In recent years, more and more landlords have opted to let their properties to university students and are seeing the benefits.
If you are pondering on whether to buy a student property or rent your existing property to students, it is important to weigh up the pros and cons of such investment to make sure it is the right choice for you!
One of the most appealing aspects of letting student properties is the lower requirements with regards to the condition of the house. Students are not exactly in the market for a state-of-the-art design!
For many it will be their very first rental since moving out of their parents home, and being with their friends and having their own space is enough of an attraction!
It can be easier to find tenants especially if located near the campus or in popular student locations within the city. Thousands of new potential tenants moving to their chosen university city every year is a huge positive.
Student home owners can make connections with the universities by becoming a recommended landlord, meaning that their properties are advertised at the university accommodation fairs and the uni will send students looking for properties in the direction of the accredited landlords.
No long term ties
Students quickly move on from property to property, they’ll only want the contract for a year. Although, important to bare in mind, if they’ve been good tenants negotiating a second year with them becomes a possibility.
Contrary to this if they’ve been nightmare tenants, causing the neighbours sleepless nights for example, they would have only signed short term contracts removing the burden of being stuck with difficult long term tenancies.
Another drawback is that many students go home for the summer months, so there is potentially lost income between June and August.
There are ways to overcome this, by offering 12 month contracts only or by renting to students taking summer courses. Important to note the latter option being the more time consuming one!
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