How to Help Your College Student Lease a Home
The Rental Application
Landlords will require students to fill out a rental application before agreeing to rent to them. The application will include basic identification information – name, address, previous addresses if any, telephone number, employment or school information, and references (personal or past landlords). Most landlords will require a credit check to ensure there is not a negative repayment history, especially where rent is concerned; the applicant must sign a section on the application giving the landlord permission to check credit with the bureaus using the applicant’s social security number. Landlords may charge a fee for credit checks.
It’s not uncommon for new college students to have no credit history; in this case or with negative credit, the landlord might require a co-signer on the rental agreement. A co-signer’s credit and employment will also be verified. In the event the tenant breaks the rental agreement, the co-signer could be held responsible.
There are two types of rental agreements
Whether your student is renting an apartment, a house, or a room, the differences between agreements are important to consider first before signing on the dotted line.
Month-to-Month
This is a written agreement between the landlord and tenant stating the following:
� Contact information for the landlord and tenant
� Amount of monthly rent (landlord can raise anytime) and due date
� How much and what type of deposits the tenant will need to submit upfront
� Stipulations about upkeep of the residence, pets, entry by landlord, or other requirements. There may be limitations concerning noise level and number of roommates allowed so be sure to read all of the agreement before signing.
âÂ?¢ Notice for vacating – generally, a 30 day written notice is required by the landlord when a tenant plans to move; also, the landlord must give a tenant 20 days written notice to vacate. Neither has to give reason for serving notice.
� A month-to-month rental agreement provides the least security for both tenant and landlord that the property will be occupied long-term.
Tenant Lease
This is a written agreement between the landlord and tenant stating the following:
� Contact information for the landlord and tenant
âÂ?¢ Term of lease – length of time the lease is in effect, 3 months, six months, nine months, 1 year or longer.
� Amount of monthly rent (this will not change during term of lease) and due date.
� How much and what type of deposits the tenant will need to submit upfront.
� Stipulations about upkeep of the residence, pets, entry, or other requirements.
âÂ?¢ Notice for vacating – for the tenant, this is tied to the term of the lease. If a tenant decides to move before the term of the lease has ended, even with notice, the landlord would likely have legal standing to collect the total amount of rent for remaining months of the lease. If a notice is served by the landlord for failure to pay rent, a 3-day notice to pay is served with intent to start eviction if payment in full is not received during that time period.
� A lease provides the most security for both student and landlord that the property will be occupied long-term for a specified amount of rent per month.
In the case of roommates, a landlord might require all occupants agree to a credit check and sign the rental agreement. The agreement might contain a “Joint and Several” clause, which means that if one roommate fails to pay rent, the other roommate will be responsible to pay all of it. Be sure to find out upfront what options will be allowed by the landlord if a roommate leaves during the lease term. For example, can you substitute roommates or sublet?
Deposits
Most landlords require deposits. A deposit is paid by a tenant upon signing the rental agreement, along with at least the first month’s rent, and sometimes the last month’s rent is also required. The purpose for the deposit must be stated in writing and can be for cleaning, security, or pets. The landlord keeps the deposits in a trust account. The deposits are refundable by law when tenants vacate the propertyÃ?¯Ã?¿Ã?½and leave it in the “same condition” as rented. Confirm with the landlord the procedure for a refund and research your rights.
Do a walk-through with the landlord before occupying a residence to identify problems/needed repairs already present. Another walk-through should be completed by tenant and landlord before the property is vacated. For both inspections, a checklist must be signed by both landlord and tenant. Keep a copy of the checklists. A landlord might deduct an amount from the deposit refund for damage caused by the tenant and not repaired; this makes an accurate checklist essential. Videos or pictures can also be taken, but the signed checklist is mandated by law.
Where to Look
Keep in mind that in “college towns” the competition for rentals is steep. Here are some tips for taking a lead position in the race to rent.
âÂ?¢ Get a city map that shows transportation routes and circle the location of the college. Make sure streets are listed. A Thomas Guide found in most bookstores is a good resource. Use the map to chart where properties are located in relation to the college, transportation, and shopping. The city’s Chamber of Commerce is a good resource for city maps. You can get free maps on the internet but they don’t usually show all streets in a city; however, the internet is helpful for driving directions. You can find these at a number of sites including Yahoo.com, Expedia.com, and MapQuest.com.
âÂ?¢ Start looking at least two months before your student needs to move. Drive around the desired area; check transportation options to the college, security, and other features important to your student. While some landlords won’t know prior to 30 days notice that a tenant is vacating, others will know their tenant is leaving when the lease expires. Students might lease for the term of two semesters then go home for the summer. Graduation returns a number of rentals to the market each year. Students often move around to change roommates. New rentals are built each year in some areas.
âÂ?¢ Contact the Housing Division of Student Services at your student’s college. Most universities list off-campus housing options and information on web sites. Here is a link for a nationwide directory of universities by state:
http://www.utexas.edu/world/univ/state/
� Do a daily scan of listings in the newspaper from the city where the college is located. Often, this can be done online. Here is a link for a nationwide directory of newspapers by state:
http://www.50states.com/news/
� Check the internet. Here are some links for national searches:
http://www.forrent.com
http://www.rent.com
http://www.apartmentguide.com
âÂ?¢ Drive through neighborhoods and look for “For Rent” signs. Often, in areas where vacancy rates are low, landlords don’t have to advertise in publications. Always carry a pad and pen for taking down telephone numbers and addresses. Take a cell phone for calling on signs. Keep application information with you in case you see a sign and can talk to the owner immediately.
� When learning of a vacancy, go immediately to check it out. If the ad is in the morning paper, call for an appointment as soon as the landlord can do it. Bring all information necessary for an application with you (see above) including cash for the credit report/application fee. This generally runs from $25-50.
� Network with other students attending the same college. Word of mouth is often a powerful resource for finding services of all kinds. Ask everyone you talk to for a tip.
âÂ?¢ Local real estate professionals can help. Many agencies have a property management division. Call or email agencies in the area to get a list of what is coming available. Real estate agents are also a great resource for information about specific neighborhoods. You don’t want your student in a risky area.
� Contact the Chamber of Commerce in the college town; inquire about any resources they can send you.
Do Your Homework and Know the Law
� California Civil Code states that a landlord may not discriminate on the basis of color, religion, race, sex, nationality, marital status, ancestry, or physical disability.
� A rental agreement is a legal contract. Read it carefully before signing and be prepared to abide by the stipulations it contains. However, a contract is a two-way street; the landlord must also sign the agreement and not violate any law or agreed upon clause. Keep copies of every document related to renting the property, and all rent/deposit receipts.
âÂ?¢ Know the tenant rights and privacy laws. A landlord must give a tenant reasonable notice (24 hours) before entering the premises unless it’s an emergency.
� If uncertain about terms, have the agreement reviewed by a real estate attorney.
âÂ?¢ Stay up-to-date about tenant/landlord rights. The laws change frequently. For the latest information distributed by The Attorney General’s Office visit this link:
http://www.atg.wa.gov/consumer/lt/index.shtml
Signing a rental agreement is a legal transaction, and seeking the advice of an attorney may give you additional information and peace of mind. While this information is not meant to be all-inclusive, use these tips�¯�¿�½as a starting point to finding that ideal place for your college student.
D. Kay Landers worked in the real estate industry for 10 years as a licensed Realtor/mortgage lender.
