreement.
One advantage I have is that my son is on title as joint owner and also lives there. Under Ontario`s Residential Tenancies Act, since he shares kitchen and bathroom with the tenants, the tenancy is exempt from the Act which allows me more protection as a landlord. For instance, I can take a security deposit rather than just last month`s rent. If you are purchasing a property for your own son or daughter to live in, I would recommend you do the same.
Al Verwey, Penta V Holdings
Newmarket, Ont.
Hi Al:
Thanks for responding. I contacted my lawyer who`s response was to join the London Property Management Ass. in London. A friend gave me a lease which I modified to suit my needs.
I would love to have a copy of your P.I.F. as I`ve only rented 1 room to date. (There are 5) Don`t have any kids, but I do have 2 baby chihuahuas and a cat. (If I`d only known 20 yrs ago!!!!)
E-mail address Barb,
I own a student rental property in North Bay. If you send me an email, I will send you a copy of the Property Information Form (which I normally give out when a student comes to view the property and spells out the conditions they would be agreeing to if they want to rent), Lease and Guarantor Agreement.
One advantage I have is that my son is on title as joint owner and also lives there. Under Ontario`s Residential Tenancies Act, since he shares kitchen and bathroom with the tenants, the tenancy is exempt from the Act which allows me more protection as a landlord. For instance, I can take a security deposit rather than just last month`s rent. If you are purchasing a property for your own son or daughter to live in, I would recommend you do the same.
Al Verwey, Penta V Holdings
Newmarket, Ont.
Thanks for responding. I contacted my lawyer who`s response was to join the London Property Management Ass. in London. A friend gave me a lease which I modified to suit my needs.
I would love to have a copy of your P.I.F. as I`ve only rented 1 room to date. (There are 5) Don`t have any kids, but I do have 2 baby chihuahuas and a cat. (If I`d only known 20 yrs ago!!!!)
E-mail address Barb,
I own a student rental property in North Bay. If you send me an email, I will send you a copy of the Property Information Form (which I normally give out when a student comes to view the property and spells out the conditions they would be agreeing to if they want to rent), Lease and Guarantor Agreement.
One advantage I have is that my son is on title as joint owner and also lives there. Under Ontario`s Residential Tenancies Act, since he shares kitchen and bathroom with the tenants, the tenancy is exempt from the Act which allows me more protection as a landlord. For instance, I can take a security deposit rather than just last month`s rent. If you are purchasing a property for your own son or daughter to live in, I would recommend you do the same.
Al Verwey, Penta V Holdings
Newmarket, Ont.
I am considering purchasing a student rental property in Waterloo as my son just started university there and alos plans to do post graduate studies so expecting to pay rent for at least 5 years.
Would anyone have any experiences to share on student rental and also any thoughts on Waterloo.
Is the area already saturated with student rentals. Is it better to purchase an older property or one of the newly constructed condo type units. Any specific areas to search / avoid.
I am new to real estate investing and any advise will be much appreciated.
Would anyone have any experiences to share on student rental and also any thoughts on Waterloo.
Is the area already saturated with student rentals. Is it better to purchase an older property or one of the newly constructed condo type units. Any specific areas to search / avoid.
I am new to real estate investing and any advise will be much appreciated.
QUOTE (RCC @ Sep 23 2007, 05:22 PM) I am considering purchasing a student rental property in Waterloo as my son just started university there and alos plans to do post graduate studies so expecting to pay rent for at least 5 years.
Would anyone have any experiences to share on student rental and also any thoughts on Waterloo.
Is the area already saturated with student rentals. Is it better to purchase an older property or one of the newly constructed condo type units. Any specific areas to search / avoid.
I am new to real estate investing and any advise will be much appreciated.
I was also seriously looking at a student rental property in Waterloo since my son attends UofW (until he told us he had no interest in managing it). But here are my observations on the area.
First of all, have a look at this realtors web site: www.mikemilovick.com. He specializes in student rental properties in the area, but even if you don`t use him, look at the data he provides on his listings. He knows what financial info. an investor needs and gives it to you without having to be asked.
Second, Waterloo licenses student rental properties, so you have to make sure that the place you are considering already has a licence. I`m not sure how easy it is to get a new one, but in some areas they impose a buffer zone around a student rental, not allowing another within 100m or so to avoid creating a "student ghetto".
Third, if you want to do things legally, you will have to get a fire and electrical inspection done in order to satisfy the insurance company and maybe your lender. In older properties, you may find that there are lots of ungrounded outlets, old oil tanks, lack of fire doors etc. which will add to your renovation costs.
Next, some banks and/or insurance companies may treat your property as commercial if you intend to have more than 3 tenants. As Peter Kinch says, you are playing in a different sandbox in that event.
Finally, as to the saturation level, while there are lots of off-campus housing properties in the area, there still seems to be plenty of demand, particularly if you can keep your price to $400 or less, since that will keep it under the cost to live in residence.
Since you have a son attending university there, I would recommend that you do as I have done: put your son on title when you buy the place. It has several advantages: The income and future capital gains can be split; it will help him establish a good credit rating; he has a vested interest in picking good tenants and the tenancy is exempt from the Residential Tenancies Act, allowing you more flexibility in removing bad tenants and receiving a security deposit, rather than just last month`s rent.
Good luck with your venture.
Al Verwey
Would anyone have any experiences to share on student rental and also any thoughts on Waterloo.
Is the area already saturated with student rentals. Is it better to purchase an older property or one of the newly constructed condo type units. Any specific areas to search / avoid.
I am new to real estate investing and any advise will be much appreciated.
I was also seriously looking at a student rental property in Waterloo since my son attends UofW (until he told us he had no interest in managing it). But here are my observations on the area.
First of all, have a look at this realtors web site: www.mikemilovick.com. He specializes in student rental properties in the area, but even if you don`t use him, look at the data he provides on his listings. He knows what financial info. an investor needs and gives it to you without having to be asked.
Second, Waterloo licenses student rental properties, so you have to make sure that the place you are considering already has a licence. I`m not sure how easy it is to get a new one, but in some areas they impose a buffer zone around a student rental, not allowing another within 100m or so to avoid creating a "student ghetto".
Third, if you want to do things legally, you will have to get a fire and electrical inspection done in order to satisfy the insurance company and maybe your lender. In older properties, you may find that there are lots of ungrounded outlets, old oil tanks, lack of fire doors etc. which will add to your renovation costs.
Next, some banks and/or insurance companies may treat your property as commercial if you intend to have more than 3 tenants. As Peter Kinch says, you are playing in a different sandbox in that event.
Finally, as to the saturation level, while there are lots of off-campus housing properties in the area, there still seems to be plenty of demand, particularly if you can keep your price to $400 or less, since that will keep it under the cost to live in residence.
Since you have a son attending university there, I would recommend that you do as I have done: put your son on title when you buy the place. It has several advantages: The income and future capital gains can be split; it will help him establish a good credit rating; he has a vested interest in picking good tenants and the tenancy is exempt from the Residential Tenancies Act, allowing you more flexibility in removing bad tenants and receiving a security deposit, rather than just last month`s rent.
Good luck with your venture.
Al Verwey
- Joined
- Sep 19, 2007
- Messages
- 11
Hi RCC,
I owned 2 student housing properties in Waterloo. I believe that Al provided you quite handful information about the Waterloo Student Housing market.
I believe that it`s not easy to get any new student loading house license in the area any more, but no problem to renew the exit one. You don`t need the license for the house contain only 3 or less students. There are something called accessory apartment which is extension from the original building. You can have 3 students in the original house and other 3 in the accessory apartment which no requested to apply for the license. If you have son/daughter/family in the house, you can have additional 3 tenants there which not request for the license as well.
One of the semi-detached houses in the neighborhood of my rental property is going to have the private sell. The house is owned by a just-married young couple and the house is very nice. I was trying to put the offer but the house has not license which doesn`t fix my investment portfolio. It seems that it fixed your schedule which let son/daughter live there and rent other rooms out. I am not the realtor. I just love the house and want to help the vendor. You can reach her at [email protected].
You can always contact the Waterloo building/zone department when you have any questions. It locates on the 2[sup]nd[/sup] floor of City Hall at 73 Regina St.
You can welcome to contact me at [email protected] as well if you want to know more about Waterloo student housing information.
I hope above information helps.
Cheers
Kennie
I owned 2 student housing properties in Waterloo. I believe that Al provided you quite handful information about the Waterloo Student Housing market.
I believe that it`s not easy to get any new student loading house license in the area any more, but no problem to renew the exit one. You don`t need the license for the house contain only 3 or less students. There are something called accessory apartment which is extension from the original building. You can have 3 students in the original house and other 3 in the accessory apartment which no requested to apply for the license. If you have son/daughter/family in the house, you can have additional 3 tenants there which not request for the license as well.
One of the semi-detached houses in the neighborhood of my rental property is going to have the private sell. The house is owned by a just-married young couple and the house is very nice. I was trying to put the offer but the house has not license which doesn`t fix my investment portfolio. It seems that it fixed your schedule which let son/daughter live there and rent other rooms out. I am not the realtor. I just love the house and want to help the vendor. You can reach her at [email protected].
You can always contact the Waterloo building/zone department when you have any questions. It locates on the 2[sup]nd[/sup] floor of City Hall at 73 Regina St.
You can welcome to contact me at [email protected] as well if you want to know more about Waterloo student housing information.
I hope above information helps.
Cheers
Kennie
QUOTE (RCC @ Sep 29 2007, 04:00 PM) Al / Kennie:
Many thanks for sharing your knowledge on this. I am new to this forum and your assistance is very helpful.
I purchased a property in Waterloo my son has lived in it for three years with three other students. Did not know about licensed student housing till after the purchase. (Nor did my real estate agent) Needless to say I was quite upset about it. My purchase price for a detached raised bungalow was 188,000. It needed a new roof and furnace. My rent paid for part of the furnace and roof. I figure even though once my son moves out I am still ahead since it is the number one place to invest. I hope to hang onto it for at least another 5 years I should see a nice return.
Invest
Many thanks for sharing your knowledge on this. I am new to this forum and your assistance is very helpful.
I purchased a property in Waterloo my son has lived in it for three years with three other students. Did not know about licensed student housing till after the purchase. (Nor did my real estate agent) Needless to say I was quite upset about it. My purchase price for a detached raised bungalow was 188,000. It needed a new roof and furnace. My rent paid for part of the furnace and roof. I figure even though once my son moves out I am still ahead since it is the number one place to invest. I hope to hang onto it for at least another 5 years I should see a nice return.
Invest
- Joined
- Dec 17, 2007
- Messages
- 11
If you are dealing with a realtor they will have forms for you; otherwise they are readily available online if you simply google....
I would ensure two things. Firstly, I would meet and have the parents sign. No parents, no meeting, no lease. Period. Secondly, I would do a walk through at both the beginning and the end of the lease and ensure that the lease is 12 months or a multiple thereof (If the place goes vacant at 9 months, you have some time to renovate for the new guys). I would use a detailed inspection form ... VERY detailed. Including, believe it or not, the serial numbers of the appliances and a photographic walk through with the tenants in the photos and perhaps even a newspaper to confirm the date? We have had good and bad experience with students. The girls generally keep the place pretty clean except for clothing. The guys generally spill beer all over the place. Just make sure that the parents have signed.... it tends to keep the damage to a minimum and it ensures that you are going to get paid for the most part. Especially if you do the credit check thing. And if the kids show up with the grandparents... you have it made.
I would ensure two things. Firstly, I would meet and have the parents sign. No parents, no meeting, no lease. Period. Secondly, I would do a walk through at both the beginning and the end of the lease and ensure that the lease is 12 months or a multiple thereof (If the place goes vacant at 9 months, you have some time to renovate for the new guys). I would use a detailed inspection form ... VERY detailed. Including, believe it or not, the serial numbers of the appliances and a photographic walk through with the tenants in the photos and perhaps even a newspaper to confirm the date? We have had good and bad experience with students. The girls generally keep the place pretty clean except for clothing. The guys generally spill beer all over the place. Just make sure that the parents have signed.... it tends to keep the damage to a minimum and it ensures that you are going to get paid for the most part. Especially if you do the credit check thing. And if the kids show up with the grandparents... you have it made.
- Joined
- Sep 19, 2007
- Messages
- 11
QUOTE (PentaV @ Sep 18 2007, 07:01 PM) Barb,
I own a student rental property in North Bay. If you send me an email, I will send you a copy of the Property Information Form (which I normally give out when a student comes to view the property and spells out the conditions they would be agreeing to if they want to rent), Lease and Guarantor Agreement.
One advantage I have is that my son is on title as joint owner and also lives there. Under Ontario`s Residential Tenancies Act, since he shares kitchen and bathroom with the tenants, the tenancy is exempt from the Act which allows me more protection as a landlord. For instance, I can take a security deposit rather than just last month`s rent. If you are purchasing a property for your own son or daughter to live in, I would recommend you do the same.
Al Verwey, Penta V Holdings
Newmarket, Ont.
Hi Al,
I am looking for the Guarantor Agreement form for next student tenants. I am wonderinf if you can share it with me. thanks. I can be reached by [email protected].
Thanks in advance.
Best wishes and Merry Chirstmas.
Kennie
I own a student rental property in North Bay. If you send me an email, I will send you a copy of the Property Information Form (which I normally give out when a student comes to view the property and spells out the conditions they would be agreeing to if they want to rent), Lease and Guarantor Agreement.
One advantage I have is that my son is on title as joint owner and also lives there. Under Ontario`s Residential Tenancies Act, since he shares kitchen and bathroom with the tenants, the tenancy is exempt from the Act which allows me more protection as a landlord. For instance, I can take a security deposit rather than just last month`s rent. If you are purchasing a property for your own son or daughter to live in, I would recommend you do the same.
Al Verwey, Penta V Holdings
Newmarket, Ont.
Hi Al,
I am looking for the Guarantor Agreement form for next student tenants. I am wonderinf if you can share it with me. thanks. I can be reached by [email protected].
Thanks in advance.
Best wishes and Merry Chirstmas.
Kennie
- Joined
- Oct 10, 2007
- Messages
- 4,733
Kennie - Have you tried asking your property manager?
Also - Do you even need a guarantor agreement form?
QUOTE (kennielo @ Dec 22 2007, 02:06 PM) Hi Al,
I am looking for the Guarantor Agreement form for next student tenants. I am wonderinf if you can share it with me. thanks. I can be reached by [email protected].
Thanks in advance.
Best wishes and Merry Chirstmas.
Kennie
Also - Do you even need a guarantor agreement form?
QUOTE (kennielo @ Dec 22 2007, 02:06 PM) Hi Al,
I am looking for the Guarantor Agreement form for next student tenants. I am wonderinf if you can share it with me. thanks. I can be reached by [email protected].
Thanks in advance.
Best wishes and Merry Chirstmas.
Kennie
