Many landlords make the decision as soon as they enter the business to never let their properties to students as they feel that students can be too unreliable and are more likely to cause damages to their properties. However, there are some benefits to renting out your properties to students, one of the biggest one being multiple incomes from just one property!
So if you want to consider renting your property to students here’s some advice:
Pick your Location Carefully
It has been reported recently that the amount of students going to university has recently declined since the tuition fees increased by almost three hundred per cent. However, some universities have suffered more than others, meaning that it is important for you to do some research into certain university towns before you decide to invest in properties there.
You may also want to consider how far you would be willing to travel on a regular basis, as often students can be quite demanding (or sometimes troublesome) so you will eventually have to arrange face to face meetings. If you really find it difficult to travel to your student properties yet know that they are based in a profitable area, then you could hire a lettings agent that can manage them for you for a small fee.
Pick your Tenants Carefully
One thing that needs to be remembered is that not all students are the same; however stereotypes often do exist for a reason! You need to understand that it is likely for your tenants to eventually cause some damage to your property, however they also aren’t too picky when it comes to the condition of the house when they move in.
In order to protect yourself though the best thing to do is invest in landlord insurance and make sure that you go through the Shorthold Tenancy Agreement with your potential tenants before they move in. You should also make sure that you take at least four weeks deposit from each of the tenants moving in to the property so that if there are any damages you know there is money to fix them!
Letting to students may not always be easy, but it definitely can be profitable if you plan ahead and make sure you make it clear to your tenants what you expect from them. And don’t forget you can always talk to the Universities for advice!