CLEARING THE MISCONCEPTION ABOUT RENTING TO STUDENTS
Jul 5, 2017
We dispel the common misconception about renting your property to students and explain why they make the best tenants for your property.
1 – Respect the property
It is not false that student renters may be known for not looking after their properties, but this just isn’t true in the majority of cases.
Students have been stereotyped for the kind that are messy, but it isn’t much different with working professionals either. Harvey Victoria take deposits of a minimum 1.5 months’ rent to cover any unexpected costs.
A thorough inventory at the start of the tenancy will also protect you against any damage to the property when the tenants move out.
2 – Secure tenants
Student renting can involve parents when searching for their ideal property and this is good news for all landlords, as the majority of the time they are acting as guarantors or even being responsible for paying rent which means it’s in their best interest to keep the property tidy payments efficient.
3 – Lower-standard accommodation
This just isn’t true. It was the case about 20 years ago, but these days students are like all other tenants, looking for the best and nicest place to make home for the next year or three.
A lot of overseas students (who also pay very high fees to study in the UK) expect properties to be of a high standard and are willing to pay for this.
4 – Short term
If a student finds the perfect accommodation, they will often want to secure a long-term rental deal to guarantee the rent they are paying for the duration of their studies and avoid having to shift everything from one place to what is quite often again a property a couple of doors down.
5 –HMO license
If someone tells you that you don’t need a HMO license for a student property, they are wrong.
Most student properties are typically Houses of Multiple Occupation, as they are defined as properties where one or more households live together.
You will need to check with your local council for specific regulations relating to your rental property, but a HMO license is usually needed if you have three or more tenants and they are sharing facilities like bathrooms and kitchens. More information can be found here.