14th April 2018
Q: My current tenant has given notice and I would like to get my property ready for students. Can I just let it out as it is?
A: This depends on many things, including the location and condition of your property. What I have learnt over the years when dealing with student lets, is that many people think that students do not care about the location and condition of the property. First thing to do is to get these ideas out of your head as in most cases this is simply not true.
Whilst most students may have limited budgets, this doesn’t mean they’ll live anywhere for cheap rents. They are looking for somewhere within a couple of miles of their University, so it’s very important that your property is located in the right location and is within walking distance or an easy commute to the Uni.
You will also find students now expect more, including properties with better quality furnishings. Don’t scrimp with cheap furnishings, as it will need to withstand wear and tear, and in the long run you could end up paying out for replacements.
It’s a myth that students don’t mind living in grotty properties. Students today look for a comfortable place that they will enjoy living in. It is worth knowing that students may not ask for the best of furnishings, however, their parents most certainly will if they are asked to be a guarantor for the rent.
There is a growing demand for quality accommodation which means that more and more students are willing to pay market rents to enjoy better quality properties. If your property has changed into an HMO and obtained a licence from the council, then the property will have undergone inspection to ensure it has reached a certain standard. This will draw in students looking for good-quality housing, resulting in higher rents.
Another question that I am asked is if student properties are too much trouble? Again, most students are decent, hard-working people who have been judged on the actions of the few. So, while there are some badly behaved students, most students today have too much invested in their education to cause problems for their landlord or their neighbours. Additionally, most students sign up for a year-long tenancy agreement, meaning consistent rent – even when they’re not residing in the property during the summer months.
If you need help tailoring your property to the student market, get in touch with me at the office for a chat and pointers on improving the let-ability of your property.