All You Need To Know About Student LetsWritten By PropertyLoop February 15, 2021
Letting to students can prove very lucrative these days – especially if you have a house with more than one bedroom. Get the right location ie near a university or college and within walking distance of bars, cafes and other entertainment venues, and you could certainly be ‘quid’s in.’
There are certain downsides to being a student landlord though – just ask any letting agent out there. And yet it’s not just because of those legendary student parties. Students tend to move around from year to year as they fall in and out with different friends. Then there is the fact that if your tenants go home or abroad during the summer you’ll have to find someone to take over the room (or keep it for the existing student tenant by charging a lower rent).
Luckily, if your buy to let is in a student stronghold ie one of the bigger cities such as Manchester, Liverpool, Leeds, Glasgow etc, then you’ll never be short of tenants say letting agents there. And you won’t have to engage in much marketing activity either since all you need to do is get your property advertised on the university or college website and speak to the bursars.
Is Renting to Students a Good Idea?
Provide Postgraduate Accommodation
If you want an easy life then it’s often a better idea to get post-graduate and doctorate students. They tend to have a lot more studying on their plate than first year students or under-graduates so are less likely to have parties. They will also be older so hopefully will be more responsible with your property and possessions.
Stay no top of Maintenance
Let your student tenants know that if anything needs maintenance ie the boiler, windows not shutting properly, a broken toaster etc then to let you know and you’ll come round and get them fixed ASAP. A happy tenant tends to be a good tenant.
Do You Always Need a Guarantor?
Most students are sensible but every now and again you may find a tenant who just can’t manage their money. This may mean them – and you – panicking about their being able to pay the rent. If you have a guarantor in the contract (ie that individual’s parent) to cover this possible scenario then you won’t be out of pocket.
Rent By Room
It can often be less hassle to turn your buy to let student property into a House of Multiple Occupation (HMO). This is when you rent out rooms (rather than the house as a whole). That way if there’s a fall out amongst individuals it’s not as big since everyone keeps to their own room rather than hanging around a lounge area.
Do Landlord Inspections
It only needs to be every six months or so, but doing an inspection will put your own mind at rest and it’ll give the students a chance to let you know of any non-urgent repairs that may need doing. Your letting agent can do this for you.
Consider Student Sub-Letting
If you have good student tenants who want to stay the following year then why not let them sub-let to friends over the summer? That way you won’t have any void periods and you know there’ll be no trouble the following year either.
Looking for a student property? Here at Property Loop we are an online letting agent with plenty of student flats and houses to look at right now. A fast, intuitive and simple web service that connects renters directly to landlords. We save both: owners and tenants time and money by making renting a simple and transparent process from start to end.
Are you the owner looking to let your property to students? PropertyLoop is your one-stop-shop to find renters, receive offers and collect rent money. Sign up today to see how much you can save compared to traditional letting agents.