When purchasing a rental investment, buying a home suitable for student tenants could seem like a good choice. There are many colleges in Georgia, ranging from sprawling urban campuses to smaller, specialized technical schools, each with its own population of students to house. While this can be a lucrative niche, it is also one with higher turnover and less experienced tenants. As such, clear lease agreements are important for landlords to protect their legal interests.
Real estate investors are quick to point out that there are many pros to the student housing niche, including steady and high demand in many places. However, there are also some challenges, such as summer vacancies and tenants with limited rental or employment history. For this reason, it is important to have terms clearly laid out on the lease agreement, especially in contentious areas such as summer rent and notice for leaving. A co-signer and confirmed contact information is also a good idea to have, especially if it becomes necessary to follow up on any breached terms.
Landlords should also be careful to communicate their expectations around maintenance, inspections, and following local bylaws. If there is a quiet hours policy, it may be a good idea to include this in the lease agreement. Since student renters may have less experience with home maintenance, it is also a good idea to be very clear about who to contact if there are any issues whatsoever.
The lease agreement is an important document that allows a landlord to protect their interests. When leasing to students or other inexperienced renters, it is also an important way to educate renters on the expectations and rules within the home. A Georgia lawyer can help landlords draft their lease agreement, and support them should legal issues emerge with tenants.