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Jessica May

Renting to students: Is it a bad idea?

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I'm about to rent my one-bedroom apartment to a student, a 20 years old guy. I have never rented to young adults and I'm pretty confused right now.

But after reading this article - things seem to be not that bad.

Generation Z

What do you think? 

 

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I think it can be very profitable........but the profit comes at increased risk over other tenant classes.

My advice is :-

* Never let to a student without a home owning guarantor (for each tenant).

* Always take a deposit.....the largest you can get away with.

* Make sure you have a detailed professional check in inventory SIGNED by each student.

* Furnish the property appropriately. That means not going over the top cos generally it will get abused.

* Accept the fact that decor, furnishings and fitments will be exposed to more wear and tear than property let to normal tenants and will need replacing/renewing more frequently.

* Make sure you comply with rules and regulations.

* Make sure you provide written rules to your students so that they(and you) comply with any restrictions contained /required by your deeds, lease, insurance, local authority et c

* Don't upset the neighbours.......students are not the best people to live next door to.

* Expect the worst......that way things can only be a pleasant surprise.

Good luck.

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So you plan to rent a asset worth many £1000's to a 20 year old young lad who has very likely never left home and lived by himself, never cleaned a cooker or bathroom in his life who is now in a environment where all his peers are having parties, having drinking games, bed swapping  and struggling to make their student loans stretch the term.

Good luck with that

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I did some research and calculations some years ago.

While the financial aspect may have evolved some, but I doubt it, the demographic won't have.

I concluded that the area must be within the catchment zone, obvious I know. But close to the study venue is less important than easy access to night life.

Students are traditionally skint, so taking payments from the G'tor can have advantages, how they all sort that isn't your issue.

Expect a repaint each season, and possibly new mattresses and some furniture. Local Uni's will detail the minimum requirements of 'your' property to register it / you on their list.

Consider the neighbours, even if you don't like them you might well get many complaints and attention from environment health. The noise and rubbish will be seen as your problem.

A friend used to work in the M/cr housing enforcement. They took to prosecuting LL's in some strange way if a lady was raped in their property, go figure that one, (I perceive aimed at student let's but clearly wouldn't be specifically). I haven't a clue if other authorities adopted this prevention attempting policy.

I have some personal experience with my step dausghter of students absconding the let, effectively sub letting to short term partners, and transferring utility responsibilities to another when it suited. We are now limited by our charges and deposits so can enjoy an increased risk there.

My conclusion was to leave that market to those with the expertise, if there were to be any increase in revenue it wasn't worth the anticipated additional effort, and possible increased risk.

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