Being a student landlord can be a very attractive proposition especially in an area with a high student population which has the potential for high demand and good rental yields.
There are thousands of student landlords around the UK and whether you’re one of the experienced or you’re just starting out, we have a brand new guide that will highlight the most important aspects of successfully letting to students.
Around this time of year can be a good time for you to carry out maintenance on your property as the majority of students are enjoying their summer break. Our previous blog highlights some top maintenance tips for you to carry out from checking the heating (even in the middle of summer), clearing gutters and checking for pest control to keep away any unwanted visitors.
Whether you’re welcoming back previous tenants or introducing new ones to their new surroundings there’s still a few things you need to remember before they move in and start enjoying their new home:
1-Choose the right agreement– Will you offer a single or joint tenancy? There will be different liabilities and responsibilities for your tenants depending on the type of agreement you choose.
2-Check-in your tenants- Make sure that you conduct a thorough and robust check-in report preferably with one or all of your tenants present.
3-Smoking– It’s now an offence to smoke in the shared areas of rented property. Highlight this to your tenants by face and in writing in your tenancy agreement
4-Noisy neighbours– It could be a stigma but your tenants could enjoy a party and possibly at their house. A nuisance clause in the tenancy agreement could settle any dangers of a problem further down the line.
5-Fully furnish the property– Usually students would want a property fully furnished and it’s important for you to furnish your property accordingly with strong and durable furnishings. Remember to expect fair, wear and tear though.
6-Deposit deductions– Make sure you make your tenants aware in the tenancy agreement that any required cleaning or damage in communal areas (depending on what sort of agreement you have) gets sorted before they move out, or deductions will be taken from their deposit.
More information on these tips are available from our new student guide which can be downloaded from our website. There is also a brand new video on our YouTube channel featuring my|deposits Legal Services Manager Tim Frome who runs through best practice advice on being a student landlord.