For many landlords, the thought of renting out to younger tenants can be fear-inducing. Here is a list of What to Expect When Renting to Younger Tenants. Younger tenants tend to be less stationary and so you may worry that you won’t always be able to keep the apartment full. However, on the other hand, having younger tenants can be a great financial move if you’re prepared.
What to Expect When Renting to Younger Tenants: They Have Pets
A lot of younger tenants—whether young families or young professionals—have pets. And you as a landlord must understand what having a pet could entail for your property. Future tenants with pets must purchase pet insurance to cover the cost of damaged floors, walls, etc.
You may also consider charging tenants pet rent. Having a fee added on to monthly rent will not only increase your profits, but it will also allow you to have a bit more money to work with after tenants leave to more fully deep clean the apartment.
They Want Mobile Payments
Another important thing to think about when it comes to having younger tenants is their preferred method of payment. Luckily, having mobile payment options tends to be a great option for you as well. Mobile payments are fast and secure ways to get rent on time.
Many mobile payment options allow tenants to set up automatic payments so that they literally will never miss a month. But if you are in a situation where you don’t necessarily have the resources to set up a mobile payment option, consider using free resources like Venmo.
What to Expect When Renting to Younger Tenants: Co-Signers
When it comes to renting to young tenants like college students, you will likely find that many of your prospective tenants won’t be able to qualify on their own for your apartment. As such, they will likely have parents or other individuals act as co-signers.
As a landlord, you must prepare yourself to customize lease agreements to accommodate these different signing situations. Allowing cosigning will be a huge protection to you as the landlord because you’ll have greater assurance that you’ll get the necessary payments every month. And allowing cosigning also allows you to attract more potential tenants.
Having younger tenants can be awesome. Generally, you’ll have high demand with younger tenants who are constantly looking for places that are friendly for young professionals. But as you start to gear your rentals towards younger tenants, don’t forget these things. Preparing yourself will help you have a great experience with your tenants.
Read this next: Features That Will Attract Younger Buyers to Your Home
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.