Are you considering becoming a student landlord or landlady, or are you already on the ladder and letting your property to local university students? Either way, Uni2 Rent are here to help you, covering your obligations and what to expect as a student landlord or landlady.
Why let to students?
- There’s always high demand where there are universities nearby
- Students will rent for a 12-month period, to relieve stress during exam periods and summer breaks
- Students offer higher yields
What are the risks of letting to students?
Wear and tear is likely to be the biggest drawback – however, with one person per room – a lick of paint and a few repairs here and there will be nothing compared to the profit you will gain.
What type of house is best to buy when letting to students?
If you can, purchase a property that has at least 3 bedrooms, more than 1 toilet or bathroom and spacious communal areas. A garden is also a great selling point, if possible, as students will be on a budget and so using the back garden instead of going to a pub will help them save money.
When is best to buy a property?
Students typically commence their academic year in September and finish early in the summer. Buy a place towards the end of the academic year, this will give you the time you need to sort out the relevant licences, complete the property’s interior and find the right agent to help you put your property on the market, making it visible to the next year of students.
Should I furnish the property?
If you’ve recently purchased a property, make sure it’s furnished with beds, sofas, dining tables, chairs, desks and white goods – and your property will be snapped up by your local university students. If your property isn’t furnished, it’s very unlikely you will have students wanting to rent it out.
Obtaining the right licences
Before renting your property out to students, you will need to check with your local authority to ensure you have the correct licence – this is particularly important if you are planning HMOs (houses in multiple occupation). This term means that the house is to be occupied by at least three individual persons.
To obtain this, you will have to be able to prove that your property adheres to the required standards for your future tenants. It can take a couple of months to receive your licence, so apply in plenty of time in advance of a new academic year starting.
Landlords and landladies need to make sure a legal tenancy agreement has been made with a solicitor and signed by all tenants before anyone moves in or begins to pay rent. Typically, an agreement will cover a yearlong period – also known as Assured Shorthold Tenancy Agreement.
UK safety regulations for rented properties
All rented properties, by law must abide by UK safety regulations. This includes:
- Gas Safety Regulations
- Electrical Safety Regulations
- Fire and Furnishing Regulations
- General Product Safety Regulations
Due to safety regulations changing with the times, it’s important to speak regularly with a solicitor to ensure you’re meeting all required regulations.
Maintenance and repairs
Simple maintenance and repairs like changing a light bulb and adequate ventilation is the tenant’s responsibility but other things such as the below would be the responsibility of yourself as a landlord:
- Walls, roofs, windows and doors
- White goods
- Pipes and wiring
- Heating and hot water
- Gas and electrical appliances
Notice before visiting
A landlord or landlady does have the right to check into their own property from time to time, but it is important to give your tenants a 24 hour notice period.
Get in touch with Uni2 Rent for student specific lettings, our highly professional team will be more than happy to help you manage your future student tenants. With over 10 years of experience within the student property market, we can help you. We offer our services throughout all areas of Nottingham.
- Author: UNI2 Rent
- On: 09th August 2019