Advice needed for our new student rental

[rickm]

Hi REIN Nation,



If you owned a student rental property, what "House Rules" would you put in your lease?



We just purchased a student rental duplex across the street from the UofCalgary (not far from the Red & White Club, site of the Calgary REIN mtgs).



It's tough to rent it out at this time of year since most students already have places to live, but we are doing our best.



It's a newly renovated place and I am concerned that any student tenants might "wreak havoc" on the place.



What "House Rules" would you suggest we build into our leases to minimize potential bad experiences?



Rick

 

[invst4profit]

House rules do not prevent your tenants from "wreaking havoc" they basically only provide you with enforcement guidelines.

You should be careful when determining what you want in the way of rules as you will be required to attempt to enforce them. In other words do not make rules that you will not or can not enforce.

Guidelines are intended for those tenants having the respect to follow rules. All other tenants will be restricted only by your Provincial Tenancy Act.



You will notice I use wording such as "guidelines and attempt" as you have no real authority to enforce house rules beyond what is allowed by your Provincial Tenancy Act. Basically the ability to evict and order financial compensation.



Your first step should be to learn the rules and application of the act prior to establishing rules in your lease so as to insure they are supported by the act.

 

[housingrental]

Hi Rick

Try pinging your local property manager's association for area appropriate leases. They'll likely be able to help for free or close to it.

 

[Andrew Benedict]

just get each parent to sign a guarantor form for the lease.. one lease... 4 students.... 8 guarantors.... that will minimize a lot of bad experiences.

 

[orei]

I second Andrew's comment of having parents/guardians co-sign on the lease. House rules will not save you from problems and are generally not enforceable.



If this is your first student property - prepare for a steep learning curve. Student housing can be a very sound investment; but they requires a bit of a different management approach. I would suggest you contact some of the student housing pro's on this site for advise.



[quote user=AndrewBenedict]just get each parent to sign a guarantor form for the lease.. one lease... 4 students.... 8 guarantors.... that will minimize a lot of bad experiences.

 

[housingrental]

This works great if you can get it.... most times in my market you will not with that many students...easier on a 2 bedroom unit.... and do able on a larger unit with individual leases which have their own potential for issues - finding renters with 8 guarantors willing to sign off on one lease - and be liable for people they do not know - is tough





[quote user=AndrewBenedict]just get each parent to sign a guarantor form for the lease.. one lease... 4 students.... 8 guarantors.... that will minimize a lot of bad experiences.