College renters pitch year-round solution

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: I have a rental home located near a college and have successfully rented to students over the past few years. Typically, all of my student tenants move out when the school year ends. This year, my current tenants are divided in their desire to stay or leave. Two of the four tenants would like to rent the house through the summer and bring in new roommates in the fall. They like the idea of not having to move out and find a new place when school starts. Because there are only two of them who will be staying during the summer they have asked me to give them a rent discount. I also don't know what to do about their security deposit. How do I handle these issues? A: For most landlords who rent their properties based on the traditional school year, this is an ideal situation, as you can keep your property occupied year-round.A vacant rental property not only doesn't generate income but the majority of damage occurs during the move-in and move-out process, so having two of yo...