There are three reasons why letting to students can often be more profitable than traditional lets:
Properties tend to suffer more wear and tear when let to students, and as a result you are likely to spend more on maintenance at the end of a tenancy than you would with a traditional let. In addition, most students will expect properties to be fully furnished.
Each area will be different, but in general students will start looking any time from January for lets starting in the next academic year (August/September).
A property with a minimum of 3 bedrooms and large communal spaces (lounge and kitchen) will appeal particularly to students. More than one toilet or bathroom will be a great additional selling point, as will a garden. And obviously, choose a location within 30 minutes walking distance from the university campus.
Student lets should be marketed in the same ways as traditional lets. You should expect your agent to list the property online on the likes of Rightmove and Zoopla, and also be proactively contacting local tenants. In addition, universities will release lists of approved rentals, and you should ensure your property is on that list. A good local letting agent like Your Move will have a relationship with universities.
Student tenants can be difficult to reference using the standard process, because they do not have a regular income and have usually come straight from living with parents. Instead, you should seek a guarantor for each student tenant. Usually a parent or guardian, the guarantor will themselves be referenced and is responsible for the rent if the tenant should fail to pay.*
*Subject to eligibility. Terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of this product.
To help ensure that your rental income is protected, you should consider insuring against non payment. The Your Move Rent Protection and Legal Costs Insurance Scheme pays 100% of your rent for up to 6 months of your tenant’s contract or until we obtain possession of your property.
Student tenants will expect the property to be fully furnished. Here’s a tick list for landlords who want to let to students:
Desk and chair for each room
You are likely to be letting to sharing occupants (ie. not a family group) so you will need to comply with rules around Houses in Multiple Occupations (HMOs). You can read more about HMO rules here.
Whether you just want us to help you find the student tenants, or you’d like us to manage the whole let, we’re ready to help you. Because we have expertise in both residential sales and lettings, we can even advise you on the best properties to purchase if you’re taking the first steps into student lets.