Should I consider student lets?
Letting to students has many benefits and some drawbacks, it is not just about money. You need to start by asking yourself what sort of landlord you are and what sort of tenant you want.
If you have a strong emotional attachment to your property and want to see it loved and maintained just as you would, then it might not be suitable to let to students.
The money side
Students do pay market rates and, because they are exempt from council tax, they may pay more than similarly aged young professionals. Our student tenancies run for 50 weeks of the year. This means that you can plan for an annual income, which is attractive to most landlords.
We let student properties between December and March for tenancies that start the following August. This means that there are virtually no void periods and you can plan some way ahead. On the other hand, students do tend to cause a bit more wear and tear than professionals. Standards still have to be maintained, though, so you may find yourself spending more on repairs and redecoration when you let to students.
Managing student tenants
Even the best student tenants will exercise their legal right to live just how they want to – and there’s nothing you can do about it. Clauses in tenancy agreements can restrict some of the more unsavoury behaviour, but four, five, six or more students together are going to want to party.
The key to successful student letting is good, strong management. You’re handing over your beautifully prepared, very expensive house to a group of 20-year-olds who might not have lived away from home before. We apply a light touch to give them freedom but a firm hand if things are getting out of control.
This is one of the 50 most asked questions in our new book: Landlord Intelligence.