Renting to students: A guide for first-time student landlords
Being a landlord for the very first time is a challenge, especially when it comes to student tenants. However, the fact that student properties tend to be found in neighbourhoods where property is cheaper to buy, being a student landlord can be a way to make sure you get high rental yields.
After purchasing a buy-to-let for student, try to fill the property with household items and little additions that students usually enjoy and make good use of to attract student tenants.
We go into more detail in this guide for first-time student landlords.
You must clean and maintain the property well
The home ought to be squeaky clean for when new students go and move in.
If you are not using a letting agency or a property management service, you should hire a professional cleaning service. It is your responsibility to take care of the wear and tear of the property during the tenancy.
Property maintenance and repairs are your responsibility as a landlord, so you must respond to each tenant’s feedback on these matters. Shoddy property maintenance can of student properties cause you to lose money through tenants taking you to a small claims court, or the local authority taking away your HMO (House of Multiple Occupancy) licence from you.
Furnish the place
If you have described a property as ready-furnished, students will expect to move into a property that is fitted with a fair share of furniture, home decor, and the latest mod cons, including things like
- Comfy furniture
- An easy-to-use oven
- Dishwasher
- Washing macher and/or dryer
- Kitchen supplies
- Study desks
- A television
- Kitchen stools
- A laundry basket
- Tables
- Mirrors
Students often love nothing more than spending time chilling back and relaxing at home with their flatmates and friends. This means that getting a large comfortable sofa in the lounge could be something that makes your rental property much more appealing to students.
Contents insurance
You may have spent a lot on furnishing your first student buy-to-let property, and you don’t want to always be uptight and worrying about their condition all the time. Getting landlord content insurance is an easy solution to any such worries about your contents. CIA Landlords are experts in helping you get your hands on competitively priced comprehensive landlord contents insurance that can provide you with more than enough cover.
Make sure you meet the safety requirements
It is your responsibility to tenants to meet all the legal safety requirements and take care of their safety, including implementing fire, gas, electrical, and carbon monoxide safety measures. Remember to check that all electrical equipment installed in the property is PAT tested.
High-speed internet, of course
Providing student tenants with high-speed internet is a must. We all know just how much the younger generation of ‘digital natives’ today love using the internet. So, getting a rapid wireless internet connection for your first student property is a no-brainer and should help to keep your tenants content.
Provide fun additions
There are cool extra additions that you can add to make your rental property more suited for students. Bean bags, PlayStations, televisions, and fun home ornaments artwork are some little additions that can make your property just right for students.
Extra storage
Students often claim to not have sufficient home storage. So, provide them with storage on wheels, handy shelving, sizeable storage boxes, and beds with under-the-bed drawers that provide that extra bit of storage.
Be fair but fair in your approach
A firm but fair usually works best when you are a student landlord. For instance, you cannot try to evict tenants or make a huge deal out of it should a neighbour make a minor complaint in a one-off incident, they are young adults after all. However, tenant-neighbour disputes can escalate quickly so you can’t overlook serious ongoing tenant-neighbour disputes and incidents.
