Renting your property to students can be easier and more lucrative than some other types of lets, mainly because the demand for student homes is high. There are some down sides and additional legislation to consider, but overall it is worth serious consideration. Read on for our tips about letting to students in Wandsworth.
Why let to students?
There are three key reasons why letting to students can work out to be more lucrative than other types of let:
- Demand for student lets is high. It is also consistent. This is partly because many landlords choose not to rent to students.
- Students usually wish to sign a letting agreement of at least a year. This is because they want to know their home is secure for the whole academic year, without any disruption around their studies. Therefore, letting to students can avoid the stress of potentially finding replacement tenants every six months.
- Student lets tend to bring in more monthly rental income. This is because the group of students collectively will be prepared to pay more than a family, for example, would pay for the whole property.
Are there any downsides?
Rental properties that are let to students often experience more wear and tear than in traditional lets. Consequently, you’re likely to spend more time and money on redecorating at the end of each tenancy. Students also may not clean the property to a high enough standard when they leave. However, you can always take this into account when you decide on the monthly rent, and then source your own end of tenancy cleaners wandsworth. Additionally, most students will want to rent furnished properties so be sure that you have covered everything to make the property ready for the next group of students.
How do I market my property to students?
You can market your student let property in much the same way as you would any other type of let. You can either market yourself online, or enlist the help of a letting agent. Additionally, universities tend to release details to their students of approved rentals, so it would be worthwhile getting your property onto these lists.
When should I market my student let property?
This varies between areas, but generally, students will begin their search for a let to begin in August or September of that year, in line with the new academic year.
Which properties will appeal to students?
Generally, students will be looking for a property with at least three or four bedrooms and good-sized communal areas. Two or more bathrooms will also attract more interest, as will an outside space. As with any kind of let, simply having one or two ‘extras’ that not every landlord will offer is likely to increase demand for your property.
What furnishing should I provide?
Students will expect their rental properties to be furnished. Try to install the following for their use:
- Fridge Freezer
- Washing machine
- Desk and chair per room
- Vacuum cleaner
Is there specific legislation for letting to students?
When letting to students, you will probably be letting to sharing occupants, and you’ll need to conform to Houses in Multiple Occupations (HMOs) rules.