Letting to students can be an great option for a landlord. You can be sure of high demand and longer rental periods, resulting in high yields. However, when you rent to students, there are some specific considerations to be taken into account.
Properties tend to suffer more wear and tear when let to students, and as a result you are likely to spend more on maintenance at the end of a tenancy than you would with a traditional let.
You will be letting to sharing occupants so you will need to comply with rules around Houses in Multiple Occupations (HMOs). We can help you with these applications if need be or you can find all the information here.
Student tenants will expect the property to be fully furnished. Here’s a tick list for landlords who want to let to students:
In our experience, letting season for Canterbury and Gillingham starts in November, with the eager students wanting to pick up the best houses that are closest to campus and have the most bathrooms! The high demand carries through into February with most houses let by this time.
Always an important question to ask! Most student tenants do not have a regular income and rely on their student loan amount which they receive termly. This is why our payment plan means their rental payments are due just a couple of days after they receive their funds and are taken termly. This helps them manage their finances so they can see how much money they have left after their bills come out.
We also require a guarantor for each student tenant going into the house. This is usually a parent or guardian, and they are then responsible for the rent if the tenant should fail to pay.
At JG Student Lets, we specialise in dealing directly with student tenants only. We have been in the industry since 1985 when the boss saw a gap in the market for student housing provisions in Canterbury. Since then Canterbury has boomed into a thriving student city with demand now coming from three separate Universities.
Some of those Universities have now branched into Gillingham to capture another bracket of students closer to London. From our experience, demand in Gillingham is only growing with more students wanting to have a slice of University life and live away from home in a new town.
You can come to us to simply let your property or we also offer full packages to deal with every aspect of your let, including admin, maintenance, tenant interaction, and everything in between!
If you are interested in learning more about the terms and fees, give us a call/email and we will be happy to talk you through.All Blog Posts