In the past, landlords ran a mile when it came to renting their properties to students. The threat of drunken students, all night house parties and general chaos and disrespect to the building itself were more than enough to put them off. But in recent years, landlords have tapped into the student market, and are now aware that renting to students can actually be an excellent way to go. Sure there’s some risk of out of control drunken behaviour, although that’s a risk you take with any tenant that you rent to. Many students, particularly those in their second and third year are actually far too busy spending their days studying and working to do much else.
Here are some of the reasons you should consider renting to students.
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You Can Charge Per Room
Rather than renting out an entire home for say 750 a month, you can charge per bedroom instead. Charging three bedrooms at 375 a month for example will give you a significantly higher rent payment each month. Of course, when you’re letting out a house for students there are other costs to factor in- for example, the property will need to be fully furnished. Many students will have moved from all over the country to the university so won’t have things like beds and furniture with them. All of this will need to be provided. You may want to look into student accommodation furniture which is specifically built with students in mind and so is more robust. This will save you money in the long run as you won't have to keep replacing it. You’ll also need to provide things like large and small kitchen appliances, and curtains and blinds up at the windows.
Most Will Want Twelve Month Tenancies
Twelve-month tenancies mean there’s less messing around for you, you don’t need to advertise and keep sorting paperwork as often. The university year runs from September to June since, this is longer than six months students will need to sign for twelve. Many will have summer jobs and may have things like re-sit exams too, meaning they will need the house for the full year. Since you can have parents to sign as a guarantor, it also means that rent payments are reliable and that the risk of damage is greatly minimised.
Demand for student houses is high, so you should never have an issue getting it filled each year. If your property is close to the city centre or walking distance to the university, it will be even more highly sought after. Although elsewhere will work too providing there are good transport links. Demand for rented houses, in general, has never been higher, but it’s even more so for students. While many landlords have tapped into the potential of this, there still aren’t enough to student properties to go around in many areas. Which is terrible news for them, but for you means your property will never stand empty.
image source: Geograph
Would you consider renting to students?