For many students, the current academic year is already over and the new one won’t start for a good few months yet. So what can landlords do now to secure new, reliable student tenants for the next academic year?
If they don’t plan to continue living and working in their university towns/cities, many students will have left their term-time homes in a bid to save money back at their parents’ properties already. If you’re a landlord, this may mean that your asset has been left empty and will likely remain so over the next couple of months.
It’s vital, therefore, that you do all you can to secure new (and reliable!) student tenants in time for the start of the new university term.
Rose Jinks, on behalf of award-winning Landlord Insurance provider Just Landlords, has put together some top tips for those looking to get their student properties let:
Don’t wait until late summer
While other tenants (such as young professionals) will look for homes when they want to move into them, students start looking for properties much earlier. As such, it’s important that you don’t wait until the last minute to start advertising your property.
Starting now is your best bet – whichever method you use to market your property, don’t delay!
Offer rent inclusive of bills
When advertising your property to student tenants, it’s a good idea to offer the rent inclusive of bills, as many students will be new to the world of renting and will only have experienced halls of residence before moving into your property.
This will not only help your property appeal to a wider range of potential tenants, but will make it easier for students to manage their expenses, meaning you’re more likely to get paid on time.
Always provide Wi-Fi
Remember that most tenants living in student properties will be young and will therefore require modern amenities. Top of this list is Wi-Fi – and good Wi-Fi at that. The last thing you want is for your student tenants to be unable to actually study in their home thanks to slow internet access!
Including the broadband in with the rent (as mentioned regarding bills above) is a sure-fire way of appealing to this year’s students.
Think about the number of bedrooms
If you’re at the start of your investment journey and haven’t yet purchased a student property, you must think of how many bedrooms the home should have. Look into popular options in the area that you’re thinking of buying in and consider tapping into the parts of the market that aren’t as catered for (such as student properties with two bedrooms).
Offering a property with the appropriate number of bedrooms is the first step to ensuring it gets let to reliable student renters.
Put desks in every bedroom
Remember that if you market your property as a student house, you are required to provide a suitable desk and chair in each of the bedrooms. Doing this will not only help you stick to your duties as a landlord, but will also show your prospective tenants that you’re responsible.
Having clear spaces for your tenants to study is also likely to help you secure those that actually do want to study, meaning they may be more reliable.
Update the décor and appliances
If your property’s décor is outdated or lacks modern appliances, it’s essential that you make some changes and update the interior. This will definitely be an investment that pays off, as more and more students are looking for contemporary, comfortable housing.
Sticking to neutral colours, putting in washing machines and dishwashers, and smartening the place up will work wonders when it comes to securing new student tenants, so don’t put off any maintenance.
Wherever you are on your student landlord journey, following these tips will help you secure new, reliable tenants ahead of the next academic year – good luck!