There was a big to-do in Fort Collins, Colorado concerning a new nuisance ordinance. When it was originally proposed, the city could literally take your property away if there were more than (if I recall) three "incidents" in a one-year period. This caused a huge uprising with the populace, as you can imagine. If it had passed, then there would be nobody within city limits who would dare rent to college students attending Colorado State University out of fear of losing their property. The law was severely toned down, but the owner of a property is still the one who gets hit with the repercussions if there are too many "incidents". As a result, many property owners have a "no party" clause, which would allow the landlord to break the lease and kick out the tenants with a 30-day notice.

My personal take on the subject is that it should fall upon the tenant to bear the brunt of the action. I lived near a bunch of college yahoos who had the occasional loud party, and I've found bottles of booze on my lawn the next day. I took it up with the folks who were renting the house. They apologized and cleaned up the mess. If it were a weekly event, I'd have to call in their landlord or call the police in, but they're decent kids blowing off steam every two months. There are jerks who are so inconsiderate that they get chased from rental to rental, and I think going to their college administration would be best in that circumstance. Hey, in my younger days I'd have the occasional blowout, so I won't begrudge the good kids from having a good time, as long as it does not involve property damage or someone getting hurt or assaulted.

If the party is too loud, ask them to quiet it down a notch. If it's happening too often, have the police give them a ticket (money hurts more than anything to a college student). But don't take it out on the property owners, else the college students will have to live in tents in the engineering quad because there will not be any available housing.