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Are You A Student Landlord? Take Some Time To Teach Your Student Tenants (for your own mutual success!)

September 12th, 2013 · 3 Comments · Ontario Landlords Association, Student Landlords

Student landlords teach your student tenants about noise complaints and tenant insurance

Inform Your Student Tenants About Noise Complaints and Tenant Insurance

There’s an excellent report at the Ontario Landlords Association website on renting to students.

The end of August and the beginning of September is an especially important time for one group of renters.

We’re talking students. University and college students in particular.

From UBC on the West Coast to the University of Alberta to McGill to Memorial University in Newfoundland hundreds of thousands of students are moving in. In Ontario it’s from Windsor to McMaster to Waterloo to Ottawa.

Time Flies and Memories Last

Times flies by fast and many of us can remember when we were moving out of our parents’ home for the first time.

The excitement was rampant. Not only just for the independence. It was also a feeling like you were finally grown up and ready for new adventures.

But Being a Student Landlord Is Not All Fun And Games

1.  Noise Complaints

According to a report on CTV news police say they receive numerous noise complaints in college housing areas as thousands of students descended on the city.

Police are reminding students to keep it down and be respectful of their neighbours.

This month police will be stopping at houses in the east end to talk to students and residents about noise.

An example of a noise problem was when recently the police discovered a party hosted by a 17-year-old. After speaking with police, he agreed to shut the party down for the night.

He didn’t listen. The party started up again, before police left the area.

The teen was then charged under a city by-law and given a $490 fine. Police say he then asked guests at the party for donations toward the fine.

Police are encouraging residents to contact police at first trace of a developing party; allowing the issue to be dealt with quickly.

Infractions under the noise by-law can come with fines of up to $5,000.

2. Tenant Insurance

According to the Ontario Landlords Association many students don’t have tenant insurance.

There’s the obvious issues of theft, or fires, or water damage. However, many students aren’t aware of the potential liability they can face.

If someone is injured on the premises or a toilet floods over and causes water damage to a few floors below, it can hugely expensive and time consuming without insurance.

Not every rental unit problem is the landlord’s responsibility either.

Secrets of Being a Successful Student Landlord

It’s time to start class…for your tenants.

According to the Ontario Landlords Association story:

“Now is a good time to hold class to teach basics of tenant’s insurance and ensure your renters have the right coverage in place to protect themselves.”

Student tenants can help you avoid the problems you might face renting to the general public.

Make sure you are proactive and educate your student tenants on noise issues and the important of tenant insurance.

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3 Comments so far ↓

  • Sharon

    Good article. Take the lead and renting to students can be very profitable.

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