Psst. Here’s a little secret from us to you; letting your property to students is a fantastic option for landlords. No really, it is. Not only will letting to students pretty much guarantee tenants at your property all year round, but you will see much higher yields than renting to professionals.
But before we go into detail about what student tenants want, what furnishings you should provide, and your responsibilities as a student landlord, we should first look at why you should let your property to students.
Why should I let my property to students?
So, you’re considering letting to students but not sure of the benefits? Here are just a few reasons why you should choose student lettings over professional lettings:
• Demand for student properties will always be strong and consistent. If you’ve purchased a rental property within walking distance of a university, or near bus routes, there will be a huge demand for your property from students each year.
• Students typically rent for 12-months. With longer tenancy agreements, student landlords spend less time finding new student tenants, and can guarantee the property is rarely vacant in the switch over periods.
• Higher yields than professional lettings. Student landlords can turn living rooms into bedrooms, rent the property per student tenant, and the property will rarely be vacant and tenants will always be paying rent.
So, what are the advantages?
• It’s generally easier to find student tenants than professional tenants. If the property is close to a university, there will be demand (as long as it’s reasonably priced!)
• There’s an excess of demand over supply in a lot of university cities. Rents are expected to continue to rise in the coming years; forecasted to grow by 3% over the next year.
• Tenants will move on. Due to the nature of letting to students, your tenants are not committed to long-term contracts, and will eventually move away at the end of their university course.
Now that we’ve gone through the advantages of student room letting, you’ll want to know what students look for when booking student accommodation:
What are the key things students look for when searching for a student property?
• Close proximity to the university. There’s plenty of popular student areas in most university towns and cities, make sure your property is nearby.
• Transport, shops and pubs. Students want to live close to these (they usually don’t have a car) and don’t want to travel too far on foot.
• It’s best to have a minimum of three bedrooms. Students want to share a house and typically they will come in groups of at least three people.
Top Tip: It’s not super important, but having more than one bathroom or a garden will make your student property stand out from the rest!
Want to know what else student tenants want? Take a look at our top five requests we receive from students each year.
What should you include in the student property?
• Beds
• Desk and Chair
• Storage space
• Wardrobe
• Sofa
• Washing Machine
• Fridge Freezer
• Oven
• Microwave
• Vacuum Cleaner
• Bins
• Mower (if you have a garden)
Top Tip: Provide a ‘student house pack’ which includes information about local amenities and detailing their responsibilities regarding recycling and bins, care of the property, and noise levels.
Landlord Responsibilities
• The property must be safe, and free from health and safety hazards.
• The property must adhere to fire safety regulations; including smoke alarms and carbon monoxide alarms.
• Gas and electric equipment should be professionally tested by a qualified engineer.
• You need to obtain an Energy Performance Certificate (EPC).
• Ensure you protect the student’s deposit in a government approved scheme.
• Make sure you check the tenants have a right-to-rent your student property by checking the necessary documents as per the new government regulations.
Advertise your property to 20,000+ active student users, create your own property advert, and easily manage viewings and bookings online on StudentTenant.com |
Want to read more helpful student landlord blogs?
• If you’re thinking of purchasing a student property, you should check out our recommendations of where to buy in the UK.
• Already became a student landlord? Here are 5 quick tips to help you.