Market (Competitive) Rental Rates
Fraternities and sororities provide student housing just like an apartment or dorm. The corporation should focus on offering the same amenities and keeping the fees at market rate.
Security/Damage Deposits
Must be paid before move-in. Tenants should have a room inspection upon move-in and move-out with the house corporation, house director and house manager. The deposits should be high enough to discourage damage.
Written Lease Agreements
The house corporation should have a written agreement with the chapter that requires a flat rental rate that is not affected by occupancy. The chapter should have individual room contracts with tenants.
Live-In Requirements
The chapter and house corporation should work together to develop and enforce a chapter bylaw regarding living in the chapter house.
Safety
The house corporation should ensure that the chapter is securing the house at all times and especially during breaks. There should also be regular fire drills and inspections. Hire a house director if possible.
Reserves
The house corporation should “turn a profit” on the house each year and set aside reserve funds for maintenance.
