A recent survey shows that the majority of students (46%) rent from private landlords, followed by 20% living in university-provided accommodation.
With such a large portion of the student population looking for private accommodation, and 50% worried about it, finding students to fill your rooms won’t be difficult. But how can you be a successful landlord when it comes to student letting?
Buy the right property
You might already have a property you are thinking of converting into a student space or you might be on the hunt for your next investment, but making sure you’ve got the right property to host students is essential. This isn’t only a room to shelter them during their term time, but it will become their home for the next one to three years, see many student sessions, and might even be a place for parties – as is the student culture.
So, knowing which property to look for is essential. First, you’ll need to decide whether you want to rent a multi-bedroom house on a group or individual basis, or whether you’re going to offer a studio flat to a single tenant or a couple. Depending on the type of student you are trying to attract, you’ll want to look to buy in different areas.
For student housing for first-years or groups of students, you might want to buy a property close to local amenities including the campus, libraries, shops, and pubs. You might also want to have a property close to other students, as a residential area might complain about noise disturbances more often than student communities, whereas a student couple later in their studies might be more interested in a steady homestead in a quiet area.
Time your investment right
Not only do you have to ensure you’ve bought the right house for the students you want to attract, but you need to time the investment correctly. Making money on your purchase in the same year takes careful planning when it comes to preparing for students. As the term time and academic year are cyclical, you’ll need to account for the influx of students looking for accommodation in September to December.
Many students start hunting for their next year’s property in the November beforehand, so making sure your property is ready to go and show a year in advance is essential. For many cities with a high student density, you’re likely to get tenants quickly as the student crisis rush for accommodation can go up until the start of the term date and even a few weeks later.
If you’re planning on doing some work to your property, then buying it during term time might be your best chance to get the work done before letting it out to students. However, if you’re looking to rent straight away, making sure it falls in line with the term times is crucial – you don’t want an empty property sitting for a year.
Upgrade the property
Accommodation for students is more than just a room to sleep in. It is a study and socialising space. So, making sure your property can accommodate this is important. In fact, 82% of students class a communal area in their student accommodation as “important” or “very important”.
So, whether you’re opening up the kitchen area to house seating or updating the living room, making sure your students have space to meet, especially in an HMO, could make happier tenants.
Being a good student landlord also involves caring for your neighbours too, whether there are other student landlords on your street or you’re solely in a residential area. Whether it is informing your neighbours of any construction work or finding a skip hire from Derby to Durham, being considerate of your neighbours is essential when undergoing any construction.
Chris Martin, Sale’s Director at SkipHire UK says: “Students serve as a great form of short-term to long-term letting opportunities. Whether you’re wanting to house one student for a full three-year duration or rent a larger space to a group of friends on a yearly basis, being a good landlord for students means more than just having the space available.
“Making your property appropriate for students can include replacing outdated furniture, updating the flooring, and even adding in some dividing walls to make more bedroom space. A skip can give you a place to remove the construction waste, keep the property tidy during renovations, and stop your neighbours from complaining about the mess.”
Having the right furnishings on offer can also help encourage students to rent from you. It can be expected that most students won’t have beds, desks, or white goods to cart around with them so making sure you offer fully furnished rooms can make a big difference to students moving to a new city for the first time.
Maintaining boundaries
One boundary you need as a landlord is when to inspect. You don’t want your tenants hiding problems in the property, but you can create a negative tenant-landlord relationship through unexpected visits.
In fact, 14% of students claim unexpected landlord visits to be an issue with their accommodation. Ensuring you’re following guidance by giving your tenants a minimum of 24 hours’ notice can help. You can schedule regular bi-annual or even term time inspections to keep on top of household repairs.
Dealing with anti-social behaviour
In the unfortunate event your tenants are being reported for anti-social behaviour, it is important to crack down on this as soon as possible to reduce the likelihood of housing officers, or the law, being involved.
If your property lies in a residential area, and is likely to disturb non-student neighbours, then you could reach out to neighbours before your students move in and offer some solutions. Try offering your number as a first point of contact if there is a noise disturbance or other problems. This lets you deal with it.
You should also make sure you have a noise disturbance or anti-social behaviour section in your tenancy agreement. This can ensure that your tenants understand the consequences of continual complaints, and it can help you remove repeat offenders.
Being a successful student landlord involves providing the best property you can for your students’ needs as well as the needs of their neighbours. Knowing where and when to start letting your property, what to include, and the importance of managing anti-social behaviour (especially in a residential area) is crucial to the success of your investment.
Sources:
https://www.savethestudent.org/accommodation/national-student-accommodation-survey-2023.html
https://www.linkedin.com/pulse/what-do-students-really-want-from-accommodation-richard-napier
https://www.gov.uk/private-renting