Renting your property to students is a potentially lucrative market. In University cities there is a constant stream of new tenants looking to rent which offers guaranteed income year after year for landlords. It isn’t without its potential hitches though. This will be the first time many of them have rented and, for many, the first time they have lived away from home, which can bring with it problems like property damage and non payment of rent. Here are seven tips to make it a little easier.
Make sure you are insured
When renting out any property it’s important that you have insurance for landlords in place. This will cover any potential damage or theft, and protect you if you fall out with your tenants; something much more common when renting to students.
Target the quality end of the student market budget range
Think about what they’ll be looking for in a property and try and add extra facilities or services which may attract a higher quality tenant and ensure you’re able to charge a higher rent.
Advertise through letting agents
Students are likely to thoroughly research everything about the area and if they were in halls of residence the previous year they’ll know it well already. They’ll probably know where they want to live, but will contact letting agents to view their properties. You don’t want to miss out on this.
Get a guarantor in place
Insist on an income earning guarantor being in place for all of your tenants. This is as close as you can get to guaranteeing you’ll receive the rent. As a minimum, for each guarantor you should ensure you obtain work and credit references.
Reduce accidents / wear & tear
It’s important to take the time to show your new tenants how to use all the appliances in the home correctly. As this is likely to be the first time they’ve lived away from home they may struggle with some of the appliances in the property. If you’ve employed a letting agent for the property, save yourself some time and add this to the list of services they’ll be providing.
Leave a welcome pack
Leaving a welcome pack containing all emergency procedures and telephone numbers will save you time and worry, as it will your tenants.
Carry out regular inspections
It’s important to carry out regular inspections to ensure your property is being properly looked after. You should do this at least every three months.