Would you rent to very young adults?

[TomB]

Just wondering what some of you seasoned landlords would do. We have an applicant (couple actually) for a property close to a college. Both of them will attend the college so no income & parents will pay the rent. It`s the first time the couple will be living together away from home, and both just turned 20. The parents agree to signing the lease along with the kids, even though they are in Ontario and the property is in BC. Parents make good money and have good credit, but not the kids - too young for any credit history. Basically, the financial end is good, but what else should I know about these kids before I agree to rent to them?

Tom

 

[Alvaro Sanchez]

I have rent to younger people with parent`s as co-signers. Everybody starts somewhere so if the co-signers are strong I see no problems.

QUOTE (TomB @ Jun 30 2010, 07:56 PM) Just wondering what some of you seasoned landlords would do. We have an applicant (couple actually) for a property close to a college. Both of them will attend the college so no income & parents will pay the rent. It`s the first time the couple will be living together away from home, and both just turned 20. The parents agree to signing the lease along with the kids, even though they are in Ontario and the property is in BC. Parents make good money and have good credit, but not the kids - too young for any credit history. Basically, the financial end is good, but what else should I know about these kids before I agree to rent to them?

Tom

 

[Nir]

Genetically, if the co signers are strong --> the kids are most likely strong/healthy/good people too. bet you didn`t think about this one

 

[housingrental]

I rent to hundreds of people with a similar story
One of the best tenant profiles around
Even better if they were in the same province

 

[neill]

We have "taken a chance" with young folks as well, and in some cases, the parental co-signor worked out well, and also using good ol` rentcheckcorp.com - if they haven`t paid bills that early in life - cell phone, gym memberships etc, and have collections, it can sometimes be a sign....

We were able to have good tenants in these cases... Due diligence is everything.

Another perspective as well: we were all young and rented once in all likelihood and not one of my friends ever wrecked a place....

 

[PropertySolution]

I like these types of applicants, provided the parents are well qualified. My best leverage for these tenants should there be a problem is... "Well I guess I`ll have to consult with your parents and get their opinion on correcting the problem." Accented by a wicked laugh as I am walking away.

 

[JordanRHughes]

I would ask for a large deposit, due to their ages.

 

[housingrental]

The maximum deposit allowed is set by law....
Most landlords charge this consistently for all properties and aplicants

QUOTE (JordanRHughes @ Jul 7 2010, 04:56 PM) I would ask for a large deposit, due to their ages.

 

[JordanRHughes]

QUOTE (housingrental @ Jul 8 2010, 08:17 AM) The maximum deposit allowed is set by law....
Most landlords charge this consistently for all properties and aplicants
What about asking for first and last months rent....upfront?

 

[BrianPersaud]

QUOTE (JordanRHughes @ Jul 12 2010, 04:05 PM) What about asking for first and last months rent....upfront?

Only allowed to get first and last in Ontario.

I`ve rented to many "kids" belonging to this profile. I find the independant ones are great, they don`t call you every week because they see a bug

 

[TomB]

Yeah,,, we gotta follow the law with regards to deposits and 1st & last mo. rent. BC gov allows a max. of 1/2 of the 1st mo. rent including the pet deposit if you want one. Can`t do 1st & last. Basically, landlords are bound by the Tenancy Laws in their province otherwise you could pay a big penalty for non-compliance.

I did rent to a young adult in the end & I`m very happy with the decision. Did a LOT of due diligence though (including getting opinions here) and I know I don`t have much to worry about now.

Thanks everyone.

 

[Lenore]

My experience with young renters was not positive but I didn`t have a parent co-sign the agreement. I have not taken a young tenant since.

 

[ShannonMurree]

technically we can`t discriminate because of age. I`ve "taken chances" and did my due diligence and had co-signors. So far, they`ve been successful. I asked for parents numbers and spoke with them detailing what the expectations were and what kind of landlord I was. Parents want to know kids are in good hands and we`re not slumlords. I detail that respect goes both ways and expect the property to be in the same condition in which it was found. I have all parties sign the lease.

So far, on year three and they`re great!