Tips For Renting To Students
Thinking of letting your property to students? No wonder, as there are over 2 million students in the UK so you can be sure of high demand and 12-month rental periods. However, there are a few things to take into consideration.
Student tenants have certain requirements and expectations. From deciding if your property is suitable for students, to making a few minor adjustments; read Shene Insurance’s top tips for renting to students.
Things to know before the tenancy…
- Students will expect properties to be fully furnished, as they are unlikely to have their own furniture and may well be moving in with friends they barely know. You should provide white goods including a washing machine. Putting a desk in each room is also helpful.
- The more bedrooms the better. Three is a good minimum, as students usually want to live in larger groups.
- Multiple bathrooms will also be attractive to students.
- Students tend to start looking in January to secure a let starting in the next academic year – usually August or September.
- Students can be difficult to reference check, often having no regular income and previously living with family. Instead, seek a parent or guardian to act as a guarantor.
- Decide between offering a single or joint tenancy. This is the difference between letting out each room individually, or having all the housemates sign a single contract with joint responsibilities.
Things to know during the tenancy…
- Make sure you check in tenants thoroughly, and carry out an inventory with everyone present.
- Students are usually stepping out alone in the world for the first time. For example, they may not know how to find out what day the bins go out. Leaving a moving-in document detailing helpful info like this could make life easier for everyone.
- As you will be renting to sharing occupants, you will need to comply with rules around Houses in Multiple Occupations (HMOs). These include carrying out safety checks on electrics, gas and implementing fire safety measures, and carrying out repairs in shared areas. You may need an HMO licence from the council.
Things to know after the tenancy…
- Be aware that properties tend to suffer more wear and tear when you let to students. Be prepared to spend a little on refurbishing or replacing furniture at the end of a tenancy.
- Make sure your tenancy agreement is clear on what happens about any required cleaning or damage fees in communal areas, to avoid arguments over deposit deductions further down the line.