Student Accommodation Landlord Services
Our Landlords Guide to letting to students
Letting to students can be a beneficial option for landlords looking to rent out a property. There is a constant demand and often extended rental periods which result in a great return on your investment.
Student lets can offer a particularly high yield. However if you’re thinking about renting to students, there are some specific ways a property will need to be marketed and managed. Cardwells Letting Agents can help you understand the student lettings market, plus protect your property and rentable income.
What to expect when I let to students
Students will usually look to rent for 12 months, meaning you wont need to find new tenants as often. However a longer lease means a property can suffer more wear and tear/damage. As a result, you may have to spend more on maintenance at the end of a tenancy.
In addition, most students will expect properties to be fully furnished. There is a minimum that you have to provide, and the list below gives you an idea of what a tenant would expect:
- Desk and chair for each room
- Fridge freezer
- Washing Machine
Other furnishings can be supplied to make life easier for the tenant and also to protect the property. On this basis we would recommend a vacuum cleaner and waste bins are in the property and if the property has a garden then a lawnmower may be a good idea.
How do I market property to students?
Marketing is key to renting your property to students. In general, students will start looking for a property anytime from January to secure a tenancy for the next academic year ie. August/September.
We market student lets in the same ways as traditional lets. We include all digital property sites, such as Rightmove and Zoopla and proactively contact tenants from our own database. Additionally, each Universities have a list of approved rentals so it’s always good practice to get the property registered with the University or college.
What accommodation is suitable for students?
Location is everything with student lettings. Being within 30 minutes walking distance from the University campus will be a big plus when you’re letting to students. Student accommodation varies from studios and apartments to houses of multiple occupancy. Multiple occupancy rental properties usually have a minimum of 3 bedrooms and large communal spaces. A shared lounge and kitchen is accepted and popular with students. Ensuites, or more than one toilet or bathroom will be a great plus when letting to students.
HOW DO I PROTECT MY PROPERTY WHEN LETTING TO STUDENTS?
The reference process can be tricky with students because they do not have a regular income. In most cases a parent or guardian will become guarantor, making them responsible for the rent if the tenant should fail to pay. There is also the option to make the rent payable upfront.
Cardwells letting agents also offer our Landlords Rent Protection Insurance with nil excess. We would negotiate the terms of lease, complete the tenancy and confirm our credit results with our insurer. This policy can be arranged for 6 month or 12 month periods.
A rent protection policy will cover rent arrears, legal costs and eviction if required. Our letting agents can arrange this. The cost for a 6 month policy is £95.00 and a 12 month policy £175.00. If the rent is above £2,000 pcm the cost is £275.00.
Cardwells letting agents offer a range of services that will protect your property and investment if you are renting your property to students. Contact us for a free valuation today!