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Tip #226: Roommates 101

It’s back to school time, and if you plan to rent to students this fall, there’s one important lesson that you need to keep in mind:

Renting to students usually means renting to roommates. Avoid having one person be the go-to tenant, who then sublets to others. Peer-to-peer property management seldom works.

Don’t count on your tenant to enforce rules.  Place all proposed roommates on the lease.  Everyone living at the property should be jointly and severally liable for the rent, and if anyone screws up, everyone can be evicted.

That’s the only way to ensure full cooperation.

See last week’s Landlord Quick Tip.

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