Renting Property to Students: A Guide
Renting property to students can be lucrative, but it comes with its own set of considerations. To ensure a smooth and successful experience that helps you meet your legal obligations and protect your property, follow this comprehensive guide tailored for landlords looking to accommodate student tenants.
Given the fears that the Renters Reform Bill might reduce the numbers of student homes, due the the ending of fixed term tenancies, there is a growing need for new properties aimed at students. If you own a building in a university town or city, getting into the student market could be a great move for you. This is what you need to know.
Guide to Renting Property to Students
Ensure a Solid Tenancy Agreement
Start with a clear and comprehensive tenancy agreement. Outline the terms that are necessary for the protection of you, your property and your tenants, outline rent payment schedules and list the responsibilities of both parties.
Clearly state the rules regarding utilities, maintenance and any other aspect relating to living within the property. Set out which areas are shared and which are private within the home.
Understand Licensing Law
Councils require mandatory licensing for large houses in multiple occupation (HMOs), and many do for smaller properties too. Familiarise yourself with your property's licensing requirements by contacting your council and ensure you proceed in compliance with local regulations. The council will be able to advise you on the steps you need to take next.
Build a Relationship with Your Tenants
Creating a positive landlord-tenant relationship is crucial. Be approachable, respectful and responsive to your student tenants' needs. Transparency is key and, if your tenants understand that you are being honest with them, they are more likely to reciprocate that respect.
Furnish the Property Appropriately
Furnishing your property can attract students looking for convenience. Basic furniture, appliances, and essential amenities can make your property more appealing when renting property to students as they are unlikely to have many of their own items. . However, ensure everything meets safety standards and fire regulations.
Make sure you have items such as the kitchen white goods, beds, desks, curtains and a sofa for the living area. These essentials mean that students can move in without too much additional expense.
Communicate Regularly
Regular communication can prevent misunderstandings and address issues promptly. Establish preferred communication channels and be available for any queries or concerns your student tenants may have.
The easier you are to contact, the sooner they will report problems and the quicker you can fix them.
Maintain Efficiently
Quick response to maintenance requests is essential. In addition to open communication lines, carry out regular inspections to address any potential issues early.
When renting to students, a well-maintained property keeps tenants happy and reduces the risk of worse problems down the line. It encourages them to respect the property.
Understand Council Tax Exemptions
Full-time students are exempt from paying council tax as long as all occupiers are students. You need to check your tenants' student status and inform the local council if one or more tenants are in work to make sure you are compliant and you won’t get saddled with a big bill.
Get Insurance
Landlord insurance is crucial to protect your investment when renting property to students. Regular home insurance might not cover certain aspects unique to student rentals. Look into specialist landlord insurance that covers student-related risks.
Thinking of Renting to Students?
Renting property to students requires careful planning, attention to detail and proactive management. By ensuring a solid tenancy agreement, understanding the legal obligations, and fostering a positive landlord-tenant relationship, you can create a mutually beneficial arrangement for both you and your student tenants.
To ensure timely and professional maintenance, as well as an efficient approach to tenant admin, renewals, safety checks and more, outsource your property management to Executive Property Management Solutions. We will look after your student property and help you enjoy the benefits of tapping into this market. Use the contact box below to find out more.
