Students are fantastic tenants
You may not have considered renting your property to students, but here are some reasons why they can make fantastic tenants. Mike Knowles, Associate Director of our West End Lettings Office explains.
You may not have considered renting your property to students, but here are some reasons why they can make fantastic tenants and how you can make the most out of this incredibly competitive market at this time of year, every year!
There is such a high demand from students for private rented accommodation usually between the months of July and October. The academic year begins in September and students register with us in their masses to find a home before their course starts. Usually, areas with a plethora of universities and campuses nearby prove to be very popular with students and we deal with students coming from all over the world to study at some of the world’s best universities in London. Last year in Q3, 60% of our agreed tenancies were to students, which show just how great the competition is for accommodation!
Students can almost move immediately as they arrive in the country and usually stay in hotels whilst they search for suitable accommodation. This means that properties usually go very quickly, and because of the sheer demand from other students looking for the same thing, we have even experienced offers exceeding the asking price as the students battle to secure their perfect property in time.
Thorough financial checks
Students usually arrive without any rental history in the UK, especially for first year students and international students. This can make referencing tricky so we ensure that students are educated to pay their rent in advance to eradicate the need for financial references. Failing this, we accept a UK based guarantor in the absence of money in advance, and that individual is reference checked to confirm that they can afford the rent in the event the student has any payment issues.
Low void periods
Students usually finish their courses in June or July before heading back home for the summer. This means that you will have a guaranteed tenant until the cycle starts again next year, and most students end up renewing due to the hassle of finding a new property next year. After all, they know how busy and competitive it was finding a property in the first place! If they do end up leaving, you will still be back on the market just in time for next years’ students coming to London so you will go back into the cycle again and avoiding the quieter lettings market and you also should not encounter a void period between tenancies.
Furnishing your property
Students are naturally attracted to furnished properties as they are just going to arrive with their course materials and their clothes! To attract students, perhaps consider furnishing your property – we can help with some furniture packages which are student friendly if you need.
Do not believe all the horror stories you hear about
Lots of landlords have heard horror stories from friends and colleagues about renting to students. The truth is, private tenants can also cause problems! Students, especially those from abroad, have usually paid a lot of money to study and live in London and are usually financed by their parents. For this reason, we find that students who can afford to live in this area are generally respectable, house proud and hardworking, and intend to go home with the best degree possible!
For further information about our student lettings service please visit our dedicated student lettings webpage.