Helping your College Kid Rent an Apartment
If your college kid wants to rent an apartment, it might be a wise choice. Sometimes the most affordable housing for college students is off campus in an apartment. College kids often team up with other students and split the rent expenses.
Important factors to consider:
Both in the area where the apartment is located, and in the building’ up keep. Does it have fire escapes, fire and CO2 alarms?
Do they require a co-signer for under-age renters or those who are full time students and have no source of income? Do you want to be the co-signer on the lease? If you are the co-signer, be sure to be able to afford the full yer of rent because even if your child drops out of school you will still be responsible for the lease.
See if they allow sub- leasing, this could help if your child doesn’t finish the lease and moves back home. You could at lease sublet the apartment to help pay for the lease.
Is the lease based on a calendar year or the school year? A School year lease is preferable since you won’t be paying for months when your college kid is back home for summer break.
Are the landlord’s rules realistic? One’s that you feel confident that the college student can adhere to? if your student gets kicked out for wild parties or excessive noise you might still been the hook for the lease. Read the fine print in the lease agreement.
Landlord Tenant Laws
Be sure to look up the landlord tenant laws in the state where your college student is attending school. Don’t assume they are the same as your home state. If the landlord fails to make needed repairs, what recourse do you and the student have?
Who is making the monthly rent payment? You might want to transfer money to the college student and have them learn about paying monthly rent. Or you might want to pay the rent directly. Sometimes it is difficult to know if your college kid is ready for this responsibility. You might want to make sure you are notified of delinquent rents so you can step in quickly if needed, rather than find out months later you own money.