One of the most controversial topics in the landlord community is about whether students make good tenants. Some landlords prefer the high demand and lower expectations that come with younger tenants, while others find them to be a liability overall. Many times, landlord and tenant issues come down to the specific student rather than their age or stage. However, it is worthwhile for Ontario landlords to break down the pros and cons of renting to this demographic before making this choice.
Depending on the neighbourhood where the home is located, student housing may be in high demand. This can make it easier for finding tenants. Depending on the type of home, student tenants may also be more willing to rent; for example, they will likely be less bothered by smaller rooms, basic fixtures or small windows.
Since they are younger, students typically have no rental history, limited credit and low or no employment. While this does not necessarily make them bad tenants, it can be difficult for some long-time landlords to adjust their screening processes to align with these circumstances. Some landlords also have stories about poor housekeeping and increased damage from student tenants, so it may not be ideal for a space that requires particular care.
Those who are concerned about student tenants' ability to pay rent may find it beneficial to ask for a co-signer, usually a parent. Setting expectations regarding utilities is also a good idea, especially for landlords who offer all inclusive housing. Another way to avoid landlord and tenant issues in these cases is to ensure the lease is reviewed by an experienced paralegal, and to call that experienced paralegal if any issues emerge that may require legal action.