Renting to College Students

[ws6whiteshark]

What is the name of your state (only U.S. law)? Maryland

I currently have a family that will be moving out the end of April and I am currently reviewing new applicants to rent my single family home in Annapolis, MD. This past weekend I showed the house to three young men between the ages of 18-20 and one of their parents. All three are in their second year at college and will be transfering next year to four year universities (UMBC). One of the moms indicated they have no problem co-signing the lease, which would have been mandatory anyway for us, but I wanted to see if anyone here has leased to peole under the age of 21/college students and what did you require under your lease terms.

I am considering having a working parent of each student co-sign the lease, but is this overboard or is just having the one parent co-sign sufficient?

Thanks.

Scott

 

[Gail in Georgia]

Quite frankly, that one parent would be nuts to agree to this. They would then be financially responsible if any of the tenants left. They would also quite likely argue with you that they're only responsible for their offspring.

I once rented to two college students; required that both of them had co-signers.

Gail

 

[ws6whiteshark]

Yeah, I thought so too... but she seems to trust the boys. I think I'm going to just add some additional signature lines for the other two student's parent(s) to co-sign as guarantors and have them provide their email and phone number information, just in case we need to call mom and dad.

Scott

 

[Who's Liable?]

You would be stupid not to include ALL parents.

Make sure to put in there Joint & Severably Liable! Just in case all signed parties scramble.

Also make sure to stress ANY parties where alcohol is found to be purcahsed and or distributed by ANY of the tenants can be grounds for lease termination.

 

[atomizer]

I'd pass. co-signers are always eager to sign, but rarely agree to pay after the fact. They can't seem to make the connection that they are responsible for the damages. Take plenty of pictures of the property before you rent.

 

[JustAPal00]

Well they're probably going to AACC which when I went there wasn't known as much of a party school. I don't think you have to worry about constant parties. Also there is no Greek life there. I would make all students who are going to be on the lease have their parents co-sign! Then you have several sets of parents to go after if their are any damages. Also like suggested, take lots of pictures, preferably try to get some with the students in them. Do it when you are doing your walkthrough.

 

[FarmerJ]

If you can get first , last and D do not ever tolerate one late or short rent payment, and I doubt there would be any legal issue but check on this with a atty if its in your lease that duplicate notices of any late payments or lease violations will be sent to all co signers , what this does is calls attention to problems right away , especially if these parents are assisting financially , these parent /co signers may well be able to nip problems that stem if duplicate notices go out on lease violations.

 

[ws6whiteshark]

All parents have no problem co-signing and being liable for any problems. The parents seem to all know one another and are friends.

Thanks for the advise.

 

[Who's Liable?]

All parents have no problem co-signing and being liable for any problems. The parents seem to all know one another and are friends.

That won't last long...