Renting property to university students is a great way to build your portfolio as a landlord.
It guarantees income throughout the year and gives you the chance to purchase houses and flats in one of your favourite cities.
But how do you do it successfully?
Today we’ll be running through our top tips on how to rent properties to students this academic year.
Be prepared
Although the academic year begins in September, preparations start many months before, with most students locking in their accommodation before they leave for the summer holidays.
Because of this, it’s worth advertising sooner rather than later.
Not only does this give students time to make arrangements, but it also gives you a better chance of securing tenants for the following year.
Choose your properties wisely
If you’re purchasing properties with students in mind, we advise looking for houses/flats with three or more bedrooms and a large communal space – these will appeal to students and secure a let.
Extra features that will act as a great selling point include a garden and additional bathrooms.
We advise you choose a location as close as possible to the university campus and local supermarkets, with sufficient transport links.
Invest in a letting agent
Managing properties can be difficult – no matter how experienced you are.
A letting agent acts as a second pair of hands, to help you take payments, arrange viewings and ensure any damage is repaired.
With EasyLet Residential, you can get your very own letting agent that guarantees a stress-free experience when letting to students. Your letting agent will keep the rental property safe at all times and conduct any relevant checks, so you can focus on building your portfolio.
Furnish your property
It’s unlikely students will have the time or money to furnish their student accommodation – it’s usually expected you will provide amenities for them, including:
- a washing machine
- a fridge freezer
- a cooker
- curtains
- desk space for each room
- a vacuum cleaner
- bins
- wardrobes
- beds
- lamp shades
Again, having these features will help you to secure a let.
Comply with the necessary legislation
When it comes to letting properties, there are certain rules you must abide by to ensure it’s being done safely and – most importantly – legally.
When you’re renting a house in multiple occupation (HMO), you must follow certain regulations to ensure each tenant has access to adequate facilities and safety checks are done often to reduce the risk of fires. In addition:
- Communal areas must be clean and in good repair
- Proper safety measures should be in place
- The property should not be overcrowded
- Electrical checks need to be completed every 5 years
- Annual gas safety checks should be conducted
Having a HMO license ensures you can continue to rent out to large groups – a necessity if you want to continue renting to students.
EasyLet Residential are here to help
Whether you’ve just started out in the rental world, or you need an extra pair of hands managing your properties, the team here at EasyLet Residential are just what you need.
We specialise in providing letting agents to landlords in the North West, giving support and advice along the way.
If you’d like some more information on how a letting agent can help you, don’t hesitate to get in touch. You can give us a call on 01925 633011 to chat with us directly, or send your questions over to info@easyletresidential.co.uk for a speedy reply.
Don’t forget we have a branch in Warrington – if you’d rather talk about property over a cuppa, you can nip in during the week.
