Should I Rent to Students in Cullowhee NC?

Should I Rent to Students in Cullowhee NC?

One of the first things prospective homeowners ask is, “Should I rent to students in Cullowhee NC?”   Others just come right out and say, “I am not going to rent to students!”

In response I usually say something like this, “I understand your concern and being that students are not a protected class, you do not have to rent to students.  However, before making your final decision you might want to consider that Cullowhee NC is home to Western Carolina University.  The student population far exceeds the local resident population and if you choose not to rent to students you are locking out the largest potential rental base in the county.”

Many years before becoming a professional property manager I was a property owner and landlord, I asked myself the question, “Should I rent to student in Cullowhee NC?”  My answer from the beginning was, "YES." 

Years of Experience say, "Yes!"

After years of experience renting to Western Carolina University student in Cullowhee NC, my answer remains, absolutely "YES!  I should rent to student in Cullowhee NC."  Yes, there are challenges when renting to students but there are challenges when renting to anybody.  I have found, though, that with proper policies and excellent screening, students make some of the best tenants.

Over the years I have come to really appreciate my student tenants and the only major down fall is the short duration of tenancy.  There is constant turn around and tenant turn around is a major cost of rental properties.  Other than turn around well-selected students are some of the most responsible and pleasant tenants I've had. 

Selection Critieria Makes the Difference

The selection criteria and rental rules we use are probably the main reasons for our rental success with students.  All students we rent to must have completed 60 credit hours, hold a 2.5 grade point average and must have been in good academic standing for the last 30 credit hours.  Or, they must be at least 24 years of age and show evidence of having lived financially independent for the last two years.  Graduate students are always accepted as they meet the first criteria or they would not be in graduate school. 

Background Checks

We do not do the traditional credit or background checks on students.  In the past we did but they rarely have a credit history and the University does not admit students with serious criminal records.  So the traditional screening methods were by and large useless and we, therefore, discontinued the practice.  We do check former landlord references and the student’s employment – if they are employed.  We do require that they show evidence of financial support, which is frequently evidence of student financial aid.  The primary documentation though, is the student transcript.  We require all students to present their academic transcript, maintain them on file along with photocopies of ID, application, and evidence of financial support to demonstrate that all tenants are screened and treated equitably. 

If the student is financially dependent on a parent, which most undergraduate students are, we require the parent to submit a letter stating that they assume all financial responsibility for their child.  Whether this will ever hold up in court or not I can’t say first hand because we fortunately have never had to pursue court action.

What About Evictions?

Over all these years of renting to students in Cullowhee NC we’ve only had to do one eviction and that was before we established our selection criteria.  I guess you could say we’ve been lucky.  I think though, it has more to do with established selection criteria and consistent screening than with luck. 

Renting to Students in Cullowhee NC Makes Perfect Sense

It only makes sense when you think about it.  A young person who has made the commitment to study rather than party is probably going to be a basically responsible person.  That has proven to be our experience.  The students we rent to respect us.  They respect our properties.  They pay on time.  They report maintenance problems promptly.  They leave the properties clean and in good shape.  All in all, students are our least problematic and most likable tenants. 

Should I rent to students in Cullowhee NC?  Emphatically, YES!  The caveat being – screen appropriately and consistently.   Beyond screening, are house rules that must be in place up front, thoroughly discussed before leasing, and consistently enforced but we will leave the rule discuss for a future post.