Renting to students – do they damage properties?
If you let them, yes, but this can be said for anyone in a rental property.
Undergraduate students are often young, excitable 19- to 23-year-olds, just getting their first taste of independence living away from home. They have to pay the rent just like any other tenant and, of course, they are paying market rates, it’s not discounted.
They will have parties, love affairs, breakups and arguments. Some won’t want to get up or go to lectures. They will endure hangovers as they come to terms with what their bodies can tolerate in a city that is more-or-less designed for drinking and late-night revelling. But students are often no worse than young families, when you have to cope with marks all over the walls and toys being bashed into skirting boards.
The key with all letting, but especially with student letting, is to prepare the property well in the first place. Following the tips below will help you on your way to becoming a successful student landlord.
Buy strong, durable furniture – no flat-packed furniture or sofas with silly legs.
Manage students carefully. Keep a light touch, but make sure you’re always there somewhere in their subconscious.
Conduct detailed, thorough inventories and inspections. It’s no good leaving everything to the final Check Out.
Avoid end-of-tenancy disputes at all costs and involve parents or guarantors as soon as possible if cleanliness or damage issues need addressing.
Better still: employ a dedicated student Property Manager to keep all this in check for you.
This is one of the 50 most asked questions in our book: Landlord Intelligence.