The stereotypical portrayal of students would make a lot of landlords deny students the opportunity to rent their property.
Having just graduated from University, what I found was only the minority of students slept all day and partied all night. As for the house they rented, well most of them kept their houses pretty clean and tidy to be fair.
Ok, there are the exceptions; this is the first time for many students to be away from their parents and living on their own so a few do show their wilder sides. What we have noticed at our letting’s agency inNewportis that most students live in university halls during their first and second year, then for their final year they would come to us looking to rent in groups of 4 or 5.
So here is a list of pros and cons when it comes to renting to students:
- Students receive their money at the beginning of each term so when they lived in halls their rent would be deducted the day after. So when they rent privately most students would still rather pay their rent for the whole term, ensuring that they have somewhere to live before they spend it all! What we have found is that landlords often worry about getting their rent in on time and renting to students means this is less of an issue.
- Reputable lettings agencies will ask for a guarantor if they rent out a property to students. This means that if there is a problem with their rent, you are able to fall back onto their parents to cover it.
- The rental income can almost double in some cases, for example if you were renting to a family and rent was £850 for a four bed property, if you were renting to students they would normally pay £350 each. Giving a total of £1400 per calendar month.
- We here at Luscombe & Co advise our landlords to have laminate flooring put down, which is easier to maintain. If you are renting to a student it is important to understand that you may have to change carpets in between tenancies and touch up paint more often than you normally would.
- The property would also be considered a HMO, which means making sure that your all up to scratch with all the rules and regulations. If this is your first time renting a House in Multiple Occupation then consider speaking to an agency as it can be quite daunting and scary.
Having larger properties in University locations means that there will always be some sort of demand from students. If you are considering making your property a HMO and would like some help, we here at Luscombe & Co would be happy to assist you.