Your Ultimate Guide to Renting to StudentsDate Posted: 11 September 2023
Whether you're a veteran property owner or you're just dipping your toes into the world of rentals, have you ever thought about opening your doors to students? If not, it might be time to put it on your radar. Renting to students can be a win-win situation for everyone involved. The demand is high, the leases are often longer, and it can be a great way to boost your investment. But before you start; there are a few things you need to know to make this a smooth and successful venture.
Getting to Know the Student Housing Scene
Before you go posting "For Rent" signs outside your door, you need to do your homework. Dive into the student housing market in the area you're eyeing. Look at local colleges and universities, their enrolment numbers, and what the demand is like for off-campus digs. Also, pay attention to the academic calendar—it's the metronome that sets the pace for student rentals. This will help you figure out rental prices, prime locations, and what students are actually looking for in a home away from home.
It's All About the Amenities
When it comes to what students want, think furnished and fabulous. Many students are moving far from home, so making their lives easier with a fully furnished house is a big draw. Beds, desks, chairs, and even a microwave can make your property feel like it’s been designed just for them. And let’s not forget about high-speed internet—a student's best friend for Netflix breaks and, of course, study sessions.
Roomies, Roomies, Roomies!
Students often share homes to cut down on costs, so you’re likely to have multiple tenants. That means it's crucial to have a clear lease agreement that outlines who's responsible for what, including the rent and property upkeep. And while students love a good party, let's lay down some ground rules about noise levels and social gatherings. Since many of your tenants might be first-time renters, individual leases can help keep things crystal clear and avoid any potential conflicts.
Safety First, Always
We all remember the nerves of leaving home for the first time. So, making your property a safe haven is a top priority. Light up pathways, secure all locks, and keep fire safety gear in tip-top shape. Once everything's secure, take a moment to guide your tenants through safety procedures or delegate this to your trusty letting agent.
Location, Location, Location!
We can’t stress this enough. Most students want to roll out of bed and be close to lectures or, at least, a quick public transport ride away. So, keep this in mind when choosing your investment property. And it’s not just about proximity to classes; think about those essential amenities like grocery stores, coffee shops, and libraries that make a student's life complete.
Rolling with the Challenges
Renting to students isn’t without its quirks. For instance, you might face a turnover at the end of each school year and some summer vacancies. Being flexible with tenancy agreements can go a long way here. Clear communication from day one can prevent a lot of potential headaches later.
SSo, there you have it! Renting to students can be a rewarding and profitable experience if you’re prepared. 🏠📚✨
Looking for an agency to help you manage your rental property? Get in touch with one of our team today!