If you’re a landlord in a university town or city, you’ve probably seen the potential in student rentals. There are plenty of advantages in renting to students. Having said this, there are some pretty awful issues you could encounter too. Are students really as bad as people make out? Is your investment safe with them? If you’re sat asking yourself ‘should I rent to students?’ we’ve got a little advice and guidance to help you find the right answer.
Students can seem like an entirely different species. Thankfully, they’re actually pretty simple. For most, this will be their first time living in private accommodation. They’ll need a little hand holding but this tends to come from the parents. They’re often told to ask specific questions, they’ll be informed of what to say and they’ll pour plenty of time over their contract. They may take longer in the initial signing process but remain supportive and up-front – they just want to make sure you’re not a cowboy.
Usually students aren’t too fussy – they’ve heard the horror stories and are happy to find your property clean and warm. If you can offer a tidy and furnished house with warm running water, they’ll be content. However, there are some health and safety requirements that can’t be ignored!
Be warned though, not all students are the same. There are some very obvious cues worth noting. First of all, if you’re renting to a group of eight boys, all of which are on the university’s rugby team – expect lots of parties. Use your common sense with this one. You may well want to rent to a group like this, just know what to expect.
Right, let’s get this out in the open now. It’s very likely your student tenants will throw a party or at least invite friends over for a night of intoxicated fun. We highly recommend banning parties in the tenancy agreement – this is there more as a deterrent than something to enforce. The sooner you accept that parties will take place, the easier it will be letting to students.
There are some serious advantages that come with being a student landlord, here are some of the more notable points:
All sounding too good to be true? That’s because it is, there are some very clear drawbacks in renting to students:
So you’ve decided to take the dive and let to students? Here are a few action points to set you on your way:
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