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.
American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.