Fire safety advice for landlords
- 3 December 2014
- Tips for Landlords
In 2012 to 2013 the fire and rescue service attended 192,600 fires. More than a third of the fires which were in…Read More
Student lettings are always associated with bad renting experiences: delay in payments, property damage, etc… however, stats from Landlord Insurance show that only 9.6% of property insurance claims come from a student rented property. We believe students are (if not the most) one of the most reliable tenants possible and we want to explain how to succeed in student property renting:
When it comes to the student market, the priorities change. Students tend to look first at the London Area in which the flatshare is located. The highest priority aspect to consider should be the area, the proximity to the university and student areas and the size of the property, which should be larger since students tend to live in groups with 3-5 flatmates.
Universities usually have a list of accredited student spare rooms and landlords. If you will be renting to students, you want to be in the accredited list of the closest universities, since it will mean a direct connection to tenants. Uni Accreditation is usually an easy process; contact the university and get this important process done as soon as possible.
When it comes to finding a property in London, students are not especially picky about the style of the furniture. The important aspect is therefore that your property has resistant furniture. There is a higher risk of damage in a student house and having sturdy furniture will save you some money.
The type of property in London you have might require a license. Houses of multiple occupation (HMO’s) usually require licensing, so gather the information and make sure you are “legal”.
Although, as we said previously, students are not very much worried about the style and decoration of the houseshare, you must consider the fact that you are renting the property to the student’s parents as well, and you cannot have a scruffy presentation.
Prepare a leaflet with the information about the property in general, the recycling and rubbish pick-up times and label the meters, fuse boxes… etc and leave one in each spare room of the house.
Students will not be able to provide a credit reference and normally parents will be in one way or the other paying for their accommodation in London. Make sure you have them as guarantors, just in case something goes wrong.
Student lettings provide you with an assured income for 9-10 months of the year and leaves two months to either rent it out again, or undertake any necessary maintenance work. Statistics show it is a far more reliable tenancy than it is thought to be, and the certainty of rent is clear every year. So, why not jump into student property renting?